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Using the celeb endorser: an advertising technique as old as time. Credit card business have long welcomed celebs, however their products have constantly been met with lack of confidence and backlash, and deservedly so.
In the recent past, business have actually made use of young, popular celebrities in an effort to attract a more youthful customer base. But their good-for-teens message often-times negates the reality of their products: many prepaid cards promoted by celebs do not help youths find out about money and filled with fees for each minor activity, which is punitive without being educational.
But that has not stopped companies from continuing to cause celebs to promote their items. The last card that made waves was the Justin Bieber SpendSmart card, which MyBankTracker has actually covered below. The card was filled with fees that are customary of prepaid cards, and having Justin Bieber recommend the card doesn’t conceal that truth.
If you have ever before asked yourself simply just how much the costs on these star prepaid cards are, we have rounded up 5 huge name star cards and compared them for you.
(Simply a note, the Kardashian family card that was revealed in 2010 terminated after just a month of being on the marketplace since it drew such high objection over its charges and how it panders to an uneducated customer. Ouch.)
Celebrity Prepaid Card Fees
|Compare||Kardashian Kard||SpendSmart Teen Card (endorsed by Justin Bieber)||BabyPhat Prepaid Visa RushCard (recommended by Russell Simmons)||MYPLASH Teenager Card (various celebrities, including cast of Golden)||MAGIC Prepaid MasterCard (promoted by Magic Johnson)|
|Monthly Fee||$7.95||None for the first month, $3.95 after||$0 to $9.95||$3.95 for loading less than $500 per month, $1.95 for packing $500 or more||$4.95|
|ATM Transaction Fee||$1.50 per transaction||$1.50 per transaction||$1.95 per transaction||$1.50||Free at in-network-ATMs, 2 cost-free out-of-network withdrawals, $2 for each after|
|Live Customer Support||$1.50 per transaction||None||None||None||1 cost-free per month, $2 per deal after|
|Inactivity Fee||None||$3 after 30 days of inactivity||$1.95 after 90 days of inactivity||$1.95 after 90 days of inactivity||None|
This isn’t to state that prepaid cards should not be utilized at all: they’re useful for those who can not get a savings account due to a reduced credit history, or simply do not wish to put their cash in a bank however still need to make card-based transactions. Nonetheless, prepaid cards aren’t a great long-lasting option as the expense of keeping the card is frequently high and paying these charges for months and months simply doesn’t make financial sense.