Justin Bieber Inks Deal With Prepaid Debit Card Aimed at Teenagers
Justin Bieber recently admitted that he can be cheap, and said that he is frugal since he doesn't waste his millions. Well, we can predict that he is going to take some heat regarding his finances for partnering with a company for a prepaid debit card aimed at teenagers. That's the bulk of his fanbase, which doesn't exactly have access to disposable income. The prepaid card is loaded with a mountain of hidden fees.
The name of the company is BillMyParents.com -- no, we're not kidding -- and they are offering a SpendSmart card marketed specifically to teens, according to MSN.
The prepaid card business is a booming one, but that's for the corporations that profit from them.
They are problematic for teenagers (and whomever foots the bill), since they have a whole mess of fees and they don't help the cardholder to build a credit rating.
The Biebs' card comes with a monthly fee of $3.95. There are $2.95 loading charges from debit or credit cards and 75 cent loading charges from checking and savings accounts. If you lose your Biebs card, you have to pay $7.95 to replace it. It also comes with fees of 50 cents per balance inquiry and $1.50 per withdrawal. If you don't use it for 90 days, you get a $3 inactivity charge.
That doesn't sound like a whole lot of fun to use, now does it? Those charges tend to add up on the quick.
Expect parents of Beliebers to voice their displeasure at this card with predatory practices.
Watch the Justin Bieber 'Beauty and a Beat' Video