Prepaid debit cards are the new fad in the personal finance world, so it’s not surprising that various celebrity money machines are trying to get a piece of the action. While all of you are making use of great products like the Amex Bluebird, it’s up to diligent bloggers like us to investigate atrocities like the Justin Bieber prepaid card so that you don’t have to.
Let’s get started. From best to worst, your celebrity debit card choices are:
KARDASHIAN PREPAID DEBIT MASTERCARD
CONS: Ridiculously high fees of $100 per year or $60 for the first six months, and then $8 per month thereafter. Also, the card apparently had a picture of the Kardashian girls on it.
PROS: The card was met with scorn and was quickly shamed out of existence, which secured it the top spot on our list. Also, after the Kardashians pulled out of their endorsement deal for this product, they were sued for $75 million.
IDEAL FOR: Collectors of Kardashian memorabilia, people who are unable to find Kardashian pictures on the internet.
MANGO CARD (ENDORSED BY GEORGE LOPEZ)
CONS: $5 monthly fee, $2 ATM fee (in addition to fees charged by the ATM operator), $10 closing-the-account fee. High interest rate offset by headaches including $5,000 cap and difficulties transferring money in and out of the acount, as reported by Fatwallet posters.
PROS: No activation fee, 6% interest for customers who load via direct deposit. Monthly fee reimbursed if you direct deposit at least $500.
IDEAL FOR: High yield rewards checking aficionados, owners of George Lopez DVDs.
YOUNG MONEY CARD (ENDORSED BY LIL WAYNE)
CONS: $7 activation fee, $5 reload fee, $4 monthly fee.
PROS: The verbiage is vague, but you might be able to load this one with a credit card. Hmmmm….
IDEAL FOR: Chris Bosh’s enemies, people whose initials are “Y.M.”
APPROVED CARD (SUZE ORMAN)
CONS: $3 monthly fee, $2 ATM fee.
PROS: Card does not have a picture of Suze Orman on it.
IDEAL FOR: People who want to pay a monthly fee in order to be reminded of Suze Orman’s message of not wasting money.
RUSHCARD (RUSSELL SIMMONS)
CONS: Opening fees as high as $15 if you’re dumb enough to pick the “BabyPhat” card design. Plans with monthly fees as high as $10.
PROS: Some card designs feature bling, which will increase your social standing.
IDEAL FOR: Dennis Kucinich, members of Run-DMC, people who think that Russell Simmons’s net worth of $340 million is not high enough.
BILL MY PARENTS SPENDSMART MASTERCARD (ENDORSED BY JUSTIN BIEBER)
PROS: Bank-sanctioned snooping on your kids’ financial life. Bieber’s picture is not on the card, not yet anyway.
CONS: Endorsed by Justin Bieber. Also, this official company website implies the card is available now, while this official company website would have you believe there’s a wait. Also, transaction tracking features are designed to appeal to helicopter parents who don’t realize that their kids will figure out ways to hide financial transactions when they’re up to no good. Also, they tease us by saying they allow credit card funding, but then they point out the limit is $100 per transaction. Also, there’s a $4 monthly fee. Also, you get charged for loading from a bank account.
IDEAL FOR: Helicopter parents, aging New Kids On The Block fans who are desperately trying to relate to their teenagers.
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