Justin Bieber's Latest Gig: Prepaid Debit Card Promoter
January 7, 2013
BillMyParents, a teen-oriented financial company, is launching a new prepaid debit card promoted by Justin Bieber to his 30 million Twitter followers and 50 million Facebook fans. Other celebrities that have become involved in promoting prepaid cards include Suze Orman, Russell Simmons, Magic Johnson, and the Kardashians. BillMyParents CEO Mike McCoy says Bieber's star power will help the company "empower countless families with teens to think about responsible spending in a new and better way." Although the card is not yet available, it will carry the same fees as the BillMyParents SpendSmart prepaid cards, which have a monthly fee of $3.95. On these cards, withdrawing money from an ATM costs $1.50 per transaction, inactivity for 90 days costs $3, and replacing a lost card costs $7.95. The expenses associated with SpendSmart cards are steep compared to those charged by other prepaids, according to CardHub.com. SmartCredit.com CEO John Ulzheimer suggests that consumers avoid prepaid cards completely and instead choose a conventional debit card from a bank that does not charge monthly fees.
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