Lil Wayne Endorses Fee-Heavy Prepaid Debit Card

November 23, 2011
American Banker 
credit card news

Following the failure of the Kardashian Kard last year, more celebrities are recognizing the perils in endorsing prepaid debit cards that charge exorbitant fees. So when rapper Lil Wayne's music recording label Young Money Entertainment decided to introduce a Discover-branded prepaid debit card, the company evaluated it extensively, according to Tim Clark, CEO of Accent InterMedia, the company managing the program. While the card has many features -- including online bill pay, direct deposit, a spend analyzer, prescription drug discounts, and shopping discounts -- it also carries some fees. The card's purchase price is $6.95, plus a $3.95 monthly maintenance fee. Additionally, ATM withdrawals costs $2; while reloading the card costs $4.95. However, a portion of every card sold does go to nonprofit organizations, such as Lil Wayne's One Family Foundation. And, in comparison, buyers of the now-defunct Kardashian Kard had to pay $59.95 for six months and $99.95 for a year, which included a $7.95 monthly fee and initial load fee of $5.
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