Teen superstar Justin Bieber
is getting into the financial services sector with the endorsement of a prepaid debit card. This is just what every Bieber-loving teenager needs, a debit card loaded with fees
, right? Wrong. I’m not a fan of prepaid debit cards in general, even if it comes with an endorsement from Justin Bieber himself.
Okay, I have a dirty little secret to reveal, I like Justin Bieber’s music. Yes, this late 30s mom enjoys pop phenom Justin Bieber’s music. In September, my family of four set off on a journey to the west side of Phoenix to attend the opening night of Bieber’s “Believe” Tour. This was our first family concert and all four of us had a blast, yes we were hit with Bieber Fever.
Now that I have let that little secret out of the bag, I can assure you that our Bieber-loving family isn’t going to jump on board the prepaid debit card train. Why you ask? Its simple, prepaid debit cards are loaded with fees and I don’t want to pay extra money for the privilege of spending my money, whether or not Justin Bieber’s face is on the card.
According to LifeInc.
, the fees associated with the card include:
- Monthly fee: $3.95
- Loading charge $0.75 to add money from a checking or savings account; $2.95 from a credit or debit card
- ATM charge: $1.50 per withdrawal; $0.50 per balance inquiry
- Inactivity fee: $3 if the card is not used for 90 days
- Replacement fee: $7.95 if the card is lost
That is a long list of fees. I understand that BillMyParents, the company behind the upcoming Bieber card, needs to make money but charging customers $0.75 just to load money onto the debit card is just crazy.
However, I’m not the typical Justin Bieber fan and so I’m not the target audience for this card. Bieber will be marketing the card to his 50 million Facebook fans and 32 million Twitter followers. I’m sure a few million of those fans will sign up for the debit card for no other reason than the fact that it is associated with Justin Bieber.
If you have a teen in your house, will you be signing up for the Bieber-endorsed prepaid debit card?