The Kardashian sisters -- those icons of sex and shopping -- have launched a new prepaid credit card aimed directly at the teen market. It's being promoted as a way for parents to monitor their children's spending, while teaching them money-management skills!
Not only are these sisters the very worst people to be giving shopping advice to the impressionable, the card itself is a horrible deal for everyone -- except, of course, for the Kardashian sisters.
According to Bill Hardekopf of LowCards.com, this is one of the most expensive cards around. The fee for the first year is $99.95. Then there's a monthly fee of $7.95. ATM withdrawals cost $1.50 in addition to the ATM fees. Automatic bill pay using the card costs $2 per item. There are more fees to add money to the card. And if you want to close the account, it will cost you a $6 exit fee!
Because prepaid cards are not subject to the Credit Card Accountability, Responsibility and Disclosure act, which protects minors, parents should make sure their children don't get caught up in this scam. "Keeping up with the Kardashians" may be a popular TV show, but you don't want your kids financing Kim's shopping sprees with their card fees.