Credit and Debit Card Ratings

SpendSmart Names Justin Bieber as Brand Ambassador

Bieber Promotes Debit Card via Videos, Social Media

Would Justin Beiber’s ebdorsement make you want a branded prepaid debit card?  SpendSmart Payments is hoping so.  Its new card features Bieber, its brand ambassador, in a video series called “Real Talk,” that is aimed at helping teens and families develop responsible spending habits.  In the first video, Bieber talks about his upbringing and how he learned to make a budget and save for things he wanted.

Critics say the card may not be a good deal for young consumers, saying there are better and less expensive ways to educate teens.  Fox News says parents may want to think twice before giving their teen the card.

The fees associated with the card include:

  • Monthly fee: $3.95
  • Loading charge: One free deposit per month from savings or checking account, $0.75; $2.95 from a credit or debit card
  • ATM charge: $1.50 per withdrawal plus any third party fees; $0.50 per balance inquiry (though balance inquiries online are free)
  • Inactivity fee: $3 if the card is not used for 90 days
  • Replacement fee: $7.95 if the card is lost

In its brief history, SpendSmart has worked with a couple of different celebrities and has yet to report a profitable quarter since it went public in 2008.  The San Diego-based company won’t comment on the specifics of its deal with Bieber, but sources say it includes a $3.75 million endorsement deal and the option to buy 2 million shares.

Celebrity endorsements don’t guarantee success.  The Usher Prepaid MasterCard and the Kardashian Kard are proof of that.  SpendSmart’s strategy includes appealing to Bieber’s vast social media following, which includes 37.7 million Twitter followers, 2 million subscribers to his YouTube channel and more than 52 million Facebook fans.  With a following this big, Bieber has a wider reach than some television networks.

For more from this author visit:  Tameka Riley’s Author Page

Author: Tameka Riley

  • SpendSmart Names Justin Bieber as Brand Ambassador

    SpendSmart Names Justin Bieber as Brand Ambassador

    Bieber Promotes Debit Card via Videos, Social Media

    Would Justin Beiber’s ebdorsement make you want a branded prepaid debit card?  SpendSmart Payments is hoping so.  Its new card features Bieber, its brand ambassador, in a video series called “Real Talk,” that is aimed at helping teens and families develop responsible spending habits.  In the first video, Bieber talks about his upbringing and how he learned to make a budget and save for things he wanted.

    Critics say the card may not be a good deal for young consumers, saying there are better and less expensive ways to educate teens.  Fox News says parents may want to think twice before giving their teen the card.

    The fees associated with the card include:

    • Monthly fee: $3.95
    • Loading charge: One free deposit per month from savings or checking account, $0.75; $2.95 from a credit or debit card
    • ATM charge: $1.50 per withdrawal plus any third party fees; $0.50 per balance inquiry (though balance inquiries online are free)
    • Inactivity fee: $3 if the card is not used for 90 days
    • Replacement fee: $7.95 if the card is lost

    In its brief history, SpendSmart has worked with a couple of different celebrities and has yet to report a profitable quarter since it went public in 2008.  The San Diego-based company won’t comment on the specifics of its deal with Bieber, but sources say it includes a $3.75 million endorsement deal and the option to buy 2 million shares.

    Celebrity endorsements don’t guarantee success.  The Usher Prepaid MasterCard and the Kardashian Kard are proof of that.  SpendSmart’s strategy includes appealing to Bieber’s vast social media following, which includes 37.7 million Twitter followers, 2 million subscribers to his YouTube channel and more than 52 million Facebook fans.  With a following this big, Bieber has a wider reach than some television networks.

    For more from this author visit:  Tameka Riley’s Author Page

  • Dave Ramsey Chimes In On The Rise of the Prepaid Debit Card

    Dave Ramsey Chimes In On The Rise of the Prepaid Debit Card

    One would only need to turn on their television to know that prepaid debit cards are on the rise.  Added to the mix is a growing crop of celebrities endorsing one card or the other.  Prepaid Debit cards are popping up everywhere with uses ranging from tax returns to IRAs, but so are the fees associated with them.

    According to a recent article by Dave Ramsey, depending on your card of choice, you might be charged for any of the following:  buying the card, monthly maintenance, uploading money, inactivity, ATM withdrawal, card decline, making a purchase in-store or online, speaking with a customer service representative, and even using the automated customer service system.  Some cards even charge you $.50 just for checking your balance.  While most acknowledge at least seven different fees, some cards have as many as fifteen regular fees at nearly $3 a pop, these charges add up fast.

    Users are expected to load over $200 billion dollars onto prepaid debit cards this year alone.  Originally targeting people without bank accounts, Ramsey believes most cards are taking advantage of the poor and financially struggling, much like “their destructive cousin, the payday loan.”

    There is simply no substitute for budgeting and smart money management.  Whether it’s a checking account or a prepaid debit card, it pays to shop around.  Here at www.BestPrepaidDebitCards.com, we take all the guesswork out of the process to help you get the best deals available to you.

    Dave Ramsey is the founder of The Lampo Group.  He specializes in counseling families hurting from the results of financial stress and teaches how recognizing money myths and replacing them with truth is a powerful way to take hold of your greatest wealth-building tool:  your income.

    For more from Dave Ramsey, visit http://www.daveramsey.com/blog/pre-paid-debit-card-uprising?et_cid=2450840&et_rid=0&linkid=.

    For more from this author visit:  Tameka Riley’s Author Page

Credit and Debit Card Ratings