I got wind of the Kardashian prepaid debit card while on Thanksgiving break, and thought it was the most ridiculous thing I’d ever seen, but it didn’t surprise me that the girls had plastered their likeliness on a debit card (they do it everywhere else)–anyway, to much disappointment of the lender, the card has been canceled.
Connecticut Attorney General Richard Blumenthal did a really nice job of spotlighting how ridiculous the terms of the card were, which then in turn made the Kardashians pull the plug on their own image on the card.
I guess the fine print, which most people don’t read said that the card could reach fees upward of a $100 a year, ATM withdrawal fees, cancelations, and talking with a live phone operator.
The Kardashian lawyers wrote a “notice of termination” to the card companies, and part of the letter said, “The Kardashians have worked extremely long and hard to create a positive public persona that appeals to everyone, particularly young adults.”
If they were so concerned, why did they agree to terms in the first place??? I’m glad they did the right thing in the end, but still…
I’m so happy that the Attorney General raised his concerns. Kids that get prepaid credit cards don’t know any better, and they’re simply being robbed. I remember when I got my first credit card, I’d racked up sales on a few tops, Doc Martens, and whatever else I could get my hands on until I hit my HUGE limit of $500, needless to say, I learned my lesson quickly. Because at 18, I didn’t have an extra $500 plus 19% interest to spend. It’s the dumb fees, and interest that get you every time. I wish they had prepaid cards back then, because I wouldn’t have found myself in debt, but this should be a good lesson for kids that credit cards are evil. And of course there are a lot of prepaid cards that aren’t bad, but you have to be careful.
For those that have bought the Kardashian card, it’s still good for use for 30 days, and after the 30 days are up, the card company will give you a refund of your balance, and any fess.