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Warn the young ones
Old 01-26-2013, 02:56 PM   #1
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Warn the young ones

Hi Folks, I am not certain where to put this information. I hope it is in the right place.

A well known music star who appeals to our children and grandchildren now offers a pre-paid debit card under his name. The fees on this card seem rather high to me. $4 monthly fee, $1.50 ATM fee, up to $3 to recharge the card, inactivity fee, etc. Perhaps this is a chance to warn our young ones about the various ways that their early retirement can be jeopardized.

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Old 01-26-2013, 03:13 PM   #2
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So the concept is this card will appeal to the preteen set because they associate it with their idol JB. Pretty ridiculous fees associated with it.
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Old 01-26-2013, 03:29 PM   #3
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Bieber Card Runnnnnnnnnnnnnnnnnnnnnnn............
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Old 01-26-2013, 03:36 PM   #4
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Bieber puts his name on a prepaid debit card, it’s time to hang on to your wallet. Other celebrities -- Suze Orman, Magic Johnson, the Kardashians


How do these goons sleep at night?
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Old 01-26-2013, 03:41 PM   #5
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A lot of people are just not capable of projecting expenses over a long period of time, as simple as it may be. I doubt than many of them are reading this, though.
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Old 01-26-2013, 04:33 PM   #6
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How do these goons sleep at night?
+1

The next Madoff for the pre-teen set.

SHAMEFUL!!!!!!!
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Old 01-26-2013, 09:23 PM   #7
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While I'm usually a free market advocate, where is the Consumer Financial Protection Bureau in all of this? Outrageous.
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Old 01-27-2013, 04:49 AM   #8
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While I'm usually a free market advocate, where is the Consumer Financial Protection Bureau in all of this? Outrageous.
You can't protect people from stupid. There are just too many of them.
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Old 01-27-2013, 05:43 AM   #9
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Celebrity endorsements have been around forever and aren't going away. This debit card is from MasterCard and the sponsor is a web based business called "BillMyParents.com". When my kids were young I would have run away from a business with that name and hope my adult children do the same.

The fees are outrageous. From the website, what probably appeals most to parents is when the kid uses the card transaction data is sent to the parent's smartphone in real time.

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While I'm usually a free market advocate, where is the Consumer Financial Protection Bureau in all of this? Outrageous.
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You can't protect people from stupid. There are just too many of them.
+1@ Walt.

The CFPB can make sure fees are properly disclosed, and in this case, they are.
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Old 01-27-2013, 05:51 AM   #10
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The fees are outrageous. From the website, what probably appeals most to parents is when the kid uses the card transaction data is sent to the parent's smartphone in real time.
And that is probably what matters to them more than the fees. The psychology of immediate gratification is interesting, like the one SIL I call Spendarina who will be making car payments for as long as she is driving or can keep them up.
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Old 01-27-2013, 10:08 AM   #11
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The bigger injustice in all this is that anyone considers JB a "star"...
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Old 01-28-2013, 12:19 AM   #12
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The bigger injustice in all this is that anyone considers JB a "star"...
I probably would be banned from future posting on this board if I wrote what I really thought about JB and this type of business.
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Old 01-28-2013, 02:16 AM   #13
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+1
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Originally Posted by powerplay
So the concept is this card will appeal to the preteen set because they associate it with their idol JB. Pretty ridiculous fees associated with it.
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Old 01-28-2013, 08:30 AM   #14
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Jimmy Buffett is offering a debit card? He wouldn't screw us Parrotheads like that!!!
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Old 01-28-2013, 08:59 AM   #15
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An explotative celebrity, who woulda thunk it? I can't imagine anyone falling for it with those fees, though I know many probably will. People spend money frivolously & carelessly all the time, it's central to (western) culture, even if it's rare here as you all know...
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Old 01-28-2013, 09:08 AM   #16
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An explotative celebrity, who would thunk it?
It seems obvious but one of the lessons I tried to instill in my children was never take financial, product, or political advice from a celebrity. Since celebrities don't live in the real world, odds are they know far less than the average Josť about what they have probably been paid to promote.
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Old 01-28-2013, 09:12 AM   #17
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It seems obvious but one of the lessons I tried to instill in my children was never take financial, product, or political advice from a celebrity. Since celebrities don't live in the real world, odds are they know far less than the average Josť about what they have probably been paid to promote.
Nuff said...
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Old 01-28-2013, 09:13 AM   #18
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It seems obvious but one of the lessons I tried to instill in my children was never take financial, product, or political advice from a celebrity. Since celebrities don't live in the real world, odds are they know far less than the average Josť about what they have probably been paid to promote.
Great parenting, though I was tempted to do a FIFY and strike "paid." (As you mentioned politics) I've seen too many celebrities promote causes they clearly know very little about. There's no doubt in my mind that it's often part of their PR image/handling/publicity seeking more than any personal commitment or knowledge of a specific cause.
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Old 01-28-2013, 10:05 AM   #19
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An explotative celebrity, who woulda thunk it? ...
Yeah, like Fred Thompson hawking reverse mortgages. I lost a lot of respect for him when I saw that.
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Old 01-28-2013, 10:20 AM   #20
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I have no experience with Ameriprise but thought I'd heard it panned here. Think of that when I see Tommy Lee Jones so earnestly shilling it.
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