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01-26-2013, 01:56 PM
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#1
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Recycles dryer sheets
Join Date: Jan 2013
Posts: 194
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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.
Kiplinger - Interstitial
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01-26-2013, 02:13 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Oct 2008
Posts: 1,608
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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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01-26-2013, 02:29 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: North Scottsdale
Posts: 1,545
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Bieber Card  Runnnnnnnnnnnnnnnnnnnnnnn............
__________________
FIRE'D in July 2009 at 51...Never look back!
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01-26-2013, 02:36 PM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,674
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 Quote:
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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
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How do these goons sleep at night?
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
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01-26-2013, 02:41 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,684
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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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01-26-2013, 03:33 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Feb 2011
Posts: 1,797
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Quote:
Originally Posted by mickeyd
How do these goons sleep at night?
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+1
The next Madoff for the pre-teen set.
SHAMEFUL!!!!!!!
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01-26-2013, 08:23 PM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,369
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While I'm usually a free market advocate, where is the Consumer Financial Protection Bureau in all of this? Outrageous.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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01-27-2013, 03:49 AM
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#8
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
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Quote:
Originally Posted by pb4uski
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. 
__________________
When I was a kid I wanted to be older. This is not what I expected.
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01-27-2013, 04:43 AM
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#9
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,712
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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.
Quote:
Originally Posted by pb4uski
While I'm usually a free market advocate, where is the Consumer Financial Protection Bureau in all of this? Outrageous.
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+1@ Walt.
The CFPB can make sure fees are properly disclosed, and in this case, they are.
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01-27-2013, 04:51 AM
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#10
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
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Quote:
Originally Posted by MichaelB
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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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.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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01-27-2013, 09:08 AM
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#11
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
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The bigger injustice in all this is that anyone considers JB a "star"... 
__________________
Have Funds, Will Retire
...not doing anything of true substance...
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01-27-2013, 11:19 PM
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#12
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gone traveling
Join Date: Jul 2007
Posts: 333
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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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01-28-2013, 01:16 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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+1
Quote:
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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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__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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01-28-2013, 07:30 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Posts: 1,495
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01-28-2013, 07:59 AM
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#15
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,303
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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...
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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01-28-2013, 08:08 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Quote:
Originally Posted by Midpack
An explotative celebrity, who would thunk it?
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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 José about what they have probably been paid to promote.
__________________
Numbers is hard
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01-28-2013, 08:12 AM
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#17
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
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Quote:
Originally Posted by REWahoo
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 José about what they have probably been paid to promote.
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Nuff said...
__________________
Have Funds, Will Retire
...not doing anything of true substance...
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01-28-2013, 08:13 AM
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#18
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,303
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Quote:
Originally Posted by REWahoo
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 José about what they have probably been paid to promote.
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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.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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01-28-2013, 09:05 AM
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#19
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,369
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Quote:
Originally Posted by Midpack
An explotative celebrity, who woulda thunk it? ...
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Yeah, like Fred Thompson hawking reverse mortgages. I lost a lot of respect for him when I saw that.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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01-28-2013, 09:20 AM
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#20
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Posts: 1,495
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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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