Consumer Payment Card News

Kardashian Kard

Look out Kardashianites; showing off your “Kardashian Kard” prepaid debit card is sure to cost you and your teen a little more than its exorbitant sign up fee. Geared toward their teen fans, The Kardashians are promoting the “Kardashian Kard” to tap the payment card market with what- as the Consumers Union refers to as- loaded with many hidden fees, weak consumer protections and “gotchas.” This is nothing more than a celebrity-hyped, unsafe, and unaffordable prepaid card. Namely, the downfalls include plan options; you can either sign up for a six month plan for $59.95 or a 12 month plan for $99.95, the former of which covers the $9.95 purchase fee, $5 minimum deposit, and a $7.95 monthly fee for the duration of the plan while the 12 month plan is identical except it includes the $7.95 monthly fee for the full year. After the initial six or 12 month purchase period for the Kardashian Kard expires, consumers must pay a $7.95 monthly fee for as long you as use the card. Cancelling the Kardashian Kard will result in another $6 fee.You will also be subject to a $1.50 fee for withdrawing funds at an ATM on top of the ATM surcharge; $1 fee if ATM or POS transactions are declined; $1 fee to check balances at ATMs; $1.50 to speak by phone to a customer service representative; and $9.95 to replace a lost or stolen card; if you contact the card issuer about a lost or stolen debit card within two business days, your liability is limited to up to $50 (or up to $500 if the consumer reports the debit card lost or stolen after two business days). Stay away from this thing and instead go for a regular bank checking account account with a debit card, a monthly statement, and full consumer protections.

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