Celebrity credit and debit cards should be avoided
A new product to get celebrity endorsements are credit and debit cards. Celebrity debit cards work like a typical card, except that because a celebrity endorses it, the fees are higher than normal. A person would be better off with a cash advance than some of these cards.
Consumers urged to avoid the ‘Kardashian Kard’
Not long ago, a line of prepaid debt cards was announced by the Kardashian sisters. Celebrities sometimes lend their name or likeness to a product because it will sell. That isn’t so bad; plenty of products that have endorsements that are perfectly fine. However, their card has been slammed, according to US News and World Reports, as being disgustingly expensive. For instance, every ATM withdrawal from the “Kardashian Kard” costs $1.50, on top of ATM fees. It also costs $9.95 to get one, and a monthly fee of $7.95. The “Kard” has to have six to 12 months of fees paid to even use it, and it costs $1 every time a person puts money on the account. Basically, a people using the Kard have to give the Kardashians and MasterCard some money now every time they want to use their own payday cash.
Maybe a payday advance would be better
A six-month Kardashian Kard costs $59.99, considerably more than the average payday loan costs to borrow. According to the Washington Post, the normal fee for similar pre-paid debit cards is $10 per year. Though a prepaid card like the Kardashian Kard or the Green Dot Card may not carry as many fees as some bank accounts, it seems ridiculous to be giving up that much from pay day for use of a debit card. It is better to get a checking account through a credit union, as credit unions have far fewer fees than traditional banks. They also don’t have as many account fees, and credit unions benefit the community, not wealthy celebrities and shareholders who pocket the proceeds.
If you need a small loan until payday, getting a loan from a payday lender may be better than getting one of these celebrity debit cards. The interest saved from card fees alone may be a huge savings. You can read more in the Payday Loan Facts and Statistics Report on Personal Money Store.