Kardashian's Ditch Credit Card Venture
Danielle
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Kardashians give up on teaching kids?
Just three days after the Connecticut Attorney General launched an investigation into the pre-paid credit card venture the Kardashian girls started promoting, the family has cut ties with the card company.
A lawyer for the Kardashian family sent a letter to the bank handling the pre-paid Kardashian card announcing that their agreement had been terminated, effective immediately.
The letter also detailed Richard Blumenthal’s investigation in Connecticut, and whether or not it actually complies with Connecticut gift card laws.
Debate sparked after the launch when parents realized the pre-paid card full of “gotcha fees” was intended to be marketed towards children. I wrote about it earlier this month and posed the question Do children need credit cards?
While the card may have been attractive to parents looking to track the money their children are spending, the fees the card charged clearly did not outweigh the benefits of money lessons. Some of the fee’s included :
- $7.95 monthly service fee
- $99.95 annual fee
- ATM fees
- Customer service fees (Yes, a fee to speak to a live customer service person!)
As a parent, I am glad that the Kardashian’s are being stand up people and taking their name off of this money making scam aimed to rob children.
How do you feel about their decision to take their name off of the pre-paid card?
photo credit : famecrawler
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“the fees did not outweigh the benefits.”
I’m assuming you meant that they did outweigh the benefits. Or I totally misread this article.
Seems to me that they should have really thought about it before and asked themselves, “Would I want to pay all that money for my child’s credit card?” or “Do we really think that people will overlook all these fees just have our name on a credit card?” Maybe they and did and were just that arrogant and irresponsible; I don’t know.
It’s hard to applaud their decision when it was clearly a crappy card to begin with and they approved it, and it appears that the only thing that motivated them to end it was the investigation.
I’m glad they withdrew from the card. I’m disappointed that a celebrity doesn’t do their homework better before an endorsement. And I’m pissed that these types of cards are legal at all. pishaw!