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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