(UPDATED to accommodate comments from Brian Newberry, admiral and architect of Plastic Cash International.)
The Kardashian Kard was pulled off the shelves yesterday, but that doesn’t beggarly banking institutions accept accustomed up on announcement prepaid debit cards to adolescent consumers.
Plastic Cash International today apparent its new band of MasterCard-branded Myplash cards, several of which affection animation characters. The Huntington Beach, Calif.-based aggregation has been affairs cards marketed with characters from the Twilight vampire movies back aftermost summer.
Bill Hardekopf, arch controlling of LowCards.com, said there’s annihilation actionable about youth-marketed debit cards. “But it abiding bothers me as a ancestor and seems to cantankerous over the band of what is acceptable taste,” said Hardekopf, the columnist of columnist of The Acclaim Agenda Guidebook, in a able statement.
Brian Newberry, admiral and architect of Plastic Cash, said the cards are marketed to teens, and it makes faculty to use agenda images they’d chronicle to. The cards are geared at consumers as adolescent as 13, Newberry said.
“We’re a boyhood aggregation — that’s what are,” Newberry said. “The images are on the cards because they’re what adolescence asked for.”
Newberry declared Plastic Cash as a socially acquainted aggregation that aims allowance adolescent consumers and their parents “and not about gouging teens.”
Fees on the Myplash cards are low, at atomic compared to abounding added prepaid cards. And the fees are decidedly lower than those on the discontinued Kardashian Kard, which appropriate acceptance fees of $59.95 for six months of use or $99.95 for 12 months, added $7.95 for anniversary added month.
The activation fee for the Myplash cards is aloof $6.95 – although that fee is actuality waived beneath a accepted promotion. The annual fee is $4.95. It costs $4.95 to add money to the agenda from a acclaim or debit card; 50 cents to alteration money from a coffer account; $1.50 to use an ATM; $15 is a acknowledged allegation is bent to be legitimate; and $6.95 to alter a absent or baseborn card.
Newberry said his company, which has been in business for about 10 years, goes out of its way to acquaint cardholders how to abstain abounding of the fees. Adolescence can add money to cards for free, if they assurance up for a alternating absolute drop plan. They can abstain ATM fees by application cash-back options at big retailers, and they can abstain advantageous to acquisition out a card’s antithesis by annual the annual updates that are consistently e-mailed and texted to cardholders.
Prepaid cards are a acceptable advantage for consumers with bad acclaim or those too adolescent to accept a acclaim card. But customer groups acquaint that the cards generally are accepted by artless consumers who don’t apprehend how bound agenda fees can cesspool their accounts.
Hardekopf says adolescent consumers would be astute to break bright of best youth-marketed cards and get a debit agenda the ancient way, by aperture a acceptable blockage account. The fees are lower, and blockage accounts — clashing best prepaid cards — advice advance acclaim scores.
Newberry acknowledges that adolescence can’t body a acclaim history by application his cards. But, he notes, they can’t ruin one either. There’s no way to use prepaid cards in any acknowledged way that causes any austere abuse to the creditworthiness of cardholders or their parents.
And, alike with acceptable blockage accounts, it’ll be boxy for best boyhood consumers to acquisition banks accommodating to accept them in blockage accounts that amount beneath than $4.95 per month, the Myplash annual fee.
(Free blockage acclimated to be the norm, but it was subsized by defalcation fees that would accept fabricated the makers of the Kardashian Kard blush. With tighter restrictions on defalcation fees, chargeless blockage is boring dematerialization — and aloof about exceptional of for teens.)
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