This is a very, very bad idea. The information comes from Bill Hardekopf, chief executive at Lowcards.com. The Kardashian sisters have launched a new credit card targeted at teens, “one of the worst products to enter the financial market in a long time,” he says.
It’s a prepaid MasterCard debit card with the Kardashian sisters’ picture on the plastic. The cost of the card for the first year is $99.95 which includes a one-time card purchase of $9.95, 12 months of monthly fees at $7.95 per month, and preloaded deposit of $5.00. After the first year, a $7.95 monthly fee will be assessed. If consumers prefer a six month option, the cost is $59.95. But there are even more fees. ATM withdrawals cost $1.50 in addition–in addition!–to ATM fees. Automatic bill pay using the card costs $2 per item. There is a 2.5% fee for instant transfers that are made from a credit card or debit card. Want to add money to the card. It costs another $1. It will cost you $6 to close the account. Have a question on the card? That will be $1.50.
This is wrong.
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