Chase Pitches New Plastic

The entrance of mainstream financial institutions transformed the prepaid debit card market. Customers have more options today, and many of the newer cards closely resemble the checking accounts they are replacing. The big difference is that prepaid cards are more lightly regulated than bank accounts, which is a concern to consumer advocates because the quality and consumer-friendliness of the cards on the market varies widely as a result.

The entrance of mainstream financial institutions transformed the prepaid debit card market. Customers have more options today, and many of the newer cards closely resemble the checking accounts they are replacing. The big difference is that prepaid cards are more lightly regulated than bank accounts, which is a concern to consumer advocates because the quality and consumer-friendliness of the cards on the market varies widely as a result.

By Felix Salmon: On Tuesday, CardHub’s John Kiernan wrote up an excellent list of the pros and cons of the new Walmart/Amex Bluebird debit card. And one of the cons took me by surprise:

Prepaid debit cards are the new celebrity fragrance. In the past two years ago, we've seen stars like the Kardashian sisters, Suze Orman, Russel Simmons, and George Lopez all plaster their faces on plastic. 

Prepaid debit cards are the new celebrity fragrance.

Filed under: Buyer Beware, Celebs & Money, Consumer Complaints, Credit Cards, Debt, Family Finances,

Thank goodness for celebrities. Without them we might never fully appreciate blatant self-interest, and we definitely would not have so many occasions to discuss the evils of fee-laden prepaid debit cards. The latest star with plans to fleece his adoring public is teen hit-maker Justin Bieber—with a hearty assist from an online finanical firm that goes by the unfortunate name BillMyParents. The card, announced last fall, is set to go live in the next week or so. As part of the endorsement deal, Bieber is expected to appeal to young people to learn more about personal finance.

Thank goodness for celebrities. Without them we might never fully appreciate blatant self-interest, and we definitely would not have so many occasions to discuss the evils of fee-laden prepaid debit cards. The latest star with plans to fleece his adoring public is teen hit-maker Justin Bieber—with a hearty assist from an online finanical firm that goes by the unfortunate name BillMyParents. The card, announced last fall, is set to go live in the next week or so. As part of the endorsement deal, Bieber is expected to appeal to young people to learn more about personal finance.