Kim Kardashian. (AP Photo/Peter Kramer)
Keeping up with the Kardashians can be costly for young adults enticed by a debit card tied to the popular reality TV series, Connecticut’s attorney general said.
Richard Blumenthal, the attorney general and senator-elect, issued a “Black Friday” warning to parents about the ”Kardashian Kard” and other prepaid debit cards that he said burden cardholders with “outrageous” fees.
In a letter to University National Bank, which issues the Kardashian Prepaid MasterCard, Blumenthal complained about card fees of $59.95 for six months or $99.95 for 12 months, plus $7.95 a month thereafter, as well as fees for ATM withdrawals, cancellations and talking with a live phone operator.
Blumenthal said the card may violate a state gift card law designed to eliminate “pernicious and predatory fees,” even as it evokes the name and image of a family known for “lives of luxury and extravagance.” The card features an image of the sisters Kim, Kourtney and Khloe Kardashian.
“I am deeply disturbed by this card’s high fees combined with its appeal to financially unsophisticated young adults,” Blumenthal wrote to Jim Conrad, president of St. Paul, Minnesota-based University National Bank. “In reality, no family can ‘keep up with the Kardashians’ using this card.”
University did not immediately return requests for comment. MasterCard Inc, based in Purchase, New York, also did not immediately return a request for comment.
The Kardashian Kard website calls the card “a fast and convenient way to manage money.”
It includes a fee table, and says the $7.95 monthly fee is ”much lower than those charged for most low balance checking account and check cashing services” and “a small price to pay for a card that offers so many features and benefits.”
Blumenthal asked University to provide details about the card’s users, fees and marketing, as well as a copy of the cardholder agreement, within seven business days.
What kind of an idiot would get a card like that in the first place?
The 7.95 monthly fee includes unlimited clam shots
There is a Russell Simmons one for $10 a month. They go throught the whole sign up process befoer they let you in on the cost. Scamalicious.
Who would EVER get a card like that? Only an idiot who would want to line the pockets of a family who already has enough money than God. Truly predatory.
Bank fees are high, but I haven’t paid bank fees in years. My bank (Chase) requires I have direct deposit or a minimum number of debit card transactions (without using a PIN per month). No problem. I also don’t use ATM machines other than those at Chase so I don’t pay there either. Although Chase doesn’t require a minimum balance for my account, I have a personal minimum balance that I keep so I know I never bounce anything and avoid those fees. I check my account online daily against my personal account register to ensure nothing funny ever happens.
Many banks have accounts specifically for students and at reduced fees. Those are worth checking out.
The thing about having a bank account, even if you’re paying some fees, you’re building your credit. Living off of what is essentially a gift card builds no credit history whatsoever. Having a credit history is important and learning how to manage it and maintain an excellent credit score is vital, especially if you don’t have much money.
I don’t know why we would bother protecting someone from these heavy upfront fees, because if you’re dumb enough to pay them, then you deserve to be separated from your money.
I vote to leave these be. If people are stupid enough to pay for things like this then let the banks have their way with ‘em. It leaves them less time to figure out how to screw over people like me- and I’m sure most of you, too!
Michael, Jon — I would agree with you, but at the end of the day, as soon as these people are separated from their money, the rest of us are forced to pay their bills.
Andrew, why would we want to even consider to paying their bills? Our country’s social safety net is far too wide, that includes bankruptcy law.
As much as people try to change things and save people from themselves, it is truly a world of survival of the fittest (smartest).
ANYone dumb enough even to WATCH these clowns for more than 30 seconds deserves whatever he/she/it gets.
These Kardashians are chepaer and a whole lot worser than terrorists. Much lower than animals. They cannot come up equal to wiping off an animals’ a$$.