Keeping up with the Kardashian sisters is pretty expensive after all.
The recently launched prepaid MasterCard by the reality show celebrities markets itself as a “fast and convenient way to manage money.” But the cards come loaded with fees.
Consumers Union, the nonprofit publisher of Consumer Reports, is warning parents and teens that there are far more affordable options, such as a standard checking account or even other prepaid cards.
How It Works
As with other prepaid cards, users load a set amount of money onto a card that can be ordered online. The card works much like a debit card and can be reloaded with money. No credit checks are needed.
The “Kardashian Kard” offers two options:
_A six-month plan for $59.95, nearly all of which goes to fees. The cost includes a $9.95 purchase fee, $5 minimum deposit and a $7.95 monthly fee for the duration of the plan. You “save” $2.70 in fees, as noted on the card’s website, when signing up for the six-month card.
_A 12-month plan for $99.95. This includes the same fees as the six-month plan, with the $7.95 monthly fee for the full year. In this case, you “save” $10.40 in fees over if you sign up for the full year.
In addition to those upfront fees, the card also charges:
_$1.50 for withdrawing funds at an ATM. That’s on top of the fee the ATM operator charges.
_$1 if an ATM or transactions is declined.
_$1 to check balances at ATMs.
_$1.50 to talk to a customer service representative.
_$9.95 to replace a lost or stolen card.
_$6 to cancel the card.
_$7.95 monthly fee for as long as the card is used after the initial six or 12 month period.
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