Just days after the Kardashian Kard got cut, a new line of “Myplash” prepaid debit cards targeting teen consumers is here, bedecked with cutesy cartoon characters and Twilight stars.
The Kardashian Kard fees will run you, at a bare minimum, $99 per year. Myplash’s are:
$6.95 activation fee
$4.95 monthly fee ($59.4 a year)
$4.95 reload fee
$1.50 ATM fee
$0.75 ATM balance check fee
So let’s say a kid reloads it once a month and makes 4 withdrawals a month. It’ll run them $138.35 in fees within the first year alone.
If you sign up for direct deposit, however, Myplash will gives you 1 free ATM withdrawal, 2 free ATM balance inquiries, and 2 free card to card loads per month. Not much better.
Still, it’s questionable if getting young kids hooked on plastic is such a good idea. If having a card is necessary, avoid the fees and get a debit card with Teen Checking through a place like USAA, Wells Fargo, or your local credit union.
Cartoon Characters Now Promoting Prepaid Cards to Teenagers [LowCards]
Myplash [Official Site]