New Line Of Prepaid Debit Cards Target Teens With Cartoon Designs

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]

PREVIOUSLY
Kardashians Terminate Krap Kard
An Animated Takedown Of The Kardashian Kard
Keeping Up With The Kardashian Kard’s Hidden Fees

Comments

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  1. barbcole says:

    And how does a checking account with debit card build your credit score?

    Hint: it doesn’t.

    Surely you know that, Ben.

    • thompson says:

      +1, it might build your financial knowledge, but it’s not touching your credit score.

    • fs2k2isfun says:

      Not quite true. Fair Isaac (the maker of FICO credit scores) has developed a score which uses non traditional forms of “credit” like checking accounts, rent payments, library fees, and the like to build a score. So not overdrawing your checking account could help in the long term.

    • YamiNoSenshi says:

      Yeah, but why does somebody under 18 need to be building credit?

      • sprybuzzard says:

        Because when you go into the military at 17/18, get to your first base and need a car you can’t get a loan. No one will loan you money to build credit and you can’t get credit because you have none. You end up going to some car shark or get a loan with an awful percentage. I wish someone had taught me how to build credit and manage money before I left home. It’s certainly something I will teach my children.

    • Alvis says:

      Good. Last thing you want to teach kids is that going into debt is a future they should be planning for.

      Debit card teaches them that they can’t buy something unless they’ve saved up for it FIRST.

      • jamar0303 says:

        It also doesn’t give them a chance to prove themselves capable of handling a credit line either. And later on, when it’s needed (if an employer decides to check, for instance), known good>unknown. So building up a “known good” record now is far better. Unless you think you can, in any sort of practical manner, outright buy a house anywhere other than the bad part of Detroit with cash in hand.

    • Eli the Ice Man says:

      What’s the point of cards like this?

      • Sidecutter says:

        The idea was to open up ecommerce and TV shopping networks, etc to people who cannot, for whatever reason, get a credit or debit card. Too young, terrible with money, whatever.

    • colorisnteverything says:

      Neither does this pre-paid credit card either.

  2. Bativac says:

    I don’t understand why you would give one of these to a teenager and not just give them a checking account with a hundred bucks in it and a debit card with no overdraft protection. Are teenagers not allowed to have debit cards?

    • jesusofcool says:

      Many banks will not allow anyone under the age of 18 to have a bank account without an adult. The bank account can be in the child’s name and they can make deposits but they cannot withdraw without the adult’s signature. Often these accounts are savings, not checking accounts and aren’t eligible for an ATM card. I used to be a teller at a local bank and that was our policy.
      To me it was so freakin inane…we had 16 year old customers who were depositing their paycheck each week but had to ask their parents to make a withdrawal.
      If teens are making regular deposits or deposits over $100 each month I see no problem with banks letting them have full, including ATM, access to their own accounts, provided a parent co-signs.

  3. hymie! says:

    At least unlike the Kardashian Kard there are way fewer fees, which would run kids, at a minimum, $99 per year. Myplash’s are:
    $6.95 activation fee
    $4.95 monthly fee

    Wow. Only $67 per year. What a bargain.

    • Lethe says:

      I just don’t get the pre-paid debit thing. Why on earth do you need to pay to use your own money? Are free chequing accounts that hard to come by?

  4. Blueskylaw says:

    The $6.95 activation fee and the $4.95 monthly fee I can understand but why should I have to pay them $4.95 to GIVE them my money? Paying an ATM fee and an ATM balance check fee also feels as bad as LiveNation charging me to print my own tickets.

  5. HannahK says:

    Seriously. If you reloaded this debit card every time you got paid, it would cost a fortune. This looks like it would end up charging you a lot more in fees than the Kardashian Kard, and it doesn’t even have the benefit of building your credit.

  6. cmdr.sass says:

    $0.75 to check your balance? what? There oughta be a law against that one.

  7. sonneillon says:

    That is one of the worst debt cards ever. And why are they targeting teens for that? That is a very dangerous game because none of the protections they use against normal consumers apply. A teenager can simply say I know my rights I don’t like this contract so I am choosing not to participate anymore please refund all of the fees you charged me.

    Now if their parents co-sign for this piece of crap card, then their parents are not financial wizards.

    • Loias supports harsher punishments against corporations says:

      I don’t know if you intended to call it a “debt card” instead of a “debit card”, but either way the pun was absolutely delicious.

  8. Span_Wolf says:

    More like AssMasterCard.

  9. rndmnmbr says:

    Yeah, I think I’d give this one a “no”.

    The rules are simple, when you get a summer job, we’ll take you down to the bank and get a real account in your name, so you can learn to be responsible with your money. When you’re still spending mommy and daddy’s money, it’s going to be in mommy and daddy’s account and one of us are going to be there to see that it gets spent appropriately. If you need a casual amount of spending money, and we’re talking like ten bucks here, that’s what they make cash for.

  10. GenXCub says:

    I don’t know how many of us have been in those payday lender places, but they offer cards with WAY more fees. Also, Russell Simmons (Yes, the Def Jam Russell Simmons) has had a card out for quite some time. The fees on his cards make this card above (and the Kardashian Kard) seem like bargains!

    https://www.rushcard.com/whyrushcard/scheduleOfFees.aspx

    $119.50 per year in monthly fees (9.95 a month). 2 ATM’s per month free, $2.50 afterwards.

    The pay-as-you-go seems even more potentially costly.

  11. DanKelley98 says:

    Apparently MasterCard has no standards for the people who use their logo. Sad.

  12. Bella_dilo17 says:

    My Wells Fargo Debit Card doesn’t have those fees. I’ve had it since I was 13, no problems. I’m responsible, don’t let it go under the balance, and I can keep track of how I spend my money. It’s not really a teen-friendly looking card… just a VISA looking thing, but whatever.

  13. Groanan says:

    Kids need debit cards to purchase things online, and from vending machines that are on the fritz but that can still except plastic.

    Debit cards do not teach kids to go into debt.
    Prepaid cards – so long as they cannot be overdrawn – are a great way to keep tabs on how much money your child has and what they are spending that money on.
    It also lets you know where your child is buying things, giving you data on how they really spend their day.
    If they made it so that you could turn off the ATM function, that would be even more awesome.

    Additionally, if kids want to buy things online, and you are willing to give them the money to do it, it is better for them to use their own debit card, with very limited funds, than use your debit card / credit card, from the standpoint of identity theft protection.

  14. Sidecutter says:

    Myplash. I absolutely guarantee that name is a mashup of “My Play Cash”. And the marketing feel of these cards seems to push that, that money is to be played with and spent, not appreciated.

    • Groanan says:

      Appreciating money is greed / miserliness – it has been un-American for decades now.
      No one praises Scrooge McDuck for his savings.

  15. gman863 says:

    Not to be a prude, but doesn’t giving a teen a credit card (even a prepaid one) open up Pandora’s (Moist, Hot and Waiting To Be F*cked) Box for accessing on-line porn?

    Yes, I confess I don’t always limit my web browsing to The Consumerist. Since many web subscription sites consider paying by credit card as a defacto proof of age, a “Hello Kitty” prepaid card could become “Hello Pussy” without the parents’ knowledge.

  16. MongoAngryMongoSmash says:

    Why are we giving underage kids debit cards of their own?!?!? It’s called cash and as far as I know, we are still printing it in this country.