Prepaid card launched by the kardashians
The Kardashian sisters are throwing their celebrity status and name behind a new prepaid MasterCard offering. The three sisters Kourtney, Khloe and Kim, are the latest from a host of celebrities who have launched branded prepaid cards in recent times. The group includes Lil Wayne, Russell Simmons and Amar e-Stoudemire. It is perhaps for the good that the celebrities are using their status to raise a greater awareness about reloadable prepaid cards. For those people who don’t have traditional bank or credit card accounts, these prepaid cards are certainly a great help. Even for teenagers, these are a good way of using the money more responsibly instead of borrowing the credit card from mom or dad. However, teen prepaid card accounts in those cases should be supervises by parents.
A recent report shows that by 2014 as many as 12 million people are expected to have similar prepaid cards. They are different from credit cards because you cannot run into debt by using them. Unlike traditional checking accounts in banks there are no overdrafts either. You can use reputed payment processing networks like MasterCard and Visa and most of them are insured federally. Direct salary deposits can be received into these cards which make them a much better alternative compared to cashing a paycheck at any of the check cashing stores which usually charge outrageous fees.
As far as a prepaid card is concerned you sign up for an online account by giving your identity along with the social security number. You don’t have to go through the credit check and if you are a minor, parents can sign up for you. After a few days, a card which has your name imprinted on it as well as the account will reach you by mail. After loading money onto the card in various ways such as transferring money from checking accounts, depositing paychecks or using you cash to purchase greenDotMoneyPacks or simply swiping your card at any of the Moneygram locations, you are all set to use it. You can spend the money online or in stores just like any other Visa or MasterCard that you use. You can check the cash left in your account from time to time online or through phone. You need to watch out though, as all prepaid cards are not equal. There are quite a few types of fee like activation fees, ATM withdrawal fee, purchase fee and fee for loading money that can hurt you.