Kardashian sisters launch prepaid cards

Thursday, January 6th, 2011
Updated: January 6th, 2011
The content is accurate at the time of publication and is subject to change.

The Kardashian sisters Kim, Khloe, and Kourtney are the latest celebrities to have launched the Mastercard prepaid card. They have put their celebrity status as well as their names behind this prepaid card.

It’s heartening to see celebrities raise awareness by endorsing these prepaid cards. The prepaid cards are a great option for those who do not have a banking relationship. This is a better option for youngsters too as they don’t have to borrow their parents credit card. However, parents need to keep a watch on their spending and have a control over their teenagers as well as their prepaid card accounts.

Almost 12 million of the American population is expected to own one by the year 2014. It is not like a credit card where one can run into debts & this is unlike a checking account too, as there is no overdraft facility. These operate using payment networks such as Visa as well as MasterCard. It is absolutely safe and secure as well as federally insured, so the money is in safe custody. One could also receive deposits of paychecks into these cards and these are much better alternatives to cashing a paycheck where one has to wait in long queues and pay cashing charges as well.

Signing up for these prepaid cards is a simple affair. One has to sign up online after the confirmation of the ID by using the social security number. In case of a minor a parent or a guardian could sign up. There are no credit checks on these cards. Within a few working days the card would arrive by mail. Money can be loaded onto the cards by parents for their kids, or employers could deposit salaries for their employees, or swiping the card at any Moneygram location. The card can be used for purchases & one can track balances either on the net or via mobile phones.

But be cautious and read the fine print with regard to hidden charges or fees etc. One needs to take a closer look at the activation fee charged just to begin the usage of the card. Next comes the monthly fee and this could be charged automatically each month. Some cards have them and some don’t. There is an ATM withdrawal fee and then the transaction fee is charged on each transaction, and there is a fee for loading cash from other accounts. Look around and then decide if this card would be best suited if not there are other alternatives.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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