Justin Bieber Promoting New Teen Debit Card

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By Dawn Cranfield

Justin Bieber Promoting New Teen Debit Card

Justin Bieber is endorsing a new debit card geared towards teens from SpendSmart.  The video commercials will begin airing in the next few days on YouTube and will feature Bieber offering advice to teens and families regarding finances.

The young crooner will be spewing wisdom such as, “You know when I was a kid, we didn’t have a lot of money, so me and my family had to watch the money that we spent.  I learned if you have $100 or $100 million – if you spend more than you have, you’re going to go broke.” (nytimes.com)

Bieber goes on to advise fans to “have a talk with your family about money” and that “Managing your money is important.  There’s a great company that can help you do that called SpendSmart.”

However, before you go rushing out to get your kids a parent sponsored debit card in which they drain the balance on a daily basis; make sure you do your due diligence by reading the fine print.  SpendSmart’s fees include: monthly fees of $3.95; loading fees of $2.95 from a credit card, or $0.75

Justin Bieber's SpendSmart video commercial will begin airing next Wednesday on his YouTube channel.
Justin Bieber’s SpendSmart video commercial will begin airing next Wednesday on his YouTube channel.

from a checking account; $1.50 for and ATM withdraw not including the ATM surcharges; $0.50 for ATM balance inquiries; $7.95 for lost card replacement; and $3.00 for 30 days of inactivity.

So, just to break it down, if your teen used the card for 12 months with an average of 2 ATM withdraws per month at an ATM that charged a surcharge of $2.00 each time, they checked their balance twice a month, and you loaded the card each month from your credit card (all conservative figures) the card would cost approximately:

  • $47.40 for monthly fees
  • $84.00 for ATM withdraws ($1.50 + $2.00 X 2 per month X 12)
  • $12.00 for balance inquiries
  • $35.40 to load the card
  • Total for the card for the year = $178.80

Still, according to John Ulzheimer, president of consumer education at SmartCredit.com, he states the fees of SpendSmart’s debit card were lower than those for many other prepaid cards.  But, he went on to add, “But that’s like saying my broken arm is not as bad as your broken arm because it is comparing two bad things and trying to say that one is actually better.

One of the features SpendSmart touts as a way to lure in technologically connected consumers is the ease with which parents can monitor their kids’ spending habits.  Parents can receive text and email alerts then opt to have the account suspended if they see something troubling.

However, many banks offer the same technology with a cheaper solution than a prepaid debit card.  Wells Fargo has a Teen Checking Account and Chase offers a High School Checking Account where the parents are co-owners of the account, just to name two.  There are credit unions and local banks interested in helping parents work with children as young as 13 learn fiscal responsibility.

The best thing parents can do for themselves and their child is to research available products, select the one that will work the best for them, and teach their child how to balance their budget, their checkbook, and how to live within their means.

Teen-with-Credit-Card1It may be tempting to use a prepaid debit card because it is endorsed by a favorite celebrity, but when the star du jour is being paid $3.75 million and will not be the person refilling the card or paying the fees, think smart and do the math.

Look for the video to begin airing next Thursday on Justin Bieber’s YouTube channel.

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One thought on “Justin Bieber Promoting New Teen Debit Card

  1. Hey, how’s it going?

    Did you hear that the powers that run this world want to put a RFID microchip in our body? It will contain not only our bank accounts but our personal information, making us total slaves to the elite. This will cause us to lose even more of our privacy.

    Did you know that this RFID microchip matches perfectly with the Mark of the Beast in the Bible, more specifically Revelation 13:16-18?

    “He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name…”

    Referring to the last days, this could only be speaking of a cashless society, which we have yet to see, but are heading towards. Otherwise, we could still buy or sell without the mark amongst others if physical money was still currency. It’s amazing that the Bible foretold a cashless society!

    Did you also hear that the Jewish people are in the process of bringing about the Third Temple prophesied in the Bible by the prophet Daniel, Jesus, and Apostle Paul? They deny Jesus as their Messiah and say their Messiah will be revealed to rule the whole world under a one world religion. They are not even hiding this information, but are actually promoting it. You can view videos about this on YouTube.

    When Donald Trump made Jerusalem captial of Israel in late December 2017, the Jewish people said this was a big step for them to build this Third Temple. They even printed a Temple coin with president Trump’s face on the front with king Cyrus'(the man who built the Second Temple in the Bible) face behind him. On the back of the coin is an image of the Third Temple. They are selling these coins to raise money to build the Temple.

    People have been saying for many years that the end is near, but we needed not only the Third Temple, but also the technology for there to be a cashless society for the Mark of the Beast to be a reality.

    There is much more to know, please visit http://WWW.BIBLEFREEDOM.COM to see all the proof!

    GOD BLESS, JESUS LOVES YOU!

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