Kardashian Prepaid Card Pulled From Market
After many financial experts bashing the new Kardashian prepaid MasterCard, it has been pulled from the market. Financial experts criticized the prepaid card for its high fees for getting cash from ATMs, canceling the card and fees for replacing a lost or stolen card. Some experts went as far as to call the card ‘predatory’.
The card, called the Kardashian Kard, offered consumers a choice of two plans: a six-month plan costing $59.95 or a 12-month plan costing $99.95. Both plans also included minimum monthly deposits and a monthly fee.
The card has been pulled from the market with its launch less than a month away. The Kardashian sisters’ lawyer as barged MasterCard from using the name Kardashian and images of the Kardashian sisters on any of their products.
According to financial experts, prepaid debit cards don’t help to build credit history for the three major credit reporting agencies, Equifax, Experian and TransUnion. Experts also say prepaid debt cards are best for parents giving teens allowance and for people while they travel.
Financial expert Clark Howard says “ditch the debit, use the credit!” He explains, “Say for example you buy a knife set that's being advertised on TV. If you pay for it with your debit card and it never arrives in the mail, you have no recourse. Had you paid with your credit card, all you have to do is dispute the charge.”
Always read the fine print before applying for any kind of card, know the penalties and fees, as well as the befits and rewards the card offers.
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