Justin Bieber Promotes Prepaid Card Targeted at Teen Followers
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UPDATED: Jan 15, 2013
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Justin Bieber is set on dominating yet another medium: prepaid debit cards.
Bieber, an 18-year-old global pop sensation, is partnering with BillMyParents, a provider of prepaid debit cards marketed towards parents and teenagers.
Bieber’s role as a brand ambassador for BillMyParents’ “SpendSmart” card will include various media forms, including social media. The campaign will target Bieber’s 50 million Facebook fans and his 30 million Twitter fans.
Bieber will also produce a video series promoting positive spending among teens.
Mike McCoy, Chairman and CEO of BillMyParents, said the goal is to “help families teach responsible spending habits.”
“By combining our new teen prepaid debit card with Justin’s vast reach and financial educational materials, we can empower countless families with teens to think about responsible spending in a new and better way,” McCoy said in a released statement.
Bieber is among a slew of celebrities such as Russell Simmons, Magic Johnson and the Kardashians who are promoting various types of prepaid cards. All of those celebrity deals have fizzled.
The Kardashian promotional item, in particular, came under fire in late 2010.
The “Kardashian Kard” was a prepaid debit card which charged high fees such as the initial card purchase of $59.95 which included six months of monthly fees. Card replacements were $9.95 and domestic ATM withdrawals were $1.50.
In contrast, Bieber’s promotional item will charge fewer fees.
According to BillMyParents, although the Bieber-endorsed prepaid debit card is not available yet, it will have the same fees as the current SpendSmart card. The card charges $3.95 per month with potential for a $3.00 inactivity fee and a $7.95 card replacement fee.
Although prepaid cards do charge higher fees than most bank-operated debit cards, they do not allow the users to spiral into debt. Users can only spend what is available on the card — no more.