It's funny people would pay KRAZY money simply to have a prepaid mastercard with the Kardashian sisters as the cover. A 12-month Kardashian Kard costs $99.95 just to own, including a card purchase fee of $9.95 and 12 monthly fees of $7.95. After the first year, consumers must continue to pay the $7.95 monthly fee. On top of these initial fees, it costs Kardashian Kard users $1 every time they add money to their card, and it costs $1.50 to speak with a live operator. If they want to pay their bills automatically using the card, they'll be charged $2 per transaction. Ditching your Kardashian Kard will cost you another $6.
However, today we got word that the 'KARD' has been pulled off the market.
"This was one of the worst financial products ever introduced. Thankfully, common sense won out," said Bill Hardekopf, CEO of LowCards.com and author of The Credit Card Guidebook. "There are much better ways to help teach teenagers how to manage and spend their money. As parents, we need to take more time with our kids to discuss the value of money and how to budget."
After being introduced recently, a lot of attention focused on the fees. The Connecticut Attorney General and Senator-elect Richard Blumenthal was also looking into the card to see if its fees violated state laws, saying he was " disturbed by the card's high fees combined with its appeal to financially unsophisticated young adults."
Hardekopf says the Kardashian Kard site has already been pulled off the web. Only about 250 people had purched the card. Hardekopf says the card is only active for 30 more days and any remaining balances after that time will be refunded.
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