MYPLASH Targets Young'Uns with New Pre-Paid Card

Since the Kardashian Kard went down in flames, pre-paid debit cards have been under higher scrutiny from industry experts and consumers alike. Parents are on the look-out for predatory fees and advertising aimed at teenagers. One of the newer pre-paid cards, the MYPLASH Teen MasterCard, is promoting itself as a positive way to “provide teens and young adults a sensible (yet fun) way to manage their money” and refers to customers as “family.” Is the MYPLASH card another Kardashian Kard in disguise, or should parents consider getting the MYPLASH card for their kids?

The good news is that the MYPLASH card doesn’t have as many fees as the Kardashian Kard. There is a $6.95 activation fee, but they are waiving the fee for a limited time. Monthly membership is $4.95 which comes to about $59.40 per year as opposed to $99.95 for the Kardashian Kard. ATM withdrawals cost $1.50 per instance, and checking the account balance is $0.75 per instance. Reloading the card costs $4.95, and there are other odd fees like $2 per month to have a paper statement delivered and $1.50 to send a customer service request by e-mail.

Is the MYPLASH card as bad as the Kardashian Kard? No, but that isn’t saying much. It is kind of like saying that the flu isn’t as bad as the plague. They are both bad, just to varying degrees. The part that worries me about the MYPLASH card is how they are marketing themselves. Besides slapping cartoons, rock stars, and characters from Twilight on the cards, they are claiming on their website that they “don’t charge silly fees” and marketing their product as the alternative to expensive pre-paid cards like the Kardashian Kard. Meanwhile, their full terms and conditions are buried at the bottom of the page, something that people might disregard after being assured that they will be treated like “family.”

In the end, I think that teenagers would benefit more from just having their own debit account. They will learn just as much about money management, and most banks offer free transactions at their sponsored ATMs which eliminates the money wasted on withdrawals and balance checks with pre-paid cards. If pre-paid cards still seem like the best option, make sure to read the fine print. Do not get suckered in by celebrities, sparkly vampires, or promises of fewer fees. No matter what, always check out the Terms and Conditions and make sure you understand what you’re signing up for.

To learn more about responsible credit card usage, check out our YouTube channel at http://www.youtube.com/mycreditspecialist, and sign up for a free credit evaluation at http://www.mycreditspecialist.com.