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Prepaid Card Costs Rising
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KBurger
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KBurger,
User Rank: Author
7/22/2014 | 4:39:01 PM
Re: Celebrity cards
I guess I shouldn't ask, "Who's Lil Wayne?" KIDDING, I know who he is. Isn't he related to Lil Kim?
Kelly22
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Kelly22,
User Rank: Author
7/22/2014 | 1:40:59 PM
Re: I want the Justin Bieber card
I'm pretty surprised to see such a big rise in prepaid cards as well.

Playing the celebrity card (ha) definitely works. I'm reminded of a BST story from a few weeks back in which the writer taught his kids financial responsibility with prepaid cards... something tells me that a lot of those Justin Bieber cards are going to the same population that takes Justin Bieber backpacks to school. Maybe they're trying to appeal to younger audience with the celebrity endorsements. 
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
7/22/2014 | 11:30:12 AM
Re: Celebrity cards
That was Lil Wayne when he used to use cash for most trasnactions. Now that he's got a prepaid card, he's much more fiscally responsible. Fact: you can't make it rain with a prepaid card.
Byurcan
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Byurcan,
User Rank: Author
7/22/2014 | 11:23:21 AM
Re: Celebrity cards
Well, they're not my examples, I had no idea lil wayne had a prepaid card until reading this report.
Becca L
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Becca L,
User Rank: Author
7/22/2014 | 11:21:48 AM
Re: Celebrity cards
The celebriteis you've used as examples dont seem like the most fiscally responsible either.
Byurcan
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Byurcan,
User Rank: Author
7/22/2014 | 11:17:10 AM
Re: I want the Justin Bieber card
Presumably, the ones with $0 fees have other add ons they charge you for that people elect to use. That's what I would guess.

I always wonder why brands pay celebrities millions of dollars to endorse things, I always feel like "why would someone use this product because a celebrity endorses it?" But apparently it works, there are people in the world who will choose a prepaid card because Lil Wayne says so.
Becca L
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Becca L,
User Rank: Author
7/22/2014 | 11:16:23 AM
Re: Celebrity cards
I don't know why people by Justin Beiber backpacks and singing toothbrushes either, but clearly the market has spoken.

To be fair, celebrity faces are more interesting than generic designs, and perhaps the celebrity endoresment bears resemblance to the prestige placed on Amex gold cards and the like.
Byurcan
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Byurcan,
User Rank: Author
7/22/2014 | 11:15:02 AM
Re: Celebrity cards
Well, I could have told you that. I think the last TV show I regularly watched was Seinfeld. I have no idea what's happened in pop culture for the past decade or so, and it's been quite blissful.
Becca L
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Becca L,
User Rank: Author
7/22/2014 | 11:13:24 AM
Re: Celebrity cards
Clearly Bryan, you're just not "with" it :-)
Becca L
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Becca L,
User Rank: Author
7/22/2014 | 11:12:27 AM
I want the Justin Bieber card
Wow, interesting read, I had no idea prepaid cards were increasing in popularity like this.

Interesting too that customers are being "swindled" into prepaid cards that work against them. Especially wowed that they do no comparison shop when "distrust of financial institutions" is a main driver of their use. Perhaps the concepts of pre-paid cards is so simple they don't feel there's much to really inquire about. Maybe?

I am also saddened, but not too surprised, that celebrity endorsement is part of the issue - driving customers to unnecessary fees.  Which leads me to ask, sow are the cards with annual costs of $0 making a profit?
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