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Seems like only last week that we told you to Keep Away from the Kardashian Kard. Oh, wait – it was last week.
Following is a press release we just got from Consumers Union …
WASHINGTON, D.C. – Just a few weeks after launching their own prepaid debt card, the Kardashians have decided to pull it from the market after being roundly criticized for marketing their high cost “Kardashian Kard” to teens.
Consumers Union, the nonprofit publisher of Consumer Reports, had criticized the Kardashians last week for cashing in on their celebrity status by hawking a prepaid card loaded with hidden fees and weak consumer protections.
“After enduring a week of bad publicity, the Kardashians have made the right call by pulling out of the prepaid card business,” said Gail Hillebrand, director of Consumers Union’s Defend Your Dollars campaign (www.DefendYourDollars.org). “But other prepaid card rip-offs are rampant in the marketplace and consumers remain vulnerable to high fees and weak protections.
“The newly authorized Consumer Financial Protection Bureau should make reining in abusive prepaid card practices a top priority,” said Pam Banks, policy counsel for Consumers Union. “Any other celebrity or business that is thinking of associating its name with a prepaid card should take a close look at the fees and protections, and say “no thanks” unless the fees are low and the missing consumer protections are added.”
As we said in our original story, while the Kardashian Kard was particularly bad, nearly all pre-paid debit cards are costly and should be avoided – even those endorsed by the latest flavor-of-the-month.