The reality TV star backs a new, prepaid Mastercard for kids as young as 13. Do you let your teenagers pay with plastic?
Kim Kardashian will be at the launch party for a brand new credit card that’s specially made for kids. Later today (November 9) the 30-year-old plans to party at Manhattan hotspot Pacha, where she’s throwing her support (and name, natch!) behind the Kardashian Prepaid MasterCards. Sure, they’ll have a preset spending limit, so they’re more like debit card, but we can’t help but worry that giving credit cards to kids is just a really bad idea.
Sure, the prepaid aspect is nice and will help keep kids from overspending and getting themselves into credit card debt by the time they graduate high school, but at the same time, there are bound to be fees — for things like reloading the card and withdrawing cash advances — so there are definitely some downsides.
Mobile Resource, which is the company that created the FDIC-insured cards, feels that the tiny pieces of plastic will provide parents with a sense of security because they can monitor their kids’ spending habits through their cell phones. “Teens do not spend their money as their parents think they do. And drugs are a huge problem in this country. I give my son a small about of cash and track his spending on his card,” a rep for the company tells the New York Post.
Kim, who has also lent her name to diet pills and perfume, isn’t the only Kardashian backing the card. Her sisters Khloe and Kourtney are also fans of the new MasterCard. Somehow I have a problem believing that the Kardsahians are the answer to the nations economic crisis and drug problem. What do you think, HollyMoms?