39 posts in this topic

Posted

JUSTIN BIEBER earned $55 million in 2012, according to Forbes, but in new videos for the SpendSmart Payments Company, which offers a prepaid debit card for teenagers, the singer talks about his modest upbringing.

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Posted

What's wrong with prepaid credit cards?

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Posted

What's wrong with prepaid credit cards?

Prepaid debit cards are simply debit cards that you have to manually add money to - they're pretty pointless. They're not credit cards as you can only spend your own money.

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Posted

Prepaid credit cards are simply debit cards that you have to manually add money to - they're pretty pointless.

but they're not linked to your bank account which makes them good for younger people and you have the added benefit of the security and ability to use them online.

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Posted

but they're not linked to your bank account which makes them good for younger people and you have the added benefit of the security and ability to use them online.

Regular debit cards can be used online and younger people should be taught to be responsible with their money.

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Posted

Regular debit cards can be used online and younger people should be taught to be responsible with their money.

Yeah but mistakes will be made(and learned from) and it's better not to have those mistakes linked to a bank account and as i said it's more secure than old fashioned pocket money.

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Posted

I wouldn't buy gum, if Bieber hawked it.

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Posted

being from Canada, the system could be slightly different then in the states, but we have had debit cards for teens since the Debit card came out.... all teens have them... they don't have this in the States? i am very shocked to hear this, would have never believed it had just one person told me. It works the way he says too, you can only spend what money you have, once its empty, it then it doesn't let you spend anymore.

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Posted

Rates on these things are usually insane moneybrokers is the only reasonable one I know of @ a flat rate of a tenner a year.

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Posted

being from Canada, the system could be slightly different then in the states, but we have had debit cards for teens since the Debit card came out.... all teens have them... they don't have this in the States? i am very shocked to hear this, would have never believed it had just one person told me. It works the way he says too, you can only spend what money you have, once its empty, it then it doesn't let you spend anymore.

No the states does have them just that until like two years or so ago you weren't given the option for overdrafts.

The bank would allow you to overdraft whenever they wanted it. Now that option rests on you. Want it? You can. Don't want any overdrafts? You can do that too.

Normally I think of Bieber as an absolute moron who shouldn't be around but I do think this is a good thing. Tons of teens follow his every word and if he can get them to better manage their money, everyone will benefit.

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Posted

Prepaid debit cards are simply debit cards that you have to manually add money to - they're pretty pointless. They're not credit cards as you can only spend your own money.

They make it easy and peace of mind for those who shop online. I wouldn't want to use my main bank account (the account that i pay my bills with) to buy steam games. Too risky even though my bank allows fraud protection. Using prepaid card also forces me (who have a tendency to overspend) to budget. Near my work is a post office that I visit to load cash onto the card so it can be used effortlessly on steam which it is linked to. If I don't want to spend money, then I don't go and therefore have no money to buy online thus saving me money and blocking my tendency to buy at first sight, thus preserving my main bank account for important payments like bills, food, clothes and stuff like that.

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Posted

Mr. Bieber is being paid $3.75 million for a 14-month contract, along with potential monthly royalties tied to the growth of active SpendSmart cards, according to documents the company filed with the Securities and Exchange Commission.

So he's not doing this out of the goodness of his heart.

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Posted

So he's not doing this out of the goodness of his heart.

When the article started quoting the audience numbers on youtube, etc I figured that out...

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Posted

Credit vs debit cards (In the UK);

If you buy something, turns out it's crap and you want your money back, or heck, maybe you don't get your money back at all.

Debit card: Go to the company and hope they send you your money, otherwise, you've lost it.

Credit card: Refuse to pay for the item you haven't recieved or aren't happy with and tell the credit card company, they will get the money back from the company and you won't lose out.

As much as I hate credit cards, they have that very good point about them.

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Posted

So he's not doing this out of the goodness of his heart.

You're surprised at this? Bieber's a waste of skin. Always has been, always will be.

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Posted

I use a pre paid Credit card

I dont have any normal credit cards because i dont want the temptation of spending money i dont have

but i use prepaid credit card to buy things online that you cant use paypal or a normal debit card to pay

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Posted

I use a pre paid Credit card

I dont have any normal credit cards because i dont want the temptation of spending money i dont have

but i use prepaid credit card to buy things online that you cant use paypal or a normal debit card to pay

doesn't sound like a credit card to me, lol.

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Posted

What's wrong with prepaid credit cards?

Debit cards make far more sense - and not just for teens. They don't endanger your credit, and can be reloaded rather easily and painlessly - even BY a teenager.

Case in point - I personally have an AccountNow reloadable/prepaid VISA. I can use it anywhere VISA is accepted -- even online or at ATMs - and reloading funds is a snap, with half a dozen places within a half-mile WALK of my home, and I live in an unincorporated town of less than 1000 souls. The cost? None. (It's why I don't need OR want an ATM card, much to the chagrin of my bank; banks earn fee income from those - especially ATM cards that double as debit cards.)

Besides, Justin Bieber's not the only celebrity hawking debit or prepaid cards - among the OTHER celebrities hawking them are the Kardashians and Suze Orman; why them, and NOT Bieber?

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Posted

Besides, Justin Bieber's not the only celebrity hawking debit or prepaid cards - among the OTHER celebrities hawking them are the Kardashians and Suze Orman; why them, and NOT Bieber?

Also worthless individuals. :p

Never understood all the stupid "hero worship" that goes on with people like this. I wouldn't even wipe my feet on 'em.

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Posted

Do all US credit/debt cards have these types of charges?

$1.50 - ATM Withdrawal (Domestic)3

$2.50 - ATM Withdrawal (International)3

$0.50 - ATM Balance Inquiry

Not to mention the fees for the card:

$3.95 - Monthly Fee

$0.75 - Additional Load from Bank Account

$2.95 - From a Credit or Debit Card (up to $100)

$3.00 - 30 Days of Inactivity

https://www.spendsma...reement#pricing

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Posted

I use a pre paid Credit card

I dont have any normal credit cards because i dont want the temptation of spending money i dont have

but i use prepaid credit card to buy things online that you cant use paypal or a normal debit card to pay

Those are actually prepaid DEBIT cards - not credit cards; they have to be loaded before they are usable.

I have one, which indeed comes in quite handy when carrying cash is not merely a BAD option, but impractical, and checks are not an option.

They have lower fees than PayPal (a lot of them, such as AccountNow, have no fees at all other than those charged by MoneyGram or Western Union when using them to load or reload your card - and that fee goes to WU or MoneyGram, not the card company) - which is why it replaced the option of a debit card from my bank (which earns fee income from THEIR debit cards) and, as you pointed out, can be used places PayPal can't.

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Also worthless individuals. :p

Never understood all the stupid "hero worship" that goes on with people like this. I wouldn't even wipe my feet on 'em.

They are called *sponsorship fees* or *compensation fees* - and they are similar to name rights fees for buildings (from office buildings to sporting facilities). The Los Angeles Country Transit Authority has a deal like that for a debit card with the Authority logo that doubles as a "swipe card" for use in their system - and other mass-transit authorities are considering similar deals (examples - MTA in New York City, and WMATA in greater Washington, DC) - it keeps your taxes from going up.

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Posted

Prepaid debit cards are simply debit cards that you have to manually add money to - they're pretty pointless. They're not credit cards as you can only spend your own money.

No they are not pointless.

Some online shops only accept credit/debit card. Plus, it's safer than carrying a bunch of cash.

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Posted

No they are not pointless.

Some online shops only accept credit/debit card. Plus, it's safer than carrying a bunch of cash.

They're pointless in comparison to a debit card. As for restricting the amount you can spend, the same can be achieved through online banking and transferring money between a savings and debit card linked account.

If teens can't be trusted with money then they shouldn't have it (i.e. it should be looked after by their parents); if they can they should be free to spend it as they please with a conventional debit card.

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No they are not pointless.

Some online shops only accept credit/debit card. Plus, it's safer than carrying a bunch of cash.

that's not what he means. the statement "pre-paid debit cards are pretty pointless" is, at least in my mind.. fairly accurate statement, but not 100%

debit card - offer a direct link to your bank account. you spend some money, it is debit from your account directly. you can obviously also use it to withdraw from an ATM, and you can only spend the money you have.

The main benefit here is that you don't have to carry cash.. there are no additional benefits, or protections offered from the financial institution supplying the service.

credit card - allows you to purchase 'on tick', and pay off when you choose. perhaps at the end of the billing cycle.. perhaps to spread a bit cost.

The main benefit here, is not that you are taking out a short term loan.. but more in terms of the protection you are offered from the supplier (visa or mastercard). cancelled events, additional warranty on electrical goods, cash back etc.

pre-paid debit card - it's a card that you have to manually put money on. i.e. transfer it from another account (that most likely already has a spending mechanism) and put it on a card.

you don't get any of the protections of a credit card, with an additional con/overhead of needing to manually load it up

the ONLY benefit i can see with these cards is that if you are completely incompetent and irresponsibly with your money you could set a hard limit of spend per month, or, as i suspect is the target audience for mum and dad to give their kids an allowance that isn't cash. it's much easier to track how much you give your kids if it's audit-able and electronic rather than

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