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Justin Bieber Backs a Debit Card for Teens

new york brandfire videos spendsmart youtube channel

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#1 Hum

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Posted 11 April 2013 - 21:54

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.

“You know when I was a kid, we didn’t have a lot of money, so me and my family had to watch the money that we spent,” Mr. Bieber says in a video directed at his young fans. “I learned if you have $100 or $100 million — if you spend more than you have, you’re going to go broke.”

Mr. Bieber urges viewers to “have a talk with your family about money” in the video. “Managing your money is important,” he says, “and there’s a great company that can help you do that called SpendSmart.”

The video, by BrandFire in Manhattan, will be shared by Mr. Bieber beginning Thursday on his YouTube channel (more than two million subscribers), Facebook page (more than 52.4 million followers), and on Twitter (more than 37.3 million followers).

Subsequent videos, called “Real Talk,” also will feature Mr. Bieber discussing financial literacy and encouraging teenagers to share their videos.

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. The deal also, according to the filing, includes a stock option to buy two million shares of SpendSmart stock, which was trading at 38.8 cents a share Wednesday.

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#2 Azusa

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Posted 11 April 2013 - 21:55

What's wrong with prepaid credit cards?

#3 theyarecomingforyou

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Posted 11 April 2013 - 22:00

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.

#4 Azusa

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Posted 11 April 2013 - 22:02

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.

#5 theyarecomingforyou

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Posted 11 April 2013 - 22:04

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.

#6 Azusa

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Posted 11 April 2013 - 22:09

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.

#7 OP Hum

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Posted 11 April 2013 - 22:09

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

#8 Secular Humanist

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Posted 11 April 2013 - 22:14

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.

#9 TPreston

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Posted 11 April 2013 - 22:14

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

#10 -Razorfold

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Posted 11 April 2013 - 23:19

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.

#11 ozgeek

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Posted 11 April 2013 - 23:28

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.

#12 Growled

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Posted 11 April 2013 - 23:39

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.

#13 srbeen

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Posted 11 April 2013 - 23:57

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...

#14 n_K

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Posted 12 April 2013 - 00:17

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.

#15 FloatingFatMan

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Posted 12 April 2013 - 06:49

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.