No More Kardashian Kards

No More Kardashian Kards

November 30, 2010         Written By Lynn Oldshue

The Kardashian Kard has been pulled off the market.

Amid lackluster sales, tremendously negative publicity and incredibly high fees, an attorney for the Kardashian sisters sent a letter to MasterCard on Monday asking to terminate the agreement on the prepaid debit card.

The Kardashian Kard site has already been pulled off the web. Only 250 consumers had purchased the card, according to a statement released Monday by University National Bank, the issuers of the card. The Kardashian Kard is only active for 30 more days and any remaining balances after that time will be refunded.

The card received broad criticism from the media and consumer groups. The Connecticut Attorney General and Senator-elect Richard Blumenthal was also looking into the card to see if its fees violated state laws, according to a letter that he sent on Friday to University National Bank.

“I am deeply disturbed by this card’s high fees combined with its appeal to financially unsophisticated young adults,” Blumenthal said in the letter.

How bad were the fees? The cost of the card for the first year was $99.95 which includes a one-time card purchase of $9.95, 12 months of monthly fees at $7.95 per month, and preloaded deposit of $5.00. After the first year, a $7.95 monthly fee would be assessed. A six-month option would cost $59.95. ATM withdrawals would cost $1.50 in addition to ATM fees. Automatic bill pay using the card costs $2 per item. If you wanted to add money to the card, tack on an additional $1. It would have cost you $6 to close the account and $1.50 to speak with a live operator.

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The information contained within this article was accurate as of November 30, 2010. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
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