Is Justin Bieber's Prepaid Card A Good Deal for Parents?

Is Justin Bieber's Prepaid Card A Good Deal for Parents?Celebrity-endorsed prepaid cards are usually bad deals carrying too many fees with little to no perks.
So how is mega teen star Justin Bieber’s trackable and reloadable MasterCard any different?
For one thing, parents are provided with tools to track their son’s or daughter’s spending right from their smartphone or tablet.  Parents get text alerts every time the card is swiped.
They can also set up recurring deposits to the account, and lock and unlock the card whenever they want. And they can block the card from working at certain retailers.
Bieber is earning $3.75 million to market BillMyParent’s’ new SpendSmart Card, which targets tweens.
Of course there are fees. But compared to other celebrity prepaid cards, this one carries fairly  reasonable ones — including a $3.95 monthly usage fee, a $1.50 ATM fee, and a $7.95 replacement fee.
The fees are provided in a comparison chart.
While other celebrity prepaid cards have failed or sputtered, the Beiber card already has a built-in audience of prospective clients — the young star’s massive social media following. He has nearly 38 million Twitter followers, 2 million subscribers to his YouTube channel and more than 52 million Facebook followers.
As part of his endorsement deal, Bieber has started talking about responsible spending to his legions of fans, via YouTube videos.
“Managing your money is important, and there’s a great company that can help you do that called SpendSmart,” he says.
Overall, the amount on prepaid cards is expected to reach $167 billion in 2014, more than 13 times the total of $12 billion for 2007.
The total dollar value of funds loaded onto these cards is growing at an annual rate of 42 percent.
Prepaid cards that can be reloaded are now the target of more focused U.S. regulatory oversight from the Consumer Financial Protection Bureau, just as the market for such a payment method is surging.

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