The Kardashian Prepaid MasterCard was released earlier this month and received heavy criticism for the fees the card was charging. You might know who the Kardashian sisters are, they have their own reality show and they gave the prepaid card business a shot. The Kardashian Kard was a prepaid MasterCard that allowed users to add funds to the card and use the card anywhere MasterCard debit is accepted. With all the negative publicity the card has been officially pulled and is no longer available. Forbes reported on Monday that the Kardashian’s attorney sent a letter to MasterCard asking them to discontinue the card and terminate the card agreement.
The card was just released on November 10 and was met with huge criticism over the high fees associated with using the card. The card was charging high membership fees, either an annual fee of $99.95 or a semi-annual of $59.95. The cardholder got to choose which fee they wanted to pay, either the annual fee or the semi-annual fee. After the first year you will then be required to pay a monthly fee of $7.95. It costs $1.50 for every ATM withdrawal, $2 to pay a bill, and $1.50 to talk to someone in customer service. If you want to transfer money from another debit or credit card to the account costs $1 plus 2.5% of the amount being added. These fees were just too high compared to the other prepaid cards on the market and as a result the card didn’t last long. The table below lists all the card fees so you can see for yourself.
| Description | Fee |
|---|---|
| Card Purchase (includes monthly fees for 6 months) | $59.95 |
| Card Purchase (includes monthly fees for 12 months) | $99.95 |
| Monthly Fee (applies after initial purchase period) | $7.95 |
| Card Replacement | $9.95 |
| ATM Withdraw | $1.95 |
| ATM Inquiry or Decline | $1.00 |
| Point of Sale - Decline | $1.00 |
| Retail Load Fee (Money Gram) | $1.00 |
| Cancel Account | $6.00 |
| Customer Service Call | $1.50 |
| Bill Pay - per item | $2.00 |
For the 250 consumers that actually signed up for the card, the card will remain active for the next 30 days and then you will be refunded the balance. If you are looking for a different prepaid card there are many others out on the market with much cheaper fees. There are even prepaid cards out there now that offer rewards. As these cards become more and more popular, the deals are getting better and better.
[...] cards have received a negative reception from consumers following the recent events with the Kardashian Kard. The REACH card however, seems to be taking a much better approach to the card fees. The fee [...]