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After many reports that the Kardashian debit card, which was going to be marketed towards teens, contained massive predatory fees, the business-minded celebutante family got it together and decided to back out of the deal. Here's the scoop:
The Kardashians are out of the debit kard business.
After a prepaid debit card with their picture on it was railed by government officials and consumer advocates for high fees, the reality show stars withdrew their name from the product, a rep for the sisters told the Daily News.
In a letter to The Revenue Resource Group which created the card, lawyers for the Kardashians said they were terminating the agreement after it was brought to their attention that the card could violate consumer protection laws.
Connecticut's attorney general wrote a letter to the debit card company last week, warning he planned on investigating if the card did violate state laws or the Dodd-Frank Act, a federal law implemented to protect consumers from abuse by the financial services industry.
The prepaid debit card, which sported a picture of Kim, Kourtney and Khloe on the front, cost nearly $100 in fees for 12 months, in addition to $1.50 ATM fees.
"The terms disclosed to Dash Dolls in no way suggested or implied that the Product might violate any law, rule or regulation," the Kardashians' lawyer wrote.
We can now rest assured that the Kardashians, no matter what other ills they may inflict on society, are not bilking their teen followers out of cash in an exploitative manner during a tough economy. While these sisters are often on the receiving end of scorn for their air-headed antics, this time the Kardashian kids have taken intelligent steps to do what is in the financial best interest of their fans. This is something more celebrities that appeal to an urban audience should do.
We are talking to you, Montel Williams.
Comments: (10)
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By: Deanna Jameson on 11/30/2010 8:52PM
I find it ironic that this card has been scrutinized, but the Rush Card gets off scott free.I guess its ok to be a predator to low-income blacks, but the minute these predators target white teens, it gets shut down.
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By: Pink on 11/30/2010 10:10PM
I'm not sure; but I thought with the Rush Card u have to put up your own money. In other words; it's not a credit card; but instead the amount u can spend is based on how much money u have put on the card. Someone please correct me if I'm wrong?? At any rate I'm sick of the Kardahsians!! They are being overly exposed. I'm not the only one that thinks this; A lot of people have made the same comment.
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By: corrine on 12/01/2010 12:45AM
You are definitely not alone in your assessment of those "women." Where the hell did they come from. What particular talent do they have? I swear, they will put white people on TV and force people to except them as stars.
Put these unsisters in the same boat with the Palins, poor white trailer trash without any talent at all. God, did you see that Bristol on DWTS. She looked like a big half log being drug around that dance floor. If she wasn't embarrassed I was embarrassed for her. White trash will do anything for money though.
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By: djkut on 12/01/2010 9:45AM
@ Pink I think the Rush Card is like you said. It is your own money so what ever you use it your money that you put on it and it a small fee to join or use I think. But, from what I heard a lot people who has the Rush Card said it pretty decent and it helps makes their credit stronger.
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By: Alexis Stodghill on 12/01/2010 10:45AM
FYI, this Kardashian card was ALSO a pre-paid debit card like the Rush Card. I am not sure if the Rush card has the same costly hidden fees that the Kardashian card has.
In addition, we have three pieces about the Rush card, one by Russell Simmons himself, one by Dr. Boyce addressing him, and the other by black finance expert Lynnette Khalfani-Cox detailing why cards like his can help the poor:
http://www.bvonmoney.com/2009/04/28/open-letter-from-russell-simmons/
http://www.bvonmoney.com/2009/04/28/an-open-letter-to-russell-simmons-the-rushcard-has-great-potent/
http://www.bvonmoney.com/2010/06/08/russell-simmons-financial-reform-durbin-amendment/
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By: dhonesty1 on 12/01/2010 11:28AM
Rush card is no better.. These fees will eat up whatever money you put on it..
You might as well get a secured credit card.. You use your own money, avoid these fees and build credit..
$3 activation fee,
$9.95 monthly fee,
Convenience Fee - Use Your PIN: $1.00
Without PIN: FREE
Balance Inquiry Fee $0.50, Two (2) FREE each calendar month.
$2.50 for each ATM withdrawal after first two (2)- ATM Withdrawal Fee.
Paper Statement $1.00
https://www.rushcard.com/whyrushcard/scheduleOfFees.aspx
You don't have to buy everything these celebs are selling.. Remember we are the reason they are rich...
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By: rasfanta on 12/04/2010 8:44PM
Is this true?
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By: missmiss78 on 12/03/2010 12:25AM
Build your own business! Visit http://gboogie.net for step by step information on business start ups and building business credit!
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By: Savana on 1/10/2011 3:58AM
Legally the Kardashians are correct. A contract that is illegal to begin with is not enforceable. Hopefully, this will set a precedent with ALL debit cards or at least educate people on why these cards suck. Many companies are now doing payroll via debit cards. What the card cos. are disclosing verbally isn't even close to the 10 pg. photocopy of a so-called brochure that was written using 5-6 font (illegal many times). If the Dash card is about Consumer Protection Laws, don’t payroll debit cards violate major Labor Laws?
Listen up people, this is my personal example but it will affect you sooner or later. My employer no longer issues payroll checks and I opted for the debit card BASED ON WHAT I WAS TOLD by my HR and the card rep. Now, in order to get your own paycheck, you must find an ATM that is approved by the card company to avoid high ATM fees. So each time I get paid, during lunch, I have to find an APPROVED ATM, take out $300-500, then, find another ATM and get $300-500 more (but now because this is my 2nd withdrawal, I must pay an ATM fee even for an APPROVED ATM). I have now taken the maximum of $1000 but my $2000 mortgage is due so I must now rush to my own bank to deposit the $1000 so when my mortg. payment bounces, at least my other bills will be covered. Additionally, I must now endure the backlash of all the late fees charged by my utility companies, credit cards, gas cards, NSF bank fees and because I was 1 hour late with Edison, they now require a $250 upfront set up fee if I ever move or open another acct with them. It does not end here. Late fees have put me over the limit on some accts and the remainder of my so called paycheck, will be spent in fees. I can however, buy gas for my car since I have $ on my prepaid debit card but it will cost me because it is another transaction. My break is over, I have not eaten and I feel faint, I’m afraid to get medical help and because I cannot afford health ins, don’t want another bill. Did I mention my payment agreements with the IRS and the State of CA bounced so now they can garnish my wages up to 50%? AND, I have to do this all over again tomorrow for the next $1000 and since my check is close to $3000, I will have to do this yet again, a third time. I know this sounds a little extreme, but believe me, this is the norm for millions of people. Also, I am now I am out of cell phone minutes with no $ to reload. I don’t have a LAN line because Time Warner keeps changing their “contract”(oxymoron). As I smile, I keep dialing the # for the suicide hotline but it’s busy, go figure. Why do I work? It was much better when my unemployment check was being mailed right to me. I now prefer to drink the gas rather than put it in my car. (LOL!)I guess in the end, life would be pretty boring if all of this wasn't going on :-)
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By: Don Meacham on 1/10/2011 4:39AM
This entire matter regarding the Kardashian Debit Card began when Connecticut Attorney General Richard Blumenthal stuck his nose into something that is none of his business.
If you follow the money trail you will learn that the RUSH Card owner, Russell Simmons is a huge financial contributer to Richard Blumenthal's election campaign so it appears to this is a conspirancy to eliminate the popurlaity of the Kardashians so as to protect the Rush Card. The Kardashian Card is reported to be the second lowest cost card on the market.
The Kardashian's and their attorney made a huge
mistake by making a premature decision to cancel an airtight 2 year contract with Mobile Resources. They would have been better off to have exposed the real reason Richard Blumenthal got involved.
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