Kim's Kiddie Credit Card a Rip-Off

You'll have to pay at least $59.95 just to get one
By Evann Gastaldo,  Newser Staff
Posted Nov 19, 2010 9:43 AM CST
Kim Kardashian arrives for the Perfumania party celebrating her appearance on the reality show "The Apprentice," Wednesday, Nov.10, 2010, in New York.   (AP Photo/Louis Lanzano)
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(Newser) – As if it's not bad enough that Kim Kardashian's new credit card is for children as young as 13, it turns out it also "may be the worst credit card ever," writes Gus Lubin for Business Insider. In addition to a cost of between $59.95 and $99.95 to activate—"an unprecedented starter fee for prepaid cards"—it includes a whole bunch of other "abnormally high fees" including a $7.95 monthly fee after the initial purchase period, a $9.95 card replacement fee ($25 if you want it expedited!), and a $6 fee if you cancel the account and want your balance mailed by check.

Analysts agree: "I am baffled," one tells American Banker. "This card doesn't seem to make sense at all, it appears to be targeted at teenagers, yet with ridiculous fees. If there is such a thing as a luxury prepaid market, then it's not going to be the teens." Surprisingly, another expert believes the high costs will actually draw more people to the card by increasing its "status" among consumers—"because they all know what it costs," he says. (In related Kim Kardashian news ... is she dating an Oscar winner's ex? Click here for that.)

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