This month, Justin Bieber begins marketing a prepaid card designed to promote responsible teen spending to his millions of fans. He’ll take to social media to spread his message about the SpendSmart MasterCard from a company called BillMyParents, Inc.
“There’s probably no single individual out there that can send this message, that can turn a brighter spotlight on this message, then Justin Bieber,” said Mike McCoy, chief executive officer of BillMyParents, Inc.
Bieber, who turned 19 Friday, began his career as a YouTube sensation. Now he has more than 51 million Facebook friends and 30 million Twitter followers, making him a perfect and powerful front man for any product. He’s joining the ranks of celebrities who have used their star power to promote plastic. Financial guru Suze Orman, basketball legend Magic Johnson and baseball great Alex Rodriguez have all pitched for prepaid cards.
“Do I see it as really valuable for kids? Not really,” said Todd Mark,
Vice President of Education for the Consumer Credit Counseling Service of Greater Dallas.
Mark said he is skeptical whether any prepaid card is the best way to teach teens about financial responsibility, namely, he said, because prepaid cards can be riddled with fees.
