Friday, December 3, 2010
Kibosh put on Kardashian Kard
The reloadable prepaid card featuring the likenesses of the celebrity Kardashian sisters is no more. Less than a month ago, Kourtney, Kim and Khloe Kardashian launched the Kardashian Kard. But the MasterCard Worldwide-branded card, issued by University National Bank of St. Paul through a contract with The Revenue Resource Group LLC, was discontinued after numerous media reports denounced the card for having hidden fees and weak consumer protections.
The card which targeted teenagers was launched Nov. 9, 2010, and was terminated Nov. 29, 2010, when the Kardashian's company Dash Dolls LLC backed out of the endorsement deal it had struck with RRG.
Among the Kardashian Kard's critics were Connecticut Attorney General Richard Blumenthal and the nonprofit consumer advocacy Consumers Union. Blumenthal said the card was loaded with fees, including an annual fee of $99.95 and a monthly fee of $7.95 that kicked in one year after activation, as well as ATM withdrawal, bill pay, service center and cancellation fees.
Sen. Robert Menendez, D-N.J., called on the Kardashians to support his effort to have the prepaid card industry regulated through the newly created but yet to be instituted Consumer Financial Protection Bureau.
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