Kim Kardashian Mastercard getting “ugly” reactions #swipefees

Here are the standard fees according to the card’s official website:

Card Purchase (with monthly fees for 6 months) $ 59.95

Card Purchase (with monthly fees for 12 months) $ 99.95

Monthly Fee (Applies after initial purchase period) $ 7.95

Card Replacement – Primary or Companion $ 9.95

via Kim Kardashian Mastercard getting “ugly” reactions.

Kim, Kourtney, Khloe Want Out Of Their MasterCard Kardashian Kard‎

So much for that Kardashian MasterCard — sisters want out | Ministry of Gossip | Los Angeles Times

The card is filled with gotcha fees and charges, such as $99.95 annual fees, $7.95 monthly fees (after the first year), ATM withdrawal fees, bill pay fees, loading fees — and even charges for talking to a live operator at their service center and a card cancellation fee.”

via So much for that Kardashian MasterCard — sisters want out | Ministry of Gossip | Los Angeles Times.

FYI: Kardashian Prepaid Card Loaded With Fees – CBS News #swipefees

-A six-month plan for $59.95, nearly all of which goes to fees. The cost includes a $9.95 purchase fee, $5 minimum deposit and a $7.95 monthly fee for the duration of the plan. You “save” $2.70 in fees, as noted on the card’s website, when signing up for the six-month card.

-A 12-month plan for $99.95. This includes the same fees as the six-month plan, with the $7.95 monthly fee for the full year. In this case, you “save” $10.40 in fees over if you sign up for the full year.

In addition to those upfront fees, the card also charges:

-$1.50 for withdrawing funds at an ATM. That’s on top of the fee the ATM operator charges.

-$1 if an ATM or transactions is declined.

-$1 to check balances at ATMs.

-$1.50 to talk to a customer service representative.

-$9.95 to replace a lost or stolen card.

-$6 to cancel the card.

-$7.95 monthly fee for as long as the card is used after the initial six or 12 month period.

via FYI: Kardashian Prepaid Card Loaded With Fees – CBS News.

Meet the Kard, a very kostly idea – KansasCity.com

Nothing against the E network trio, but the Kardashian Kard is one of the dumbest marketing gimmicks I’ve ever heard.

via Meet the Kard, a very kostly idea – KansasCity.com.

Patrice Peyret: The Kardashians Launch A Prepaid Card: Check the Fine Print

But watch out. Not all cards are created equal. Just because there’s a familiar face on the card doesn’t mean the terms are good. And be skeptical of the word “free”. Just as ATM and overdraft fees in “free” checking accounts can hurt your balance, some cards can carry high fees that leave you with a lot less to spend, if you’re not careful.

via Patrice Peyret: The Kardashians Launch A Prepaid Card: Check the Fine Print.

Kardashian Sisters vs. Pacha – Mastercard Launch Party | Styleite

Remember that grossly irresponsible prepaid teen credit card the Kardashian sisters had a party for last week? Well, it turns out Kim, Khloe and Kourtney set another bad example for their target customers when they were there by skipping the party before it was over.

via Kardashian Sisters vs. Pacha – Mastercard Launch Party | Styleite.

Conn. AG warns against Kardashian credit card | abc7.com

The Kardashian sisters teamed with Mastercard to create a prepaid credit card for teens.

via Conn. AG warns against Kardashian credit card | abc7.com.

Kim Kardashian News – Introducing The Kardashian MasterCard! – Celebuzz

Kim Kardashian News – Introducing The Kardashian MasterCard! – Celebuzz.

Watch: “Inside Job” Directed by Charles Ferguson, Narrated by Matt Damon

 

As the financial crisis gathered steam in 2007, and boiled over in 2008, many of us wondered how a homeowner’s taking out a subprime loan in, say, Stockton, California, could have initiated a crisis that eventually caused banks large and small to fail, the credit markets to seize up, the Treasury Department to bail out A.I.G., Citigroup, Goldman Sachs, and other giant institutions, and millions of people in unrelated industries to lose their jobs. Since then, there have been several films explaining the crisis, including Leslie and Andrew Cockburn’s excellent “American Casino,” and many books, including Roger Lowenstein’s “The End of Wall Street,” Michael Lewis’s “The Big Short,” John Cassidy’s “How Markets Fail,” and Andrew Ross Sorkin’s “Too Big to Fail.” The documentary “Inside Job,” written and directed by Charles Ferguson—who made “No End in Sight,” the best of the nonfiction movies about the Iraq war—doesn’t replace any of those works, but it provides the most comprehensive brief narrative of the causes of the crisis (which was set in motion well before that homeowner in Stockton signed a piece of paper). Many documentaries are good at drawing attention to an outrage and stirring up our feelings. Ferguson’s film certainly does this, but his exposition of complex information is also masterly. Indignation is often the most self-deluding of emotions; this movie has the rare gifts of lucid passion and informed rage.

Apologists for the financial industry talk of rational actors pursuing their interests in ways that may have been greedy but never veered into illegal or unethical behavior. After all, many executives, such as Dick Fuld, of Lehman Brothers, who believed in profit-making instruments like collateralized debt obligations and credit-default swaps, wound up losing their jobs and their companies. Doesn’t that prove their good faith? Ferguson will have none of it. He uses interviews and historical information to suggest that many of the transactions weren’t rational at all. They may have been profitable in the short term, but they were destructive to the companies the executives worked for, and he demonstrates that anyone with common sense and a skeptical view of unregulated financial markets could have seen the dangers coming. None of the senior public officials with an ideological commitment to deregulation, like Alan Greenspan, Hank Paulson, and Ben Bernanke, and none of the investment-bank executives who made hundreds of millions from the C.D.O. boom were willing to speak to Ferguson on camera. So he brings forth the savants who warned of the impending crisis early on: Nouriel Roubini, of New York University, whose musical Persian-Israeli-Turkish-accented English is delightful; and Raghuram Rajan, now of the University of Chicago, who, in 2005, while serving as the chief economist of the International Monetary Fund, delivered a paper warning of the disaster to come in front of an audience that included Alan Greenspan and Larry Summers, and was ignored or criticized for his efforts. Roubini and Rajan, awed by the size of the crisis they were unable to prevent, are now sombre models of contained ego and radiant pride.

Nothing like the same could be said of the academic economists, including Glenn Hubbard and Frederic Mishkin, of Columbia Business School, and Martin Feldstein and John Campbell, of Harvard, who hem and haw and evade the simplest questions about conflict of interest or bad advice. Ferguson, interviewing them from behind the camera (Matt Damon narrates the film), questions them with increasing exasperation, and, one after another, the academics disgrace themselves. Ferguson finds a hero in none other than Eliot Spitzer, who prosecuted fraud in the financial industry in 2002. Five years ago, expensive evenings with hookers and drugs were part of the exhilarated Manhattan madness of the investment-banking life. The underlings who procured such services—hiding the costs in phony expense chits—could now be flipped and forced to testify against their bosses, who may be guilty of much more consequential malfeasance. With perfect tact, Spitzer says that he might not be the most appropriate person to suggest such a course for prosecutors. But he suggests it nonetheless. ♦

[Review via The New Yorker]

EU set to accept Visa Europe antitrust offer -sources | Reuters

EU regulators will next monthaccept Visa Europes pledge to cut its debit card fees and dropantitrust charges that could have brought a fine to the paymentsnetwork, two sources familiar with the case said on Thursday.

via EU set to accept Visa Europe antitrust offer -sources | Reuters.

Bank ATM fees need regulating – latimes.com

Charges for using an out-of-network ATM can hit $5 or more between the card issuer and the bank whose ATM is being used. Those fees are over the top at both ends.

via Bank ATM fees need regulating – latimes.com.

Kardashian Prepaid MasterCard Credit Card Fees Gouge Teens | InvestorPlace

Fee for initial purchase: One-time charge of $9.95Fees per month: $7.95Fee per ATM withdrawal: $1.50Fee for adding cash to card: $1.00Fee to close account: $6.00Fee to speak with customer service: $1.50Fee for automatic bill pay: $2.00 per transaction

via Kardashian Prepaid MasterCard Credit Card Fees Gouge Teens | InvestorPlace.

Paying with cash? Some businesses offer deals | Green Bay Press Gazette

The Department of Justice and seven states have filed a lawsuit that charged Visa, MasterCard and American Express with engaging in anticompetitive practices. At issue are rules that prohibit retailers from offering consumers discounts or rewards for using less-expensive forms of payment.

via Paying with cash? Some businesses offer deals | greenbaypressgazette.com | Green Bay Press Gazette.

There Is Now A Kim Kardashian Prepaid MasterCard For Teens | TheFABlife

The Kardashians are nothing if not savvy about how to cash in on their name, and this might be the most heinous example of a Kardashian lending her name to a ridiculous product. The Kardashian Prepaid MasterCard for kids is launching this week.

via There Is Now A Kim Kardashian Prepaid MasterCard For Teens | TheFABlife.

Would You Get a Kim Kardashian MasterCard? – FoxNews.com #swipefees

A research report published by AdWeek found that 78 percent of people aren’t swayed by celebrity endorsements in advertisements. Guess nobody told MasterCard..

via Would You Get a Kim Kardashian MasterCard? – FoxNews.com.

www.KardashianKard.com

The KARDASHIAN KARD is a prepaid card that allows cardholders to make purchases, obtain money at ATM’s, send and receive money instantly

 

via www.KardashianKard.com.

Kardashian Credit Card – Prepaid Mastercard | Styleite

We’re all about kids learning how to spend responsibly, but we doubt seriously that the Kardashian Prepaid MasterCard is the right way to go about doing that. And yes, the Kardashian Prepaid MasterCard is actually a method by which your daughter can pay her bill at Claire’s.

via Kardashian Credit Card – Prepaid Mastercard | Styleite.

See The Incredible Animated Story Of Kim Kardashian’s Credit Card For Kids #swipefees

The Taiwanese animation studio is covering America’s the next big scandal: The Kardashian Kard. This is a ridiculously expensive prepaid credit card for 13-year-old children. And now they are plugging their very own MasterCard… and charging us $99.95 for the “privilege” of using one.

Excerpt via Bill Hardekopf, CEO of LowCards.com:

Last week, the Kardashian sisters launched a new credit card targeted at teens, one of the worst products to enter the financial market in a long time.

The card is very expensive and using the Kardashians as financial role models to impressionable teenagers is already being questioned by financial experts around the country.

The card is a prepaid MasterCard debit card with the Kardashian sisters’ picture on the plastic and is done in partnership with Mobile Resource Card, providers of custom prepaid card programs. The card is promoted as a way for parents to monitor their children’s spending while teaching them money management skills.

But the cost of the card for the first year is $99.95 which includes a one-time card purchase of $9.95, 12 months of monthly fees at $7.95 per month, and preloaded deposit of $5.00. After the first year, a $7.95 monthly fee will be assessed. If consumers prefer a six month option, the cost is $59.95.

The fees do not stop after the card is purchased. ATM withdrawals cost $1.50 in addition to ATM fees. Automatic bill pay using the card costs $2 per item. There is a 2.5% fee for instant transfers that are made from a credit card or debit card. If you want to add money to the card, tack on an additional $1. It will cost you $6 to close the account. Have a question on the card? That will be $1.50 to speak with a live operator.

 

Here’s the video:

via See The Incredible Animated Story Of Kim Kardashian’s Credit Card For Kids.

http://blogs.forbes.com/moneybuilder/2010/11/18/kardashian-kard-is-a-rip-off/?boxes=Homepagechannels

Kardashian [MasterCard] Kard Is A Rip-Off – Forbes #swipeFees

The card is very expensive and using the Kardashians as financial role models to impressionable teenagers is already being questioned by financial experts around the country.

via Kardashian Kard Is A Rip-Off – MoneyBuilder – making sense of your finances – Forbes.

Interchange Fees Will Cost Banks, Without Long-Term Benefits to Merchants — Seeking Alpha

The newly ratified Durbin Amendment — which gives the Federal Reserve power to regulate the interchange fees that banks can charge merchants for debit card transactions — stands to cost the banking industry between $3.6 billion and $9.6 billion annually, according to a CardHub.com study. Card Hub estimates that the losses will come as a result of the Fed lowering these debit card processing fees by as much as 50% in the coming year.

via Interchange Fees Will Cost Banks, Without Long-Term Benefits to Merchants — Seeking Alpha.

Durbin Amendment won’t work as intended | The Daily Caller #SwipeFees

In order to provide merchants a modicum of relief following the Great Recession, Congress passed the Durbin Amendment — legislation that confers upon the Federal Reserve the power to regulate debit card interchange fees and allows merchants to offer discounts to consumers who pay in cash.

via Durbin Amendment won’t work as intended | The Daily Caller – Breaking News, Opinion, Research, and Entertainment.

Consumer Groups, Banks Battle to Influence Fed’s Debit Rule (Digital Transactions)

Recent meetings between Federal Reserve staff members, consumer groups, and payments executives show just how divergent the views are as the Fed prepares the first-ever regulations on U.S. payment card interchange. Consumer groups are pushing for “at-par” debit card interchange—essentially, no interchange. A big regional bank, however, said the Fed “will threaten the future of the payment system in the U.S.” if it doesn’t take the appropriate costs of offering debit cards into account.

via: http://www.digitaltransactions.net/news/story/2800

 

 

 

Collections & Credit Risk – Republican Victories Could Give Card Industry A Breather, Analysts Say – PaymentsSource Article

The outcome of today’s Election Day results could have meaningful implications for the card industry, including affecting the odds of credit card interchange legislation emerging next year, analysts at New York-based equity firm Keefe, Bruyette & Woods said in a report released Monday.

via Collections & Credit Risk – Republican Victories Could Give Card Industry A Breather, Analysts Say – PaymentsSource Article.

Firms That Fought Dodd-Frank May Profit Under Republican House – BusinessWeek

A slowdown in rule making or added pressure on regulators may benefit companies such as Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp., which lobbied against portions of the Dodd-Frank law and predicted the measure would hurt their financial results.

via Firms That Fought Dodd-Frank May Profit Under Republican House – BusinessWeek.

Live Call: MasterCard Incorporated Earnings Conference Call (Q3 2010) – Yahoo! Finance

MasterCard Incorporated Earnings Conference Call (Q3 2010)

Scheduled to start Tue, Nov 2, 2010, 9:00 am Eastern

via Live Call: MasterCard Incorporated Earnings Conference Call (Q3 2010) – Yahoo! Finance.