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The prepaid debit card industry is big company.

The prepaid debit card industry is big company.

The Biebs joins a long list of celebrities endorsing prepaid debit cards with his squeal-inducing face on the cover of the new SpendSmart card. These cards permit you to upload and spend cash like a debit that is normal, minus the nuisance of managing money or starting a banking account. Better yet? You can’t save money than you upload, this means overdraft fees really are a plain thing of history.

Doesn’t noise too bad? Well, there’s a catch.

Dependent on your card of preference, you may be charged for just about any for the following: buying the card, month-to-month upkeep, uploading cash, inactivity, ATM withdrawal, card decrease, making a purchase in-store or online, talking to a person solution agent, and also making use of the customer service system that is automated. Many cards acknowledge at the very least seven, or over to 15, regular charges. These charges add up fast at nearly $3 a pop.

Sweet young Justin’s card, among other items, costs users 50 cents in order to always check their account balance. Now why would he consent to engage in something such as that?

Money, Money, Cash, Money. Cash!

This alone, users are expected to load $201.9 billion onto these cards year.

Prepaid debit cards initially targeted individuals without bank records, whom saw the cards being a convenient and dependable method to handle their cash without engaging in trouble. Unfortuitously, many cards make use of the bad and economically struggling just like their destructive relative, the pay day loan.