MasterCard Using Justin Bieber To Promote Credit For Teens

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posted on Mar, 3 2013 @ 05:08 AM
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reply to post by tothetenthpower
 


This is indeed an economic issue. The more children that become "enslaved" towards the banks/creditors the worse for wear our future will be. Credit companies should go through a massive reform. I don't believe in bailouts, but I will say bailout the credit slaves!




posted on Mar, 3 2013 @ 05:35 AM
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this is funny teens dont pay debts .. good way to sue parents thou



posted on Mar, 3 2013 @ 07:29 AM
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Originally posted by tothetenthpower

Originally posted by Phage
Um. It's a prepaid card.
Do you think learning how to budget is a bad thing?


Prepaid cards have fees. Why does my child have to pay a financial institution to learn how to budget?

Don't we mostly all own the internet these days?

~Tenth


But the prepaid amounts don't cover the cost of buying anything. Back in 1995, mall stores in Canada were giving away pre-paid cards to every teenager turning 16-18, with around CA$50 But everything from a pair of jeans, a jacket to a boombox was over CA$75. So the teenagers would have to spend some more money to buy anything.

Many schools no longer teach the concepts of percentages, simple and compound interest, so people don't even know that the banks will rip them off with credit card interest. The money they pay in interest would actually accumulate in their favor if they saved it instead.



posted on Mar, 3 2013 @ 08:43 AM
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I have used a prepaid credit card for a good long while now,
much safer than other forms of credit/debit and is basically
a throw away, if its stolen no biggie, the only thing i dislike
about them is the way they function in the hotel industry
and at the gas pump, bugs need to be fixed there, as to
young folks having them, i see nothing wrong with it,
its just cash in plastic form, a very small fee is charged
per month for the service but that's it.

A checking account is really going the way of the forefathers
anyway, allot of places wont even take paper checks at all
anymore, i cant say i like all electronic banking though,
i just enjoy my privacy i suppose.

Also to add here there is NO enslavement, this will keep
kids from having those blasted credit cards in the first
place, if i am tired of my prepaid card guess what i have
to do to get rid of it? i cut it up, toss it out and never think
of it again, so long as you didn't leave money on it then
your perfectly fine, once the company notices that
it hasn't been used for x amount of time for anything at
all, you haven't even checked your balance then they
will close it out, you don't ever owe them anything, you
cannot and i repeat cannot have a negative balance.

It can only ever have the money you put on it there,
it does not offer overdraft protection, a credit limit,
there is no % finance charge, none of that so you
can never ever get bad credit from it because your
not taking out credit at all.
edit on 3-3-2013 by bloodreviara because: to add



posted on Mar, 3 2013 @ 08:52 AM
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reply to post by WeRpeons
 

That is entirely a question of life outlook. You say credit is necessary and a good score is required to live well in this world. Well, I say B.S.. After years of listening to Dave Ramsey and his thousands of listeners using his program to announce their final day of 'Debt Free!', I've come to agree with him. Credit Scores are only one thing. An 'I love debt score'. It shows how much you love and how well you care for debt.

If debt is something a person chooses to leave out of their life (Which I have in all but mortgage and student loans), then a credit score will slowly drop off with lack of any action taken for credit to be built on. Thats a horrible thing if you plan to willingly sink into debt with cards, cars or other things. For those who NEVER plan to be in debt again to anyone, for anything? Life's little concerns..and so many don't mean that much.

Ramsey also notes that those with poor "scores" because of a flat refusal to pay others for the privilege of using their money can be handled with people who do look at scores for other things. Insurance, employment and yes, mortgages. It takes a bit more effort to establish the quality background they need to see when a 3 digit cheat score doesn't do it for them....but it's no less possible to go through life without a credit score to speak of, if it's gotten that way by NOT participating (as opposed to burning debts and not paying)



posted on Mar, 3 2013 @ 09:31 AM
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The card in the OP appears to be less about training kids about budgeting and being responsible with their money and more about training them that they can't be trusted and need to be monitored 24x7.



How it works

It's real-time parental controls applied to a debit card.

To me, this has nothing to do with cash vs. credit. It's about using technology to raise your kids.

With today's technology, you can monitor in where your kids are, who they communicate with, what they watch on TV, and now what they are allowed to spend money on and where they spend it.

Next thing you know, you will be able to use shock therapy when they try to buy something on the block list.

They pull up to McDonalds and try to use the card... zap 'em.

The alternative to this card would be to teach your kids good values while they are growing up, give them cash to spend in small quantities, and hope they make good decisions on their own. They won't always do that, but that's part of the learning process.



posted on Mar, 3 2013 @ 09:35 AM
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the first financial goal a young person needs to accomplish is establish credit. a credit card is a good way. as long as you guide them not to buy consumables like gas and food on the card, it can lead to a good start in financial life



posted on Mar, 3 2013 @ 10:52 AM
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Originally posted by Wrabbit2000
reply to post by WeRpeons
 

After years of listening to Dave Ramsey and his thousands of listeners using his program to announce their final day of 'Debt Free!', I've come to agree with him.

If you spend years listening to a sales pitch, yeah, you'll eventually come around. Anyone who would spend years listening to a pitch almost certainly agreed with it from the beginning, anyway.


Credit Scores are only one thing. An 'I love debt score'. It shows how much you love and how well you care for debt.

A common Ramseyite meme, and quite false. Credit is not debt. Having credit available does not mean you are in debt. You can build credit without ever having any debt. You won't max out the FICO model without at least some utilization, but you can build a history and generate a score with none.



posted on Mar, 3 2013 @ 11:27 AM
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Originally posted by Zarniwoop
The card in the OP appears to be less about training kids about budgeting and being responsible with their money and more about training them that they can't be trusted and need to be monitored 24x7.



How it works

It's real-time parental controls applied to a debit card.

To me, this has nothing to do with cash vs. credit. It's about using technology to raise your kids.

With today's technology, you can monitor in where your kids are, who they communicate with, what they watch on TV, and now what they are allowed to spend money on and where they spend it.

Next thing you know, you will be able to use shock therapy when they try to buy something on the block list.

They pull up to McDonalds and try to use the card... zap 'em.

The alternative to this card would be to teach your kids good values while they are growing up, give them cash to spend in small quantities, and hope they make good decisions on their own. They won't always do that, but that's part of the learning process.


Hmm... this kind of spying on your kids spending just might make them get a part time job on the sly, then just spend cash so nobody knows what they are buying.

How ironic. Teaching kids that when you use a card it leaves a trail. And that cash doesn't.



posted on Mar, 3 2013 @ 11:46 AM
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Hmm... this kind of spying on your kids spending just might make them get a part time job on the sly, then just spend cash so nobody knows what they are buying.


That's actually a great idea.

Want the ability to spend freely?... well you'll have to earn it.

I'm going to suggest this to my neighbor



posted on Mar, 3 2013 @ 11:53 AM
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Originally posted by Zarniwoop

Hmm... this kind of spying on your kids spending just might make them get a part time job on the sly, then just spend cash so nobody knows what they are buying.


That's actually a great idea.

Want the ability to spend freely?... well you'll have to earn it.

I'm going to suggest this to my neighbor



Yup. Just like a regular credit card:

The bank sez: "You want my money (credit card)? Then I'm going to know every penny you spend on it, when you spend it, and where you spent it, and what you spent it on".

Then if anyone needs some evidence that you've done something wrong (or a perceived wrong, or evidence of a perceived wrongdoing), or even if you've been somewhere at a certain time, just look at the credit (or debit) card trail.

credit and debit cards. The ultimate spy device.

edit on 3-3-2013 by davjan4 because: spelling



posted on Mar, 3 2013 @ 01:12 PM
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I honestly can say; Having a 3 Year old son myself...

Kids are not kids anymore- And as much as we protect and share the knowledge of our traits- Too love and cherish as a life yet so precious;

Yes in our view, my view - A kid should be free and feel free to what ever they think to incline themselves and interests... Todays age kids are more like adults - And i say its because of this massive knowledgeable shift in our world..

the system is playing along for the future, as much measures you could pretrial - Its not going to stop outside your bounds when the kids being at school or forced to watch an ad on there favourite television series- What ever it be.. We shield, we try the most we can do is educate and tell them how it really is.. You hide the truth when they are little ... when they are old - they would have developed the shocks later growing up- a lesson i was taught... and experienced young...

highschoool is really educating about the uses of Credit cards and the warnings behind it - Really if the kid is smart to manage there own budget and with practice.. Let them. Let them experience this monopoly system that falls back on-to everyone eventually again.. dont pass go...

They will have a rock soild future.. but that's up to You..

Kids like i said are becoming more in-question with whats around them.. And the past 10 years has been a monstrous shift for us all....



posted on Mar, 3 2013 @ 02:03 PM
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For all those saying that pre-paid cards are ok, don't you realise that the whole point of this is to ween people off of CASH. If we don't have cash then we are forever in the pockets of the banks.We will need them for EVERYTHING.
We should be teaching the young about the evils of the banking system, not teaching them the best ways to use their 'services'



posted on Mar, 3 2013 @ 02:15 PM
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reply to post by Wrabbit2000
 


Higher One? I went through that, too. My school's variant charged $.50 usage fees for every transaction that was run on debit. Just as a warning when you finish, they will start charging you without warning for the account at a rate of $3.95 a month. It's fee central. What I did was use the Higher One atm to withdraw the max funds from one of the atms to avoid the fees. It's quite a racket and pretty disgusting activity for federal student loans. It's like being told that, if you want your tax return, you can only get it deposited into this partner bank that will charge you fees for your refunds' use. Highly anti-competitive, especially when I had a normal checking account available for the deposits that had zero per transaction fees, no monthly fee and only charged me when I used non-bank ATMs. I just called them the other day to get them to reverse the fees and gave them an earful about what I thought of Higher One.



posted on Mar, 3 2013 @ 02:15 PM
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Not entirely sure about this, but if I had kids I don't think I'd want to associate with a company called BillMyParents, Inc...



posted on Mar, 3 2013 @ 02:37 PM
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reply to post by FurvusRexCaeli
 


A common Ramseyite meme, and quite false. Credit is not debt. Having credit available does not mean you are in debt. You can build credit without ever having any debt. You won't max out the FICO model without at least some utilization, but you can build a history and generate a score with none.

Well, thanks for the economics there and credit is simply the representation of ability to TAKE ON DEBT. Not debt itself, of course. However, to build a credit score, you must handle and responsibly repay debt. One does require the other and over extended periods of time.

After being sufficiently burned to realize the level of pure scam it is to spend other people's money so I can pay them even more for having something I couldn't afford in the first place, it's a simpler life. It's been a hard learning experience, but happier life without the debt issues. I'll have a mortgage and student loans. My vehicles are and always have been paid for and I'll never own another credit card, of any kind, in my life. Period.

Debit cards are impossible to avoid...as I noted for being required to have one just for a college ID and of course, all checking accounts pretty much run on them these days. Credit though? Rich people didn't get rich by using credit. They got rich by GIVING credit and making the interest back on their own money, many times over.

Choosing to play the debt game, especially with the near predatory terms it comes with these days, is just being a willing part of the game making the rich ever richer by your own hard work. Interest doesn't even get anything but a lack of enforcement. So much wasted buying power...lost to service debt that shouldn't exist.



posted on Mar, 3 2013 @ 02:40 PM
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reply to post by WhiteAlice
 

I guess Higher One has a monopoly then eh? Yeah, that's the one. The ATM's at the school..on their OWN LIST aren't even free. Quite a little scam indeed. The school also has no control or direct benefit out of the ATM's, aside from it being connected to their own tuition payment scheme of course.

College life is first about learning to be screwed with a smile and act like it's an enjoyable experience. I learned that real early on.
I guess the rest is learning the professional skills to do it to others later, right?



posted on Mar, 3 2013 @ 02:44 PM
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reply to post by Wrabbit2000
 


They got rich by GIVING credit and making the interest back on their own money, many times over.
And...your point is what? Isn't that sort of the whole idea? You don't think your supermarket owner is rich? He has the gall to make a profit on food! Shameful.

I have a credit card which I use to pay as many of my expenses as I can. It has no annual fee and I pay the balance due each month. I find my well earned credit to be a very useful money management tool and it costs me nothing.
edit on 3/3/2013 by Phage because: (no reason given)



posted on Mar, 3 2013 @ 03:10 PM
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This is what we want our teens to look up to and have as a role model??
I give up.



posted on Mar, 3 2013 @ 03:16 PM
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Originally posted by FlyersFan


Seriously .. doesn't he draw the younger crowd??



My Daughter is 14. I assume her "infatuation" will die, with the next teen heartthrob.





My Daughter doesn't have a prepaid anything. She does get iTunes cards, if that counts.

(to buy crappy Justin Bieber Music, to my chagrin)





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