MasterCard Using Justin Bieber To Promote Credit For Teens

reply to post by Rubic0n

I do not see the point of making it easier for kids to budget for themselves when it isnt all that hard in the first place. Why do we need to incorporate Visa in their lifes to do something as simple as that? Why expose them to plastic cards at a young age that says VISA. It is like exposing them to the drug dealer on the corner who does his best to get them accustomed to the idea , the first time is free..... Then Visa sends them a couple of newer and shinier cards that give them a bit more "freedom" when they turn 18 or 21. No harm done right?

Well said my friend, I could not agree more.
Star for that
Regards, Iwinder

reply to post by Iwinder

That seems really bad to me for a 12 year old to be spending that amount of money when it purchases nothing.

The 12 year old isn't spending it, unless of course the parents make it part of the deal. In that case the 12 year old would have to account for that expense in developing their budget.

Why do we need to incorporate Visa in their lifes to do something as simple as that? Why expose them to plastic cards at a young age that says VISA.

Well this particular one says MasterCard but I know what you mean. But I don't understand your point.

reply to post by lonewolf19792000

Most teens do not have Beiber's means of repaying those credit cards, and any parent willing to co-sign off on letting their kid have a credit card deserves the disaster coming for them.

It isn't a credit card.

reply to post by Rubic0n

I do not see the point of making it easier for kids to budget for themselves when it isnt all that hard in the first place.

There are a lot of adults who don't seem to understand the concept. Maybe if it were easier they would have learned something before they got into trouble with credit.

Originally posted by Iwinder

That is almost $50.00 a year, That seems really bad to me for a 12 year old to be spending that amount of money when it purchases nothing.

And Responsible Parents point out these facts to children,it shows the value of SAVING for the things you need.

How putting $50pa into the pockets of some banksta gangsta is responsible parenting escapes me

Yay for BillMyParents - Not

reply to post by DevilsApprentice

And Responsible Parents point out these facts to children,it shows the value of SAVING for the things you need.

As I said, it's up to the parent if they want to "charge" their child the service fee.

How putting $50pa into the pockets of some banksta gangsta is responsible parenting escapes me.

Paying for a service bothers you. I get that. Paying my electric bill bothers me. Paying my water bill bothers me. But I budget for them. If the parent chooses to deduct the fee from the child it just becomes another item to be budgeted for. Maybe learning that you don't always get "something" for your money is a good life lesson.

Saving is a good idea. No reason that the child can't have a savings account too.

Originally posted by Phage
reply to post by lonewolf19792000

 

Most teens do not have Beiber's means of repaying those credit cards, and any parent willing to co-sign off on letting their kid have a credit card deserves the disaster coming for them.

It isn't a credit card.

Yes for the tenth time we all agree that it is not a "credit card" but yet they charge 50 bucks a year in fees to use it?

At the same time our actual credit card with a high limit charges zero if you pay it off, each month in full which we do.

So here it is......a teenager has to cough up 50 bucks a year to spend their own money yet myself and the wife pay nothing to charge thousands a year?

And don't hand me that the "parents pay the fee" crap I don't care if the Pope pays it or whomever......it is just wrong to have to pay money to spend your own money.

Regards, Iwinder

Originally posted by Phage
As I said, it's up to the parent if they want to "charge" their child the service fee.

SOOooo , you're a banksta gansta ,I thought you were more the science guy



22nd

reply to post by Iwinder

Yes for the tenth time we all agree that it is not a "credit card" but yet they charge 50 bucks a year in fees to use it?

The person I replied to didn't seem to be aware of that.

So here it is......a teenager has to cough up 50 bucks a year to spend their own money yet myself and the wife pay nothing to charge thousands a year?

Yup. Because the vendors that you spend those thousands on pay for the privilege of letting you do so. But you've foxed the credit card company by not running a balance, good for you!

it is just wrong to have to pay money to spend your own money.

I see it as a service. So do other people. If you don't want to pay it, don't use the service.

I see it as a service. So do other people. If you don't want to pay it, don't use the service.

reply to post by Phage



What other people? I see no posts on this thread supporting that idea but yours.
I see the tax collector as a service too, not that I welcome them


Regards, Iwinder

reply to post by Iwinder

Oh, there were one or two who liked the idea.

Taxes. Don't like paying them but I budget for it.

Originally posted by Phage
I see it as a service.

Yes , we also know it's a service and that at times it can be helpful .

Is there a need to use this style of marketing i.e. a well known little girls manufactured 'heart throb' to push a company position.These guys don't give ## about the kids, their only interest is the bottom line on their balance sheet.


.

reply to post by DevilsApprentice

Seeing as how the parents are the ones who actually acquire and manage the card I don't think it's that big a deal who the target of the marketing is. Unless you don't think parents should be trusted to look into it themselves before signing up.

These guys don't give ## about the kids, their only interest is the bottom line on their balance sheet.

Maybe. But the same could be said about just any business. The thing is, if they actually screw up they lose customers. Just like any other business.

Originally posted by Phage
The thing is, if they actually screw up they lose customers. Just like any other business.

And maybe a social media campaign will help that failure.

Thanks for the chat.

Regards

reply to post by DevilsApprentice

And maybe a social media campaign will help that failure.

Good idea. Express your outrage about something that you have no intention of using in hopes that others who may think it sounds like a good idea will be prevented from doing so. Save them from themselves!

Originally posted by Phage
Completely irrelevant but I have to throw this out.
This morning (really!), somehow Bieber came up and my daughter says "Justin Bieber is so lame. He smokes pot!"

Ok, maybe she didn't say "lame" but her point was clear. The only response I could come up with was "Oh, really?"

Ha! In my eyes, that makes him a bit less lame, but he's still pretty damn lame.

I think in a world where children are so heavily influenced on their idols, and other social mediums, the only ones left to teach them good habits and routines are their actual parents.

I mean, my parents brought my brother and i up to always save for what you want in life, and give priority to needs first. But with all the energy around money and possessions these days, needs are becoming less favoured over wants and people are completely disregarding planning for the future.

My dad once told me this years ago
"Your biggest investment is your house. It's the only debt you should have" and mum followed with "you can be having fun and enjoying life later - there will ALWAYS be new things coming out".

Back then i didn't think much of it, but now i can only see how true it is.

Originally posted by Phage
reply to post by WhiteAlice

 

One of the biggest issues with using a card (whether it's debit or credit) is that one tends to forget transactions and more in making purchases. I've seen this over and over again.

One of the biggest issues with using cash is that it tends to get spent here and there without any tracking. I've seen it over and over again. This makes creating and following a budget difficult. With this card, not only do you get a statement but each transaction is provided to the parent as it occurs. The parent has the ability to shut down the card at any time.

Can lose cash. Cash can be stolen. Not so with a prepaid card.

You keep using incorrect terminology. This is not a debit card, this is not a credit card. It is the same as carrying a wad of cash in your pocket but without the drawbacks (see above).

edit on 3/3/2013 by Phage because: (no reason given)

I'm an accountant. I would tell you that tracking one's expenditures via receipts would probably be in order...Very easy. You buy something, you put the receipt in your wallet and take it home to file it. Hanging onto receipts is a good practice...And you can also lose a pre-paid card or the number can be stolen. The prepaid card is a little bit like a debit card that gets run like a credit card. No mixed up terminology there.
I personally think that losing one's wallet full of money is actually a brilliant way to learn responsibility. Losing one's wallet containing a card allows for that child to get the money back (after the parents have to spend the time disputing any charges and reporting it missing/stolen). That's a loss of a learning experience that a lot of us older kids went through that made us quite savvy about where our wallets and purses were at all times.

Downsides to pre-paid Mastercard/Visa ahem "cards"--Merchants may not allow small transactions (under $10) because of merchant fees associated with Mastercard/Visa's use. Merchants may also add a surcharge for a transaction because of those aforementioned fees to offset the cost of them to the merchant. In fact, that's how these kind of cards make money for Mastercard and the like--transaction fees to merchants. Now, if it's a big company, that's not so bad but if it's a mom and pop where every $1 counts, that's pretty awful. www.cardfellow.com...

Merchants don't deny small transactions being paid with cash nor do they charge fees for it. Even if it's a kid with a bunch of coins.

I also want to add one more thing on this subject as a mom of two kids. Kids today really shouldn't have access to anything that functions as a credit/debit type of card because many of them are being sold toys that have "online" components. Many of these "online" components are built up like little kid safe MMORPGs where the kids can collect different items for their online version of their toy or, in some like Animal Jam, it's pure online only. Both of these types of things utilize what is called, in gaming, microtransactions. Basically, for $.99 a kid can get that super leet accessory for their little pixel-based critter to show off to all of their friends from school. Believe me, it happens. My youngest child was asking me for my credit card number and address a year or so back without telling me why and, at Christmas, she was disappointed that she got mostly cash and gift cards for stores because what she really, really wanted to do was deck out her Animal Jam place to compete with her friends' pads whose parents apparently don't give a squat about what their kids are spending their money on. I told her flat out "no" when she wanted to buy things that aren't even real with the money and had a lengthy discussion with her about the value of money and how what one receives in exchange for it should be physical, have some relative longevity, and whose existence isn't contingent on the entity staying in business and an internet connection. Buying a game online--okay. Buying a collar for an online critter--not okay. She got the point. Money has more value than that but I guarantee you that if she had one of these pre-paid credit cards, I would've been seeing Animal Jam microtransactions all over it...

reply to post by WhiteAlice


Good for you on saying flat out No.....

The US government could use you right about now.

Regards Iwinder