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Entries in Kardashian Kard (2)

Tuesday
Nov302010

Kardashians Pull Prepaid Debit Card Off the Market Amidst Criticism

Photo Courtesy - Getty Images(WASHINGTON) -- The Kardashian card is no more, and the reality TV stars behind the prepaid debit card debacle don't want to talk about it.

"We are not working with the bank anymore and that's all we're allowed to say," Kourtney Kardashian told ABC News on Tuesday.

On Monday, Dennis Roach, lawyer for Kim, 30, Khloe, 26, and Kourtney, 31, announced the Kardashian sisters were pulling their name off the Kardashian Prepaid MasterCard after being slammed for the card's hefty fees. The decision came in the wake of Connecticut Attorney General Richard Blumenthal's investigation into the card. He called the card's fees "predatory."

Last week, Blumenthal -- who is the state's U.S. Senator-elect -- warned consumers of the perils of credit cards marketed at young adults and revealed that he demanded University National Bank, which issued the Kardashian Kard, provide specific details about how the card is promoted and sold in Connecticut.

"Keeping up with the Kardashians is impossible using these cards -- laden with pernicious and predatory fees that swallow card value," Blumenthal said in a statement. "These cards are feckless financial tools designed to promptly diminish in value with virtually every transaction -- and even when consumers don't use the card at all."

In addition to Blumenthal, Consumers Union, the nonprofit publisher of Consumer Reports, chastised the Kardashians for promoting a fee-heavy card and cautioned other celebrities against blindly promoting products.

Copyright 2010 ABC News Radio

Friday
Nov262010

Conn. AG Issues Warning on Kardashian-Backed Teen Credit Card

Kim Kardashian at the Kardashian MasterCard launch event in New York City. Photo Courtesy - Getty Images(HARTFORD, Conn.) -- If you want to keep up with the Kardashians, the family's new credit card that targets teens may not be the way to do it.

In a statement released Friday, Connecticut Attorney General Richard Blumenthal warned consumers of the perils of credit cards marketed at young adults and disclosed that he has demanded that University National Bank, which issues the Kardashian Kard, provide specific details about how the card is promoted and sold in Connecticut.

He said that the card appears to invoke the E! reality stars’ extravagant and luxurious lifestyle, while specifically targeting young adults. The "gotcha fees" and other charges will cause consumers to lose money before they can even use it, he said.

University National Bank did not immediately respond to a request for comment from ABC News.

Earlier this month, the Kardashian sisters -- Kim, 30, Khloe, 26, and Kourtney, 31, celebrated the launch of their Kardashian Prepaid MasterCard at New York City's Pacha nightclub.

Kim and her sisters teamed with MasterCard to create a prepaid credit card for teens as young as 16 years old. The card allows parents to put a predetermined amount of money on the card, then track their teens' spending habits via cell phone.

The Kardashian card isn't the first prepaid credit card targeted at teens. The Visa Buxx card, which also allows parents to put a fixed sum of money on an account, was launched last decade.

Copyright 2010 ABC News Radio







ABC News Radio