Don't Waste Your Money: Is Justin Bieber's debit card worth it? - Toledo News Now, Breaking News, Weather, Sports, Toledo

Don't Waste Your Money: Is Justin Bieber's debit card worth it?

Posted: Updated:
(Toledo News Now) -

By now many of us have heard that Justin Bieber is coming out with his own debit card. If you're an adult, you probably laughed. But if you're the parents of a teenage girl, she may want one.

This begs the question: Are these prepaid cards any good?

Convenient To Use, But...

Justin Bieber is now lending his name to the SpendSmart prepaid card.    

Many consumers who don't qualify for or just don't want a checking account, like Jasmine Morgan, love the convenience of prepaid.

"I'm a plastic girl," Morgan said. "I don't use a lot of cash. So they're pretty OK to have, since you don't overspend or anything like that."

But the financial website Bankrate cautions that many prepaid debit cards are bad deals, with high fees.

Greg McBride, senior financial analyst of Bankrate said, "the charges themselves may only be $1.25, $2, or $3, but that can be a per transaction basis."

Bankrate cautions that celebrity cards, from the ill-fated Kardashian Kard to the Bieb's card, tend to be among the more expensive.

"A lot of them, like the Justin Bieber card, are appealing to teenagers who may or may not be paying the bill, and certainly are not very price sensitive," explained McBride. 

Bankrate's worst prepaid debit cards, when it comes to fees are:

-MoneyGrams Prepaid Visa: $10 per month, plus a $2 ATM fee, and $1 fee to check your balance

-Achieve Card Prepaid Visa: Also $10 a month with a $1.50 ATM fee

Bankrate's best prepaid debit cards:

-American Express

-Walmart American Express Bluebird: Both have no monthly fees, and the first ATM withdrawal is free each month

These cards are nowhere near as sexy as Justin Bieber, but quite a bit cheaper.

Bottom Line

A prepaid debit card can be a good way to teach a teen smart spending habits. It can also be a Godsend if you have poor credit.

But check those fees so you don't waste your money.

Copyright 2013 Toledo News Now. All rights reserved.