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Credit card companies are trying to hook young users by plastering prepaid cards with their favorite icons. Last week, MasterCard introduced a prepaid debit card featuring R&B crooner Usher. Later this month, MasterCard will unveil a card with cartoon character Hello Kitty.
Critics say the cards promote spending and keep users from building credit history. "It's inexcusable they are being marketed to teens, especially younger teens," says Ken McEldowney, executive director of watchdog group Consumer Action. The cards teach kids to "beg your parents to put money on your card so you can shop until you drop"... [read more at usatoday.com]
To read more on credit cards, check out these SavingAdvice articles:
Reducing Credit Card Fees
Credit Card Advantages
Up Your Credit Score
Critics say the cards promote spending and keep users from building credit history. "It's inexcusable they are being marketed to teens, especially younger teens," says Ken McEldowney, executive director of watchdog group Consumer Action. The cards teach kids to "beg your parents to put money on your card so you can shop until you drop"... [read more at usatoday.com]
To read more on credit cards, check out these SavingAdvice articles:
Reducing Credit Card Fees
Credit Card Advantages
Up Your Credit Score