Justin Bieber Backs Credit Card for Teens
It's been a rough few weeks for Justin Bieber, whose erratic behavior — which included attacking a photographer, strutting through the airport shirtless, and having his pet monkey detained by German authorities — caused much chatter among fans and foes alike. But it seems the singer is bouncing back, having secured a deal to be the brand ambassador for SpendSmart Payments Company, which offers a prepaid debit card for teens.
In a promotional video aimed at his young fans (and their parents' wallets), Bieber talks candidly about his modest upbringing. “You know when I was a kid, we didn’t have a lot of money, so me and my family had to watch the money that we spent. I learned if you have $100 or $100 million — if you spend more than you have, you’re going to go broke."
The kid's got a point. And he has a suggestion: Teens should use SpendSmart to learn how to budget and manage their money.
"Have a talk with your family about money,” he urges his fans, because “managing your money is important and there's a great company that can help you do that called SpendSmart."
It's probably worth mentioning that this "great" company is paying the star an eye-popping $3.75 million for a 14-month contract, plus potential monthly royalties tied to the growth of active SpendSmart cards, according to documents filed with the Securities and Exchange Commission.
That's all fine and dandy, but these celebrity-endorsed cards have been disasters in the past. Need we remind you about the Kardashian debit card debacle less than two years ago in which the sisters took heat for the card's high fees and ended up getting sued by the company that created the card in the first place?
Anticipating this unfavorable comparison, SpendSmart has released a statement making it clear that "this is and has been a prepaid card and not a celebrity card." In other words, don't lump us in with the Kardashian disaster.
SpendSmart further explained that this card "gives teens freedom and independence while teaching them financial responsibility, but also gives parents the control and peace of mind they need." As for fees, the company claims, "Most fees are avoidable and have not been changed in light of our partnership with Justin Bieber."
The statement goes on to describe Bieber as a "smart, motivated young man" who will be a sound ambassador for the brand.
Let's just hope he doesn't try to sneak any exotic animals through customs anytime soon.
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