The previous post discussed the recent failure of the Kardashian Pre-Paid MasterCard. The card was marketed for parents to purchase for their children in order to give their children some credit and finances to manage.
The card looked like a pretty good deal, but reading the fine print would reveal an inordinate, and possibly illegal, amount of hidden fees and charges. The fees made the card a rip-off for consumers and the Kardashians ended their endorsement of the card after an outcry from attorney generals and consumer groups.
An excellent recent article in Forbes gives great advice to students (and their parents) who may be looking for a credit card to use while attending school. The article says that a credit card can be a great way to build good credit if a student finds one that has a good deal and is a genuinely good offer and a good fit for the student's needs and financial situation.
The article points out that it is important to read the fine print and really analyze what will be the best deal for you or your child when checking out credit card offers in rewards, cash back, fees and interest rates. The article also points out that many credit card companies are in partnership with universities and are allowed to set up booths at the university in exchange for paying them a sum of money. Because of this, students should not simply assume that whatever credit card company is being endorsed by their school is the best one for them.
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