Justin Bieber is getting into the debit card business

Justin Bieber

Because celebs endorsing prepaid debit targeted at kids has never blown up in anyone’s face, Justin Bieber is throwing his name behind a prepaid debit card for kids. Just putting this out there, but you know what would work even better? Kids actually getting part-time jobs and real debit cards and learning on their own how to be financially responsible through trial and error. Fox News reports …

Justin Bieber, 19, inked a lucrative deal with BillMyParents to endorse its teen-focused SpendSmart prepaid card, for which he is reportedly being paid $3.75 million for a 14-month contract, plus monthly royalties linked to the growth of the card, and an option to buy two million SpendSmart shares. According to the New York Times, the average age of a SpendSmart user is 16, and the card is most often used to purchase fast food, gas, gadgets and clothes. The card has a monthly fee of $3.95, which translates into around $50 annually, additional charges to load money onto the card ($2.95 from a debit or credit card or $0.75 from a checking or savings account), a lost card replacement fee of $7.95, ATM fees of 50 cents per balance enquiry, $1.50 every time cash is withdrawn, and a $3 charge if the card inactive for 90 days.

Okay, real talk here: When I was fifteen, I got a part-time job as a busboy and I set up my own bank account and everything. The first paycheck I got, I ended up blowing it immediately like an idiot because let’s face it, I was a kid. I never had to deal with that much money before, and I ended up learning that having money saved in the bank felt great and that I could buy things I liked in moderation so that I never ended up broke. THAT is how teens are supposed to learn how to be financially responsible, not some rinky-dink card you don’t know enough about that’s riddled with fees.

Jeremy Feist About Jeremy Feist

Jeremy Feist is an (ahem) entertainer from Toronto, Canada. He writes, acts, and performs on stage, and has been a writer for Popbytes for almost three years now. He lives in Toronto with his boyfriend, his incredibly dumb but cute puppy, and his immortal cat.

Super Fresh Gossip From Around The Web!

Kim Kardashian Things We Don't Want To See: Kim Kardashian upcoming book of her selfies! Evil Beet
Jennifer Aniston: Justin Theroux 'will put a gun to my head' if I get fillers like Botox! Celebitchy
Britney Spears is flaunting her (26th) new body with some very sexy pictures ... PopSugar
Jared Leto has been looking like Jesus for a while–now he is taking it even further ... SOW
Perennially constipated Kristen Stewart has lots to say in the new issue of ELLE The Blemish
Sorry everyone, but Kate Upton is not planning to get naked anytime soon! ICYDK
Avril Lavigne and Chad Kroeger have way more money than they should have! Celebslam
OMG, smelt it, dealt it ... Lady Gaga dropped a new fragrance–EAU DE GAGA OMG Blog
Madame Tussauds just unveiled their brand-new Selena Gomez wax figure Hollywood Tuna
Hottie Matthew Terry covers DANSK magazine's new autumn / winter issue! Oh La La
Oh, it's just Beyoncé reminding us (AGAIN) she's still in love with her husband ... Dlisted