Kardashian Sisters Withdraw Endorsement of "Kardashian Kard"
Kourtney Kardashian, Kim Kardashian and Khloe Kardashian
Kim, Khloe and Kourtney Kardashian have canceled their prepaid debit card, the "Kardashian Kard," following an investigation into its "predatory" fees, The Hartford Courant reports.
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Sales of the card, which launched Nov. 9, were terminated Monday, three days after Connecticut Attorney General Richard Blumenthal said the card targeted financially irresponsible young adults.
The sisters' attorney, Dennis Roach, said the investigation threatened the Keeping Up with the Kardashians stars' "honest" and "ethical" reputation.
"The Kardashians have worked extremely long and hard to create a positive public persona that appeals to everyone, particularly young adults," Roach wrote to the University National Bank of St. Paul, Minn., which issued the card. "Unfortunately, the negative spotlight turned on the Kardashians as a result of the Attorney General's comments and actions threatens everything for which they have worked."
Blumenthal said the MasterCard-branded "Kardashian Kard" was "filled with gotcha fees and charges, such as $99.95 annual fees, $7.95 monthly fees ... ATM withdrawal fees, bill pay fees, loading fees — and even charges for talking to a live operator at their service center, and a card cancellation fee."
He said he is "cautiously pleased" that the Kardashians are withdrawing their endorsement.
"A larger lesson — common to other prepaid debit cards — is that targeting young adults with predatory card terms and conditions may bear close scrutiny and caution," Blumenthal said.
The cards will remain active for 30 days, after which the 250 consumers who purchased the card will receive refunds of balances and prepaid feeds, the University National Bank said.