Justin Bieber is extending the companies he endorses to include the prepaid debit card company SpendSmart. A commercial featuring the pop star debuted online that shows him sharing financial advice to young viewers.
“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,” Bieber says in the ad. “It wasn’t easy but I learned some important lessons, like how to save for stuff I really wanted and how to make a budget. I learned if you have $100 or $100 million — if you spend more than you have, you’re going to go broke.”
He continues, “I’ll never forget the lessons I learned from my family so I think that you should definitely have a talk with your family probably. Managing your money is important and there’s a great company that can help you do that called SpendSmart.”
Of course, Bieber is said to have made a pretty penny from his endorsement. It’s being reported by The New York Times that SpendSmart paid Bieber $3.75 million for a 14-month deal. While it’s nice that Bieber will be the face of the debit card company in its advertisements, we’d also recommend SpendSmart put Bieber’s actual face on the cards. That will be sure to get Beliebers interested.
However, parents should be careful before letting their kids sign up for this card. Though the debit card is meant to help parents monitor their children’s spending, it costs $3.95 per month and also charges a fee if more money is added to it. Additionally, the SpendSmart debit card costs 50 cents to check a balance on an ATM, $1.50 to withdraw money (in addition to any other ATM fees), $3 if the card is inactive for 90 days and $7.95 for a replacement. Maybe it’s not the smartest first-time debit card for a young person after all.