The new card, created by BillMyParents (PINK:BMPI), is part of the SpendSmart program which promotes responsible spending to youngsters, Forbes reports. In addition to sponsoring the card, Bieber is producing a series of videos advocating responsibility to the card’s owners and to teach good spending habits.
As a part of the agreement, Bieber will promote the card to his legions of social media fans. At present, the teen heartthrob has more than 48 million fans on Facebook (NASDAQ:FB) and 30 million on Twitter.
The card does come loaded with fees, however. Owners will be assessed monthly fees ($3.95) as well as being billed for items such as loading money onto the card (up to $2.95), card replacement ($7.95), ATM charges (up to $1.50) and an inactivity charge if the card isn’t used for 90 days ($3/month).