Hello Kitty, Goodbye Money? Last year Visa introduced a Hilary Duff gift card in five denominations and urged tween girls to “shop like a star.” Now MasterCard has announced a Hello Kitty debit card. That can be reloaded. The primary target is younger girls ages 10-14. Legend Credit Inc., developer of the card, claims it is safer than a cash allowance because parents can keep track of every place kids spend their money and how much they spend at each location. Ttouted as an educational tool to help teach children how to manage their finances, many parents, teachers and independent financial education firms disagree. There will be a $14.95 activation fee for the debit card, with another $14.95 if it is renewed after a year. There is also a $2.95 monthly maintenance fee, a $1..50 ATM-withdrawal fee and a $1-per-minute fee to talk to a customer service agent. (Wondergroup’s Youth University, Vol. 30)
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