Justin Bieber endorses Spend Smart prepaid debit card for teenagers (Video)

While Justin Biebers wild antics abroad might tarnish his image with his fans parents, hes trying to get back in their good graces by endorsing the Spend Smart prepaid debit card for teenagers. Its aim is to help parents monitor their teen's spending. In the first video for the company, Bieber talks about his upbringing and learning how to be financially responsible.

According to the New York Times, the video that appeared online Thursday features the Biebs telling teens that youll go broke if you spend more than what you have. He tells his fans to have a talk with your family about money, adding, Managing your money is important, and theres a great company that can help you do that called SpendSmart.

Spend Smart is hoping to take advantage of Biebers huge following online, which includes over 37 million followers on Twitter. The video will be shared across Biebers Twitter, Facebook, and YouTube accounts. It now has over 60,000 views.

The Times reports that Bieber signed a $3.75 million, 14-month deal with the brand.

While Spend Smart may have good intentions, Fox News reports that parents may want to think twice before giving their teen the card. It costs $3.95 per month and charges you another fee just to put more money on it. If a teen has a knack for losing things, parents will have to watch out for the $7.95 replacement fee. Other fees include 50 cents just to check the balance on an ATM, another $1.50 to withdraw, and $3 for leaving the card inactive for 90 days.

Michelle Jun, Senior Attorney at the Consumers Union, told Fox that its an appealing idea, but there are other ways to teach your teen how to be financially responsible.

This card is in the middle of the pack; it is not the cheapest card. It is good for young consumers to learn financial responsibility, Jun explained. However, we still live in a world where you build your world and financial history with credit and at traditional institutions like banks and credit unions. This card is middle of the road; there are definitely cards out there that are lower.

Jun told the Times that prepaid debit cards do not help a teen start their credit history or a connection with a bank, So we recommend going the traditional route and opening up a checking account at your bank or credit union of choice.

image: YouTube