Justin Bieber: Spokesman for Debit Card Company

FUSE TV - Justin Bieber: Spokesman for Debit Card Company

Schools back in session and Justin Bieber wants to teach your kids how to manage money. 

SpendSmart Payments Co., announced on Friday that the pop star will be a brand ambassador for the company and will star in a series called “Real Talk.” According to ABC News, the series is supposed to focus on educating teenagers and their families about responsible spending habits. The idea being that parents can put a certain amount of money on the card and closely monitor the spending habits of their offspring.

In the one video, Bieber spoke a bit about his personal experience with money growing up:
“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,” he said. “I learned if you have $100 or $100 million, if you spend more than you have, you’re going to go broke.”

That's big talk coming from a guy who made $55 million in the year ending in May 2012 alone and is cashing in a cool $3.7 million (plus potential monthly royalties) for the 14-month deal with SpendSmart. Bieber will also get plenty of SpendSmart stock options.

But before you run out to grab your kids some plastic, Consumer Reports would want you to remember that prepaid cards often go hand in hand with exorbitant (and often hidden) fees.

The CEO of SpendSmart, Mike McCoy, defended the card saying the card gives teens “freedom and independence while also teaching them the fundamentals of financial responsibility.”

“More importantly, the SpendSmart Card gives parents control over their teens spending habits, supporting them in instilling valuable financial-literacy fundamentals,” he said.

Parents can also lock the card from their mobile devices and block inappropriate spending.

But Michelle Jun, a lawyer with Consumers Union, which publishes Consumer Reports, told the New York Times, “We would not recommend that parents use prepaid cards for their teens. It doesn’t help your teen establish a credit history or a relationship with a financial institution, se we recommend going the traditional route and opening up a checking account at your bank or credit union of choice.”

This may indeed be true, but Consumer Reports did not account for the way Bieber Fever may alter the equation for many parents out there. Yikes!

Three's Company

22m

Three's Company

Asking For It

1h 21m

Asking For It

Hot For Hollywood

44m

Hot For Hollywood

Ready For Action

22m

Ready For Action

Checking for CHIKA

20m

Checking for CHIKA

Jailed For Playing Bingo?

7m

Jailed For Playing Bingo?

Asking For It - Trailer

2m

Asking For It - Trailer

Run for the Border

24m

Run for the Border

Make Room for Roomie

20m

Make Room for Roomie

Hard Times for Milk & Poster

1m

Hard Times for Milk & Poster

All You Ever Wished For

1h 21m

All You Ever Wished For

A Time For RO-mance

20m

A Time For RO-mance

Meagan Good Gets Jumped for Trina?

2m

Meagan Good Gets Jumped for Trina?

Ugly Sweaters Make for Beautiful Attire

42m

Ugly Sweaters Make for Beautiful Attire

Gay Pride for the Gay Bride

23m

Gay Pride for the Gay Bride

All You Ever Wished For - Trailer

2m

All You Ever Wished For - Trailer

Yesenia Mentally Prepares For The Rose Bowl

2m

Yesenia Mentally Prepares For The Rose Bowl

Wilmer Valderrama Gets Mistaken For A Terrorist

8m

Wilmer Valderrama Gets Mistaken For A Terrorist

Aim For Even Higher Goals After Drum Corps

1m

Aim For Even Higher Goals After Drum Corps

Jason Markk Delivers Premium Care For Your Kicks

3m

Jason Markk Delivers Premium Care For Your Kicks

The Grind Never Stops When for the Queen Diva

2m

The Grind Never Stops When for the Queen Diva

DaCav Hits The Stage For An Electrifying Performance

2m

DaCav Hits The Stage For An Electrifying Performance

The "Fluffy Breaks Even" Gang Ditches Food For Spinning

2m

The "Fluffy Breaks Even" Gang Ditches Food For Spinning

Gabriel Iglesias Proudly Announces Love for Mayo: Ask Fluffy

3m

Gabriel Iglesias Proudly Announces Love for Mayo: Ask Fluffy

Have Beauty Standards for Women of Color Really Evolved?

5m

Have Beauty Standards for Women of Color Really Evolved?

Young M.A Jumps Over Cars To Open For Beyoncé

2m

Young M.A Jumps Over Cars To Open For Beyoncé

New York Rapper G Fella Pens Anthem for Playoff Knicks: G-Thing

1m

New York Rapper G Fella Pens Anthem for Playoff Knicks: G-Thing

If Clash of the Corps Stars Could Role-Play For A Day

1m

If Clash of the Corps Stars Could Role-Play For A Day

What Does The Transcendent Star Look For In A Man: Dear Bambiana

1m

What Does The Transcendent Star Look For In A Man: Dear Bambiana

Fuse+ is the Home for Big Freedia Means Business, Sex Sells, Made From Scratch & More!

30s

Fuse+ is the Home for Big Freedia Means Business, Sex Sells, Made From Scratch & More!

Feat. Ben Gleib

22m

Feat. Ben Gleib

Eye On The Prize

44m

Eye On The Prize

Visit Stance & Learn About A Gucci Mane Sock Collaboration

4m

Visit Stance & Learn About A Gucci Mane Sock Collaboration

Bebe Rexha

20m

Bebe Rexha

What Do I Do

41m

What Do I Do

How To Be A Disruptor

20m

How To Be A Disruptor

Remix Everything

20m

Remix Everything