Less than 30 days after its release, Kardashian sisters Kim, Kourtney, and Khloe are pulling their endorsement of a fee-filled farce of a debit card that bears their name.
Color me thrilled. The Kardashian Kard had nothing to offer.
What's troubling is that, in pulling their support, the sisters do not acknowledge the product's drawbacks -- only the negative publicity they received as a result of their association with it.
"The Kardashians have worked extremely long and hard to create a positive public persona that appeals to everyone, particularly young adults. Unfortunately, the negative spotlight turned on the Kardashians," reads a letter from Dennis Roach, a legal representative for the girls' business interests.
You know what? Boo-freaking-hoo.
Sorry, Mr. Roach, but the Kardashians deserve every bit of negative publicity they've received, and more. This wasn't some PR failure. The girls pimped a poor product. Either they didn't understand how bad the Kardashian Kard was (i.e., poor judgment), or they knew it was a bad product and chose to try and profit anyway (i.e., predatory judgment). Neither instance should absolve the Kardashians from responsibility.
And let's remember that banks issue debit cards in part because they're cost savers. Carrying a debit card means purchasing fewer checks. Checks create paperwork, and thereby storage problems. Checks cost money.
Debit cards can also be a competitive weapon for national banks such as JPMorgan Chase (NYSE: JPM ) and Citigroup (NYSE: C ) . Judicious consumers who might otherwise opt for American Express' popular charge cards might be lured to a low-cost debit card instead.
A close look at the Kardashian Kard suggests no business purpose other than to enrich the three sisters, whose hefty licensing tab would've been paid for by the card's big fees. Fees teen girls would have accepted just to be a part of the Kardashian Klub. Now, they won't have a choice -- and they're better off for it.
What's your take? Are you glad to see the sisters put the kibosh on the Kardashian Kard? Please vote in the poll below and then leave a comment to explain your thinking.