Justin Bieber: Heartthrob, Singer … Banker

Justin Bieber is lending his face and voice — well, speaking voice, anyway — to a prepaid card from SpendSmart Payments Company, formerly known as BillMyParents Inc. In the video below, the first of a series, Bieber discusses his modest upbringing and the need for teens to learn smart spending habits. Don’t scoff — it’s Financial Literacy Month.

Bieber is lending his considerable social media muscle to help market the card. He has more than 50 million Facebook fans and 37 million Twitter followers.

The New York Times reports seven million prepaid cards in circulation in 2012, and the average age of a SpendSmart cardholder as 16. Bieber’s card has already garnered criticism for high fees– $3.95 a month plus $0.75 to load it from a checking account, as well as fees for inactivity and balance inquiries — but he has had better luck than the Kardashians in the card space.

Michelle Jun, a lawyer with Consumers Union, which publishes Consumer Reports, advises against prepaid cards for teens, saying parents should opt for a traditional checking account at a bank or credit union. She’s obviously not a Belieber.