A few weeks ago Master Card announced they would start using celebrity-branded prepaid debit cards, with one of the first being Kim Kardashian. The response to the card has been overwhelming, which leads to the next step…when will we see the LeBron or the Jeter car.? Affinity cards with brands, from athletes to celebrities to sports teams, have been around for years, and have had various levels of success for the banks involved and those involved in the programs. Yankees with Bank of America are huge hits, affinity cards with NASCAR do so-so. However the move with a pre-paid card, with controllable amounts of dollars coming off and tied to a celeb or athlete of ones choice, is tailor made for a society that needs to show young people how to control finances while still keeping the attention and the dollars of a young and loyal audience.
Many times programs that look to gain access to a young audience…telephone services, bank cards, etc…will test the waters in entertainment before making the jump to sports. Entertainers are not on display for the fan or the follower in every market every day, their movies, songs, videos, even TV shows, do not give fans the consistent 24/7 access in most cases that the sports fan has, so the ability to have affiliate programs that will generate income is a bit stronger. In many cases the entertainer or his or her management company also controls their own likeness, so group licensing does not apply. Sports has a different take. In season, athletes are accessible in every form of media on a daily basis, and group licensing of images can sometimes limit the upside for all but the most elite athletes to invest in affinity programs of any sort. Endorsements work much better.
Still, the idea of a PrePaid Debit Card with the likeness of an elite athlete, or with a team or a University, strikes a cord as a new revenue source which can also teach some fiscal responsibility to the user. The banks will make less money because there is no interest rate attached, since the cash runs out and is restored transaction by transaction, much like a phone card. What the Pre Paid debit card offers is flexibility; you finish it you can toss it or refill. If you get a new one it may be a new image a new player or a new style. That won’t happen with an affinity card since the disposability is not a real option. The Kardashians and other celebs in the limelight have already shown that a market exists for the card, and it is one which loves to spend and show off its stuff. It is a natural fit for sports and a market which has a wide open door of potential for brand exposure. Let the Pre Paid Card wars begin.
