Ah, Justin Bieber. The bane of all parents, everywhere. Or most parents. Some, at least. He’s definitely the bane of some parents’ lives and is possibly about to increase that number. Fox News report today (April 12, 2013) that young Bieber has decided to endorse a teen-focused SpendSmart card from BillMyParents and has signed a very lucrative endorsement deal in order to do so. So, parents, just in case enough of your cash wasn’t getting rinsed by Bieber and his all-encompassing pop empire, now you can kiss goodbye to a little bit more of it, too.

The 19 year old is reportedly being paid a whopping $3.75 million for a 14 month contract, plus “monthly royalties linked to the growth of the card.” He’ll also get an option to buy one million SpendSmart shares. The average user of the SpendSmart card is 16 (as are a lot of Justin’s fans) and it’s most widely used to purchase gas, clothes, fast food and gadgets. There ‘s a $3.95 monthly charge on the card, as well as an additional fee to load money onto the card. They also charge $7.95 for a lost card, $1.50 every time cash is withdrawn and the account holder even gets charged if the card isn’t used for 90 days.

In a commercial for the card, Bieber, who earned $55 million last year, explains how his family never used to have any money. “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. I learned that if you have $100 or $100 million, if you spend more than you have you are going to go broke.” Justin Bieber: stating the obvious, for money. 

Justin Bieber
Justin Bieber gives the thumbs up to costly SpendSmart card