Finance Guru Suze Orman Launches Prepaid Debit Card
Celebrities like plastering their botoxed mugs all over a variety of products, but Suze Orman’s “The Approved Card” is a pretty interesting choice for those that want to start controlling their finances.
What makes Orman’s “Approved Card” different from other prepaid debit cards is the relatively low fees involved. Those that get the card will only need to pay $3 a month to make use of it, which is seriously low compared to standard credit cards, debit cards and checking accounts. Making a deposit or bank transfer of at least $20 a month will also waive the withdrawal and balance checking fees.
Most importantly, the “Approved Card” gets an initial thumbs-up from ConsumerReports.org. Maggie Shader of the site reports that “Our financial services experts reviewed the terms and conditions of the card, and found that overall, its fees are in line with the better cards in the marketplace.”
There are better options, yes, but these kinds of prepaid debit cards are sometimes the only option for those that have seriously low credit scores. Applying for credit or debit cards with such scores usually entails huge fees and penalties; making the “Approved Card” an ideal way to work with plastic minus all the fees.
Too bad that prepaid debit cards don’t have that much of an impact on our credit score. It would be an awesome way to build credit, considering the low fees involved.
Unlike most other debit cards, apparently, she has worked out a deal with Transunion that will report consumer spending information to the bureau, theoretically helping customers build credit.1
But does the use of a debit card successfully equate with the behavior required when borrowing money?
References
- Source: Consumerism Commentary [↩]