Suze Orman new debit card

[questions]

I love Suze Orman and i heard that she has a new debit card branded under her name. Is this a good deal and should I get one? What are the pros and cons to geting a prepaid debit card?

The Approved Prepaid Mastercard : The Approved Card is a prepaid card, not a credit card, so you can't get into debt when you use it.

[PauletteGoddard]

I don't know much about prepaid debit cards, but I see that many of them have "monthly service charges." Are they more advantageous to use than cash?

[GREENBACK]

Sounds mostly advantageous to Suze Orman. "Can't get into debt"

[bjl584]

$3 a month fee.

I do the same thing for free. I'll pass.

[emanon1501]

More info about this card.

Click me pretty please.

[disneysteve]

Originally Posted by bjl584

$3 a month fee.

This is all you need to know to avoid this card.

This is really a shame. I like Suze Orman and think she generally gives good advice but as soon as she became a shill and started endorsing products like her will kit and now this, she lost credibility. How can anyone trying to help people clean up their finances encourage people to get a card with a monthly fee like this? The woman is wealthy. Surely she doesn't need the income that these products will generate. It is just unfortunate that she would stoop to this level and even more unfortunate that unsuspecting consumers will fall for the sales pitch because she is promoting it.

[Slug]

I just have no use for debit cards, and I don't need to pay $36 a year to have access to my credit report. If I was going to get a debit card, I'd probably go with PerkStreet. It's not perfect either, but at least you have some cash back opportunities.

[bjl584]

Originally Posted by disneysteve

The woman is wealthy. Surely she doesn't need the income that these products will generate.

Suze Orman Net Worth | Celebrity Net Worth

$35 million, in case you are curious.

[Gina23]

Too funny... my significant other and I have been working on her financial knowledge and we have been reading lots of books together, including a few by Suze Orman. Suze has some good advice in her books and somehow we got on an e-mail list of hers. The other day my SO got an e-mail touting this debit card. The first thing my SO said was - "But, it has a service fee per month so it seems shady." I said - You are learning so fast! Bravo! I'm so proud!

[feh]

Originally Posted by disneysteve

This is really a shame. I like Suze Orman and think she generally gives good advice but as soon as she became a shill and started endorsing products like her will kit and now this, she lost credibility.

I agree. She went from provider of sound financial advice to a money-grubbing celebrity pretty quickly. I have no respect for her any more.

[kv968]

Originally Posted by disneysteve

This is really a shame. I like Suze Orman and think she generally gives good advice but as soon as she became a shill and started endorsing products like her will kit and now this, she lost credibility.

Totally agree. She was ok a few years ago (and I guess she still gives out some good advice), but like anything that gets quasi-popular, her show has become bascially a scripted talk show. I can't even watch it anymore. She's like Oprah for the financial side of life

[Slug]

Wow, she sure showed her true nature on Twitter. Defensive much?

[DayByDay]

My mother opened a TD Ameritrade account endorsed by Suze Orman because she advertised that new accounts will get $100. The account was opened and months went by with no $100 sign up bonus. My mom finally had to call, and they put the money into the account. Then they told her that if she ever wants to close the account they will take back the $100.

[PetMom]

She is a QVC (home shopping channel) semi regular.

She sells a FICO score kit.

This finds out your credit ratings and FICO score and offers quasi identity theft protection.

She is now making the money on things she used to yell at people in disgust over what they spend on.

You are approved to spend on her products.

[Ima saver]

Petmom!! That is funny!

[PauletteGoddard]

Suze Orman calls personal finance bloggers who see her debit card enterprise as misguided are "idiots."

If you must get a celebrity-branded fee-supported prepaid debit card, Suze's isn't the worst out there. Now I am safe from her "idiot-branding ray."

[Slug]

Originally Posted by DayByDay

My mother opened a TD Ameritrade account endorsed by Suze Orman because she advertised that new accounts will get $100. The account was opened and months went by with no $100 sign up bonus. My mom finally had to call, and they put the money into the account. Then they told her that if she ever wants to close the account they will take back the $100.

My mom did the same process, at my suggestion. We took out all but $50 just in case she ever wanted it one day. We actually took that $ and moved it to Sharebuilder for another sign on bonus.

[YLTL_Dan]

Maybe she's testing us... whoever signs up for her card will get a "denied" response from Suze, and she'll let them know it's a bad deal!!!

[pdweaver]

Originally Posted by Gina23

Too funny... my significant other and I have been working on her financial knowledge and we have been reading lots of books together, including a few by Suze Orman. Suze has some good advice in her books and somehow we got on an e-mail list of hers. The other day my SO got an e-mail touting this debit card. The first thing my SO said was - "But, it has a service fee per month so it seems shady." I said - You are learning so fast! Bravo! I'm so proud!

Unless you have a problem overdrafting your account, dont do it. Why pay $3 a month just to use your own money.

I use a rewards credit card and pay it off every month. I save around $25-$40 a month!! On my sig line check out the site. I have a few of the best rewards credit cards, as well as info on that Perk Street debit card that was mentioned earlier.

[JoshuaHeckathorn]

Orman's prepaid card certainly isn't the worst one out there, and I can respect the fact that she wants to "change the credit-scoring world". I doubt that will happen though. Even if the data from prepaid debit cards eventually ends up on credit reports due to her efforts, I doubt credit-scoring models would give much weight to it. Who really cares if you can spend money on a debit card? It does nothing to indicate your credit risk.

Anyway, here's my guess at how this will all play out. A bunch of her followers will sign up for the card, pay the fees, and then TransUnion will eventually raise the price Suze is paying for credit reports and FAKO scores. She'll soon realize she's losing millions unless the fees are increased across the board or services are cut. And since she's said she would shut the card down before raising fees, that's what she will do. Her card will just last longer than the Kardashian card did.