Suze Orman new debit card

[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]

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]

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.

[photo]

Suze, Suzy-Q, or whatever her silly name is became rich by scaring people into buying her advice and products.

I would avoid her like the plague.