This week Suze Orman announced she has a new prepaid debit card out called The Approved Card. I saw the fees associated with it – it’s lower than other cards in the same category, but it’s still a prepaid debit card. I think for most Couple Money readers it’s not a practical option. For those with limited banking options or those who have bad credit, the card may work for them.
I thought most people would look at the card and just pass it over since there are better alternatives.
Then came Twitter….
Phil from PT Money wrote his thoughts on The Approved Card and then posted it online. Briana from 20andEngaged tweeted her thoughts on it. Suze’s take?
I was shocked at how Suze (or whoever manages her twitter account) responded. Her style can be a bit abrasive, but she usually has some practical advice to offset it. I expected her to share stats and links about the target market for this card. This seemed so petty.
The good news is she did later apologize for the angry words:
I really hope she addresses the concerns about her fees and the unclear message about whether the debit card will help your credit score (right now the card doesn’t help at all with your score, The Approved Card just sends that info to TransUnion) instead of just getting mad. I think this can be come a great debate about how many Americans are unbanked and give views on what the best options are for them.
If you’re looking for some other takes on the card (and the twitter debate), here are a few links:
- My two cents on Suze Orman and her prepaid card via Mighty Bargain Hunter
- Suze Orman Shows True Colors with Her Approved Prepaid Debit Card via Generation X Finance
- What We Need from Suze Orman Instead of Another Celebrity-Endorsed Useless Prepaid Debit Card via PT Money
- Suze Orman to Offer Her Own Prepaid Debit Card via Ron at the NY Times
- Suze Orman Releases Prepaid Card. Wait, What? via Beating Broke
- Suze Orman’s “Approved Card” Gets Denied; Thinks PF Bloggers Are Idiots via 20andEngaged
What do you think about Suze’s new card? Is pretty much useless or is there a market for it? Can it help those who have limited choices with their banking options?
Couple Money Around the Web
Besides writing here on Couple Money I contribute at other sites as well:
- Green Panda Treehouse->What’s Your Investment Strategy?: When you start investing, having an overall plan can be extremely helpful. I share some things to think to help you create a strategy that works for you.
If you have any questions or suggestions for a post, please e-mail me.
Personal Finance Posts to Catch Up On
If you have some free time this weekend and want some tips and information for your finances, be sure to read some of these wonderful posts.
- Do You or Your Spouse Handle the Finances Solely? via Free From Broke-> Melissa’s post brings out some practical reasons spouses want to keep each other in the loop when it comes to family finances. It’s alright if one handles the execution of the budget and so forth, but I think it’s vital that the two of you create it together.
- The Main Reason People Can’t Get Out of Debt via Life and My Finances->I especially loved the comments on why some people keep getting car loans. I’ve heard quite a few times. I don’t care if someone has a car loan or not, but I don’t like hearing car loans presented as the ONLY option. You can buy a car without a loan.
- Why Use Cloth Diapers? via Sustainable Personal Finance-> I enjoy reading about ways you can take care of your child(ren) without going broke. If you can have a solution that’s good for the environment, that’s also a bonus. This is a great resource post, so please bookmark it and share with friends!
- TLC’s Extreme Cheapskates Is Just For Show via Yes, I am Cheap-> Wow, this family has got to think of more efficient ways to save money. Reusing rags instead of buying toilet paper isn’t the fastest way of out debt (or the cleanest). Some shows highlight the fringe portion of a group to get the bigger ratings. I know frugal people and none of them go this far. Remember frugality is about people maximizing their resources, which not only includes money, but time.
- Roth IRA and Traditional 401(k) Differences – Which Is Better? via Len Penzo-> Solid post on the differences between the two. Depending on your own financial circumstances one may be extremely better than the other.
Please have a wonderful weekend with your family!