Suze Orman’s Approved Prepaid Debit Card Causes a Stir

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by Elle · 11 comments

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?

 

suze orman pt money response

Not the best way to respond to criticism....

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:

Happy she took this step

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:

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.

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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!

About Elle
Elle helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..

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  • http://cashflowmantra.com/ Cash Flow Mantra

    Yes, the Suze Orman fiasco was incredible. It seems like many celebrities are able to do a lot of damage to their reputation through twitter.

    • http://couplemoney.com Elle Martinez

      I am glad that she apologize; sometimes you don’t even get that. Curious to see what her next step will be.

  • http://creatingapassiveincome.com/ Derek

    There are so many people out there with a car loan! It’s unbelievable! I wish there was an app that showed the amount owed on each car as it passed in front of me – I bet I would be even more dumbfounded!

    • http://couplemoney.com Elle Martinez

      haha…I’m not sure I’d want to see how much debt is out there for cars!

  • http://sustainablepersonalfinance.com/ Simon

    Thanks so much for including Mrs. SPF’s article (essay!) on the health and financial benefits of using cloth diapers.

    • http://couplemoney.com Elle Martinez

      She did a wonderful job with it! I hope parents get to read it and see it cloth diapers work for them.

  • http://www.thefreefinancialadvisor.com/average-joes-money-blog/ AverageJoe

    Those are five fun reads. Thanks for the links to them. I especially like the Len Penzo piece on Roth vs. 401k. Good explanation.

  • Darris

    In my nearly 40 years of owning a car I’ve never had a car loan nor have I ever owned a new car ~ intentionally. California drivers identify much to closely with the cars they drive and it’s got many of them on the hook, literally (repossession). I’m not saying that I’ll never have a car loan but it’s unlikely at this stage in life. Not

    • http://couplemoney.com Elle Martinez

      We’re trying not to get a car loan with the next vehicle so we’re saving up. I had a car loan and I didn’t like having it as a recurring expense. Let’s see how it goes with the next car:)

  • http://twitter.com/smartfamfinance Shaun

    I read your post and the next thing I know, I’ve spent an hour and a half reading about Suze Orman’s card. I’d never heard of a pre-paid debit card prior to this and I see no reason why anyone would want one.

    You are paying for something you could get for free. Giving Suze the benefit of the doubt, it seems like she wanted to start her own bank, but then thought the pre-paid card would be easier. Either way, I think PF bloggers were right to call her out.

    • http://couplemoney.com Elle Martinez

      Lol, that’s what happened to me – the story was just too interesting not to follow:)

      I hope she does release a post on her site addressing the concerns the bloggers gave. People can still disagree with the card, but maybe we can have insight on what she hopes to accomplish and who she created the card for.

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