The Approved Card from Suze Orman
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- ACTIVATION FEE $3.00
- MONTHLY FEE None 1st month, $3 after
- SIGNATURE TRANSACTION FEE Free
- PIN TRANSACTION FEE Free
- ATM TRANSACTION FEE $2
The Approved Card from Suze Orman’s Highlights
- $2.00 per transaction at AllPoint ATMs (waived for 30 days with a qualifying Direct Deposit or Bank Transfer of $20.00 or more); $2.00 per withdrawal at all other ATMs plus any fees charged by the ATM owner or operator
- The Approved Card is a prepaid card, not a credit card, so you can’t get into debt when you use it. You can use the Approved Card wherever Debit MasterCard is accepted, and it’s safer than cash.
- Load it and use it every day! Use it to pay your bills online and for everday purchases. You can even set up an Emergency Fund to set aside money for the “what-ifs” in life!
- Your personal information is protected with constant monitoring from TrustedID®. If they ever detect a risk to your personal information, they’ll alert you immediately and connect you with their on-call protection specialists to resolve the situation.
- Set some money aside by depositing it into your Emergency Fund. You can't spend this money without first contacting Approved Card customer support, so you will not spend it by accident, but will find it easier to save.
The Approved Card from Suze Orman’s's Additional Info
- LIVE CUSTOMER SUPPORT Free 1st call/month; $2 after
- AUTOMATED CUSTOMER SUPPORT Free
- RELOAD OPTIONS Direct Deposit, Western Union, Money Gram
- CANCELLATION FEE Free
- INACTIVITY FEE None
The Approved Card from Suze Orman Reviews
As far as cost goes, I’m assuming you meant to write that some prepaid cards have $5 monthly fees because we have not seen an offer with anything approaching a $50 fee. At any rate, the $3 monthly fee that Suze Orman’s card charges is cheaper than what some other prepaid cards charge, but you can find less expensive options as well. For example, the Green Dot Prepaid Card does not assess a monthly fee when you load at least $1,000 in a given month, and the American Express Prepaid Card never charges one.… more
Nevertheless, Suzie Orman's card, like all other prepaid cards, will do NOTHING for your credit score and there is no reason it should be used by anyone that already has a free checking account.… more
In order to have a large credit or FICO score..u must allow your self to have debt! If every pay check you brought home from now and forever had no payments of any kind coming out...think of how much money you could save up...and buy things with cash..therefore never paying any interest...except to your self on your own personal investments! Having to have a credit score in order to buy things is a myth all of us are fed...I have learned over the last two years the truth. I have" o" credit score...o cards or loans of any kind and instead of being a hamster that gets up every day to go to work to make payments to credit cards and loan companies.I have more money in the bank than I have ever had and I make payments to myself!
We live in a society where instant gratification is the behavioral norm on so many facets. Credit enables you to act irresponsibly with your hard earned money..because it enables you to purchase things that you will always pay extra for..because you could not afford them or did not have the ability or desire to tell yourself no..I can't afford that right now.
Credit and life itself do have one absolute principle in common...If you are born..you will die...if you use credit..you will pay interests. That is a mathematical certainty...When I die some day..yes..I will not be taking any thing with me..but now that I know how stupid it is to use credit..I wont be giving it away while I am here. I just find it financially hypocritical that Suzie Orman..a person who is supposed to be helping people become smarter with their money...would have the audacity to put out a product that belies the very underlying principles of smart money management...by offering a card that charges you a fee to access your own money..then again..she is not Dave Ramsey..so that explains it all lol. I have a friend who has a o credit score as well..he went to a dealership..after saving for two years mind you..and bought a brand new truck for 7,000 less than the window price..lol...it was supposed 0% interest as well....but when he asked the salesman the "cash" price"..he saw where the interest was hidden lol. Sacrificing for two years to succeed and driving a 1000 craigslist cash beater car sucks...but not succeeding with money sucks worse!… more
Here is more information on the Amex prepaid debit card:
The only thing that Orman's prepaid card does is that it shares purchase, payment and other transaction information with TransUnion (one of the major credit bureaus) so that they can study the correlation between that information and the information that is currently included in most consumer credit reports. In other words it is a study that will yield NO changes to a consumer's credit report and credit score. Maybe two years after the study is complete something actionable might emerge.
Bottom line is that if you need to build or rebuild your credit score stay away from Suze Orman's prepaid card or ANY other prepaid card for that matter. Just apply for a secured credit card:
Ultimately, the Suze Orman is a competitive option (much more so than Lil Wayne’s) which is the best choice for certain types of people and usage and in the conversation for others. I’d still use the Green Dot Prepaid Card as a replacement checking account since its free if you load at least $1k and make withdrawls from in network ATMs. On the other hand, I’d use Orman’s Approved Card if I wanted to put my kid’s allowance on it and let him get the feel of managing a card account because it would be the cheapest option. Finally, I want to point out the reason why I have not really mentioned the “special features” Suze Orman’s prepaid card offers: many aren’t really special features at all. Identity theft protection is great as is the Emergency Fund function, but things like TransUnion credit monitoring and Suze’s advice can be found for free elsewhere. My advice would therefore be to not get the Suze Orman prepaid card just because it has her name attatched, but to not rule it out off hand for the same reason. Think about how much it would cost you each month, compare it to other cards and pick the lowest cost option.… more
HOW DO I DO THAT ON THIS SITE I DOn't SEE ANYTHING SAYING TO ADD MONEY? HELPPPPPPPPP HA HA.
Secured credit cards are the only option for people that want to build their credit scores.
The Suze Orman Card is NOT a credit card and does not offer any rewards. Instead it should be used as a checking account alternative. Of course, if you already have a checking account that costs you less than $3-$5 per month then your checking account is a better alternative to Suze's Prepaid Card. The main difference between checking accounts and prepaid cards is that you do not get a checkbook with a prepaid card.… more
If you are interested in the The Approved Card from Suze Orman, check out the following prepaid cards as well:
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Last updated on: Jul 17th, 2014 at 9:25 EDT