Suze Orman came out with her own debit card this week, called the Approved Card. It’s received a lot of attention — not all of it positive. Some people are aghast that a personal finance expert would push her own product to her loyal following. I have no problem with that. I don’t even mind her making lots of money on it. But it had better be a good deal at the same time.
Thanks to rising bank fees, students and young adults with simple finances may begin turning to prepaid debit cards rather than having a checking account, according to Reuters. For those with simple finances, there isn’t much of a difference between these and traditional debit cards linked to bank accounts. These cards are reloadable, and some employers can now pay employees via a direct transfer to a prepaid card.
While prepaid cards can rescue you from bank fees, they can come with a whole slew of other fees, so the Consumers Union advises readers to read the fine print closely. They recommend avoiding cards with inactivity or cancellation fees. Additionally, some prepaid debit cards come from FDIC-insured banks, while others are from private companies, so be sure to do your research.
The article features an expert who advises that people get a prepaid card that has online bill pay. This allows you to pay important bills, such as rent, as though you are sending a check. Just remember that you won’t have any physical checks. Those who normally have to pay exorbitant fees for check-cashing services or money orders can greatly benefit from prepaid debit cards, Reuters says.
Please read on for my weekly roundup of my favorite personal finance blog posts from the past week!
A few weeks from now, I will be spending two glorious weeks in Scotland, England, Germany, France and possibly the Netherlands. England is the only European country I’ve visited before, and I am beyond thrilled to explore this part of the world. What I am not excited about, however, is the money situation.
Getting people without bank accounts into the world of financial services is a lot tougher than just handing out a bunch of debit cards