This week, Suze Orman’s love story with her signature Approved prepaid debit card for budget-stretchers came to an unexpected end. And as with most sudden breakups, neither side is saying much.
Bancorp Bank, which handled the payments end for the reigning queen of cable money advice, would only tell the New York Times that come July 1, Approved cards won’t be.
The irony of it all. Financial personality Suze Orman’s new and controversial prepaid Approved card has a glitch that few in the media have reported on: In order to load the card with your money, you need to already have another form of plastic.
Her prepaid Approved card has generated gobs of press and decidedly mixed reviews, mostly over its fair-to-middling fee structure.
But this one aspect of the orange-hued celebrity’s purple-hued card really bugs me: the discussion of whether it may help those with no bank account (aka “the unbanked”) get a credit score. If you have to have a card to get the card, it’s highly likely you’re already “banked” and the point is moot.
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.
Suze Orman and TrustedID have teamed up to create a kit to stop identity theft before it happens.