Prepaid cards are everywhere and it seems like everyone is selling their own. Visa, American Express—even Russell Simmons. Now, Suze Orman, has launched her own, called The Approved Card. Coming from a famous financial guru, there are some pretty high expectations for the card. So how does it measure up?
Clarifi President and Executive Director Patty Hasson recently sat down with Nydia Han, 6ABC’s consumer reporter, to talk about Suze’s new prepaid card.
“I will commend Suze Orman," said Hasson. "Her fees are very clear and they're laid out. Try and do it with some other prepaid cards and you will struggle.”
Yes, like other prepaid cards, The Approved Card comes with fees, but most of them are reasonable. Suze even explains how to avoid them right on the card’s website. You don’t see Russell Simmons doing that with his Rush Card.
Aside from fees, The Approved Card does come with a decent set of features. They include identity theft protection and free access to your credit report and score through TransUnion (for one year).
And while all prepaid card are for spending money, Suze’s card encourages something different—saving. Her card allows you to set aside money for an emergency or other savings fund. Who know how many people will take advantage of this feature, but at least it’s there.
In the end, The Approved Card stands out from other prepaid cards. The card’s fees are clear, it has some worthwhile features and encourages the cardholder to save money for a rainy day. We definitely approve that.
To view 6ABC's full story, click here.
Photo: TheApprovedCard.com