Suze Orman's prepaid card is discontinued
Users of the Approved Card are being urged to spend their remaining money on the plastic before July 1.
This post comes from Krystal Steinmetz at partner site Money Talks News.
Just 2½ years after it was introduced, celebrity personal finance adviser Suze Orman's prepaid debit card is being retired.
The Approved Card, which has a monthly $3 account maintenance fee, was marketed toward budget-challenged consumers. Orman said she hoped her card would eventually help people build credit -- something that prepaid cards do not do today. According to The Huffington Post:
One of her big initial goals when she launched the card was to have cardholder spending activity reported to TransUnion, one of the three major credit bureaus. … However, Orman’s ultimate dream of credit bureaus factoring prepaid card activity into consumers' credit scores has never materialized.
A number of prepaid cards have had celebrity endorsers. Remember the short-lived Kardashian card? Some had ridiculously high fees, but Orman's was more consumer-friendly.
It will be discontinued on July 1, the day after Magic Johnson's prepaid card dies.
Neither Orman nor Johnson have said why their cards are being discontinued, Consumerist said.
Bancorp Bank, Orman's partner on the venture, is encouraging card customers to spend the money they still have on the card before July 1. All remaining funds will by returned via check to customers.
What do you think of celebrities hawking prepaid debit cards?
More from Money Talks News
Suze Orman made a career out of stating the obvious. Why anyone would want to listen to her is beyond me. Many people who are living off of minimum wage cannot heed her "financial advice" when making such little money? Sure, when you're rich or have the money but are just bad at managing it then her advice works, but for low wage earners, no way. I'd like to see her take her own advice while making $7.50 and hour and have $10,000 in credit card debt, and a family of four.
FYI, the above is not my situation.
All it was, was a glorified debit card that you had to pay to own !!
Not too smart !!
THE EPA SHOULD BAN HER IF THEY REALLY WANT TO CLEAN UP OUR AIR!!!!!!!!!
Celebrities hawking product!
The Hell with Susie. The one I like best is the Celebrity ad where some celebrated **** says "I'm a celebrity, Trust me!"....and people do.
And celebrities selling Reverse Mortgages! I'd call them all whores, except I like whores more than celebrities. Celebrities peddling crap belong someplace below whores, but not as low as Politicians in the hierarchy of scum balls.
I always thought Susie could do a great knob job!
I like Suze. It seems many of the commenters have lost sight of the fact that "common sense" isn't all that common. One commenter said her advice isn't for people who make minimum wage. Not true.
If you make minimum wage, you should NOT have a family of four. You can't afford kids. You should keep your legs shut or get some birth control. You put yourself in this situation, now the financial experts are somehow insulting you? If these people didn't have kids, minimum wage would probably be doable until they could move up in the world. Many of these folks can't move up because they say, "I can't work that shift/day/etc. I have to take care of my kids."
I'm a single woman. I would have loved to have had kids. I've never been in a financial position (in my mind) to do that, so I didn't. Instead, I bought a small, inexpensive house (WAAAAAY cheaper than paying rent), work 16 hour days at 2 full-time jobs, save my money, and drive used cars I can pay cash for. I have a great deal in retirement savings, no credit card debt, perfect credit and quite a bit n savings. I buy my clothes at Marshall's and TJ Maxx, grocery shop at Wal-Mart with a list (I'm strict), cook most of my own meals and do as much myself as I can (I was on the roof cleaning gutters this weekend.) Because of these choices, I travel when and where I want. That's the trade-off.
Nobody makes women have kids when they're destitute with piece of garbage men who take no responsibility and leave them to fend for themselves. Sadly, most of these dumb women don't stop at one kid or even one baby daddy. Then, it's somehow everyone else's fault. The government should take care of them. It's not my responsibility to prop you up when you make bad choices. Why do I have to support children I didn't give birth to or want?
Sadly, Suze Orman's advice will always be necessary as long as there are stupid people. I think we all know there's no shortage of them and they continue to breed...
Wonder how much of the $3.00 fee went straight to her.
Complete BS artist, yet people continue to fall for it.
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