Suzie Orman Debt Card

[Anonymous]

On first glance, one plus is for folks who don't like (or can't get approved for decent) credit cards -  they can make purchases without giving folks direct access to their checking accounts.  I like that aspect.  It seems there's an audience out there that would be well served by this. 

[tcbofade]

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@Anonymous wrote:

On first glance, one plus is for folks who don't like (or can't get approved for decent) credit cards -  they can make purchases without giving folks direct access to their checking accounts.  I like that aspect.  It seems there's an audience out there that would be well served by this. 

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Sure there is. 

The unbanked.

Who can LEAST afford to be signing up for monthy fees...

It's a sleazy and predatory practice by nature.  Shame on Suze.

[bostonte]

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@pizzadude wrote:

I'm sure there are better deals out there......Others like the AMEX prepaid card do not come with a monthly fee.

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Nor does it come with unlimited free ATM withdrawls. 2 ATM transactions a month, and the Suze card is better if you consider fees alone (provided you use the Allpoint network).

Of course the Amex would likely still be the better card for the additional things (Amex Purchase Protection on a prepaid card is an impressive benefit). Added benefit it's not ugly.

[RockinRay]

More Info Here...

Ray

[john398]

My guess is also it does not support ACH withdraws so how can you make car and house payments if you have your etire paycheck going on this debit card (assuming they allow direct deposits)

[MissExcellentCredit]

I think this card will help people save money to varying degrees. For example, the 8-month Emergency Fund feature is nice.  It's brand new, so let's give her a break and give it some time to see how it turns out.  I like Suze. I think she gives sound advice and appears to come across as trustworthy.  All the best on your new card launch girlfriend!

[jamesdwi]

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@pizzadude wrote:

I'm sure there are better deals out there......Others like the AMEX prepaid card do not come with a monthly fee.

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but pre-paid credit cards don't report on TU, and you aren't taking a percentage load fee hit like many pre-paid credit cards. 

and you don't have to save up $300 to get secured credit card which is too expensive for many. 

[pizzadude]

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@jamesdwi wrote:

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@pizzadude wrote:

I'm sure there are better deals out there......Others like the AMEX prepaid card do not come with a monthly fee.

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but pre-paid credit cards don't report on TU, and you aren't taking a percentage load fee hit like many pre-paid credit cards. 

and you don't have to save up $300 to get secured credit card which is too expensive for many. 

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I'm not a big fan of any prepaid cards ~ even some of the rebuilder cards from HSBC or Cap1 are better choices IMO.    Prepaids ( including Suzie's ) don't report to any of the CRAs, and seem to be loaded with fees.

[StartingOver10]

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@learnin113 wrote:

Am I the only one that think Suzie is being a little disingenuous for doing this...I mean it does have a monthly fee.  How could you be managing money/debt and paying a fee for anything...and monthly??

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+1

She's in for a cut of the $3/mth or some sort of partnership on it. That's why her name is on it...I don't know for a fact, its just probable.

[lithium78]

Obviously, a checking account and rewards credit card are infinitely better than Suze Orman's Approved card, but I could see the Approved card being good for people who have run afoul of Chexsystems and can't get a checking account or people whose income is so low that they constantly run into problems with bank fees.  The debit card fees are very low compared to most other debit cards on the market, so you can see that Suze Orman is really trying to help people.  Of course, she's also making a profit for herself, but what do you expect?  She's a businesswoman.

Suze Orman is a pretty decent human being.  I've learned a lot from her books over the past few years.