What We Need from Suze Orman Instead of Another Celebrity-Endorsed Useless Prepaid Debit Card
If you don’t want to use (or can’t use) a credit card, then don’t.
Place your money into a bank or credit union and use their debit card. Despite what you may hear, not all banks charge debit card fees.
Find a bank or credit union that doesn’t charge you money each month to hold (and provide access to) your money.
If you are unable to get a bank or credit union account for whatever reason, then wait until you can. If you must get some form of card, then you may want to consider a prepaid card. This should really be seen as a last resort. If you need to get a prepaid card realize that you are more than likely going to pay some service fees.
Right now there are two prepaid cards on the market that I’m aware of that give you the ability to avoid all fees by jumping through a few hoops (i.e. minimum balance, direct deposit, etc.). The rest of the cards in this market are pretty bad in the sense that they are marketed as a long-term solution and that you are paying a bunch of fees to access your own money.
Russell Simmons has a card. It’s bad. The Kardashians created a “kard” in this market. It was bad too. So bad, that it was run out of town. Who’s up for another celebrity-branded prepaid card? This time it’s not just a celebrity. It’s the self-proclaimed “Most Trusted Personal Finance Expert” in America today, Suze Orman.
She just released The Approved Card. I like Suze, but I don’t like that she has created this card and is marketing it in this way.
Here’s why, after seeing last night’s Nightline where Suze preaches about getting rid of holiday debt, of all things, that I can’t believe Suze is pushing this card:
1. The card comes with a $3 monthly fee, or $36 a year, plus a bunch of other possible fees depending on how you use it. That’s very close to the $5 per month fee that Bank of America backed off on. And with Bank of America at least you get a bank, with checks and tellers, and loads of ATMs.
At best this card is on-par with the Upside Visa prepaid card. Why not create a truly no-fee prepaid card? Why would Suze create this versus just partnering with someone like PerkStreet, a card that is truly helping consumers get out of debt and get rewards for spending? Ironically, Bancorp is backing both deals.
2. The card is marketed as an “easier, smarter way to be debt free”. As opposed to what? Cash? It’s certainly not easier or smarter than a no-fee bank debit card.
3. The credit project is dead on arrival. Your activity on this card will be anonymously reported to one of the credit bureaus (TransUnion), in hopes that they will one day consider it for inclusion in your credit report. This will never happen. Debit or prepaid spending has absolutely nothing to do with credit and your ability to be viewed as credit-worthy.
By definition, debit and prepaid spending should not be on your credit report. Anyone who thinks otherwise is living in la la land. But does that stop Suze from using the credit project thing as a selling point? Nope. In her interview with Huffington Post, she says,
“Middle-class Americans…don’t want a credit card in their wallet because don’t want ability to get themselves into trouble again,” she said. “The problem with that is if you spend money on debit or cash, it doesn’t report to the credit bureaus so it doesn’t give you a FICO score.” “I wanted to create (a scenario) where people who pay with debit and cash are rewarded…”
This card will not help your credit score or report. Don’t take my word for it. In this interview with Fox Business, Jon Ulzheimer points out that the fine print from the Approved Card site:
“The information we share with TransUnion concerning your Approved Card account will not appear in your credit report.”
In summary, the Approved Card is just another prepaid debit card, not a financial product that should be marketed as a “revolution” or a “movement”. If you want to use one for a month or so while you wait to get a bank account, that’s cool. If you want to give one to your kid while he/she is in college, that’s probably a smart move. But this isn’t a smart, long-term solution for the “middle-class” or even the un-banked.
The smart, long-term solution is to get consumers involved with a responsible bank or credit union and then gradually introduce real credit if you want to build a healthy credit score. Suze should have done what Dave Ramsey has done and partnered with a real bank (in an ad deal). Instead, she created her own prepaid card product and is marketing it to the masses, instead of who it should be aimed at: the un-banked looking for a short-term solution.
Here’s two more takes on the card that go a bit easier:
- Suze Orman to Offer Her Own Prepaid Debit Card by Ron at the NY Times
- Suze Orman Goes Prepaid by Felix Salmon (on second thought…)
What do you think? Is the Approved Card a good financial product for the middle class? Should Suze get a pass where Kim Kardashian did not?
I recorded some of Suze’s MSNBC programs (from back in the day) and use them as examples of errors that she has made on her show. Bottom line: You can get better advice with less self-promotion and ego from someone like Jane Bryant Quinn, Andrew Tobias, and others. A classic example of a Suze mistake: A caller to her show said a friend needed a car and had asked them to co-sign for it. Suze said not to do that but instead to buy a car, pay for it, and provide it for their friend to use (the friend could pay them back). I wondered how insurance would work since the driver should be added to the policy and obviously didn’t have a great credit score so insurance costs would be high. Maintenance, care, etc. Who would provide that. This person lived in the city and my thought was, chip in on cab fare (or Uber), until that person was able to buy their own car. Avoid entangling alliances.
You don’t have to worry about this card anymore. I just received a letter from the The Bancorp Bank that this card will be discontinued on 7-1-14. In the letter it states “This is a prepaid card and thereby not reported to any credit reporting agency”. That is a surprise because that was one of the reasons I got this card. So Suze Orman lied!!
Sure, they “can” tell a lot. But they don’t. The fact is, the bureaus don’t use prepaid or debit card information. When that changes, my claim can be disputed. Until then, it’s just fact.
Suze’s card is using the illusion of a credit-effect to market her card. That’s just wrong, and in my opinion she should be held accountable by federal financial protection agencies.
Debit or prepaid spending can tell lenders a lot about your spending patterns, which can give lenders a better idea of your credit risk.
Some credit card issues view certain types of spending (e.g. liquor stores, strip clubs, casinos) negatively and this does affect the limits and terms extended to these spenders.
Such a person could “fool” their credit card issuer by making only “good” purchases on their credit card, while putting all “dubious” purchases on a separately-issued debit card.
I think credit card issuers would dispute the claim that debit or prepaid spending “has absolutely nothing to do with credit and your ability to be viewed as credit-worthy.”
This post is bogus, obviously put on by the banking interests. Orman’s card is good if you need a card to rent a car, or to rent a hotel, or anything that requires the insurance and services that come with a MaterCard. Eventually, the $3/month service fee will be waved if you keep a minimum balance, and it never hurts to have more options. Keep cash, get the card too, it is the first step in ending our debt-money economy and putting credit-cards in the grave. At the very least it will lower all other credit-card fees and interest rates through shear FREE-MARKET COMPETITION.
@philosopher3000 Nope. Not bogus or put on by anyone but me, Philip Taylor, independent blogger.
Orman’s card is good when compared to other prepaid debit cards, yes. But that’s about all you can say about it at this point, imo.
You are entitled to your opinion, but I think the best thing for the unbanked to do is to get banked or use cash until they can.
Car rental agencies don’t take debit cards
@ReformedBroker Asking Suze Orman for investing advice is like asking Glenn Beck for commodity trading advice
Suze Orman’s card is not a bad prepaid card, but it is nothing more than that either. It is not even the best prepaid card out there, as that distinction belongs to American Express’ prepaid card, which comes with no monthly fees at all. But what really bothers me is that Orman advertises her card almost like the solution to all of your financial problems, provided “you use it how I tell you to.” The thing is, if the “unbanked,” who constitute the vast majority of prepaid users, were always doing what they were told with their finances, they would never have been cut off of the banking system and come to rely on prepaid cards in the first place.
@ReformedBroker Dont you love America’s celebrity culture. I expect a host of celebrity backed cards now that Kardashian led the way
@ReformedBroker I wonder what her Morgan Stanley broker in Boca thinks of this irony.
@ReformedBroker I wonder what her Morgan Stanley broker in Boca thinks of this irony.
@eradke Hey, E where’s you go to high school?
@iuubob Seeger Memorial HS
@eradke Where is that?
@eradke Where is that?
@eradke I googled it
@iuubob you need blood type or SS# too? Ha ha
Well it seems that the tsunami of bad reviews have begun: http://i43.tinypic.com/2lvb9n7.png
As I tweeted to you earlier, I find her behavior to be tasteless. Kudos to you for defending your position–obviously it’s what the majority of people agree & believe in!
Saw your tweets flying around on this and had to come on and see what the heck is going on. All I can say is wow wow wow. This is juicy. Enjoyed the read, and the comments, of course.
Saw your tweets flying around on this and had to come on and see what the heck is going on. All I can say is wow wow wow. This is juicy. Enjoyed the read, and the comments, of course.
WOW! People are pretty passionate about this. @Jackie Walters gave me the heads-up about this thing and I thought it sounded interesting. But, just like everything else, you just can’t take someone’s word for it and need to look into it yourself.
I wrote my own thoughts on this in a post where I explained each of the “9 reasons why Suze thinks the Approved Card is the smart choice for you” and my thought about why the benefits are not really all that great.
@ptmoney Nice article, PT. What a strange debate that sprang up, huh? http://t.co/iyjU9jNv…
@BWFeldman Thanks. Definitely stirring things up. Disappointed that the big media outlets seem to be giving this card a pass.
@ptmoney If you could help me with my personal debt challenge that would be awesome! http://t.co/nqcABdCr
Hi Phil, thought I would defend you as well.
http://everythingfinanceblog.com/2012/01/stay-away-from-suze-ormans-approved-prepaid-debit-card.html
@EverythingFinance Slam! Love your comments, especially where you quoted Suze’s own words about the uselessness of a prepaid card!
Shame. When I first saw this, I couldn’t believe it. Everyone knows that pre-paid debit cards (which is basically what this is) exploit the poor and ignorant. This is not what I would expect from someone who built a celebrity-status career on promoting financial health.
I’m a big fan of free enterprise and do see some value in the free ID protection and potential for building credit, but (a) I agree that there are better alternatives for prepaid card, including this and from create your own (@20andengaged) and (b) just can’t believe Suze resorted to calling people idiots and ignorant. Shame on Suze.
Suze Orman has lost all credibility with me and many others, not for her card (which you’ve done a good job of questioning), but for the way she has treated you, @20andengaged and other financial bloggers over the past day or 2. Her twitter responses are unbelievably rude and speak volumes about what must underly her calm and steady media personna. (Or maybe she has hired someone to run her twitter feed who has absolutely no common sense, judgement and decency – in that case, she’s no better off than if she wrote the tweets herself.)
@MotherWouldKnow I don’t think Suze Orman is actually managing that Twitter account, but she sure should be watching the tweets since she is being represented by that account. I’m not defending her, I said my piece earlier and I don’t care for her one-size-fits-all financial advice, her television and radio personality and I find the way her representative is treating other via Twitter to be very unprofessional. And, if she is actually using that Twitter herself…oh, wow…that would create a whole new layer to my negative opinion.
@Shelley Elmblad@MotherWouldKnow I would be EXTREMELY surprised if that weren’t Suze commenting. People who are paid to comment in someone’s behalf would be more careful not to cause offense. I think Suze is the only one who *could* get away with saying the things that were said.
@tboofy You have a very good point! It would be interesting to find out. I bet if someone else has been making the snarky remarks, they get fired if this blows up (anyone contact mainstream media?). If Suze is, there will be dramatic excuses and possible public rants. @MotherWouldKnow
@tboofy You have a very good point! It would be interesting to find out. I bet if someone else has been making the snarky remarks, they get fired if this blows up (anyone contact mainstream media?). If Suze is, there will be dramatic excuses and possible public rants. @MotherWouldKnow
None of the major media outlets have the balls to confront her head on. I dare them. I love that we’ve banded together and decided to call a spade a spade. In this case, consumers who don’t know better are forced to pick the lesser of several evils while not realizing that her option is still evil. @Shelley Elmblad @tboofy @MotherWouldKnow
@MotherWouldKnow I don’t think Suze Orman is actually managing that Twitter account, but she sure should be watching the tweets since she is being represented by that account. I’m not defending her, I said my piece earlier and I don’t care for her one-size-fits-all financial advice, her television and radio personality and I find the way her representative is treating other via Twitter to be very unprofessional. And, if she is actually using that Twitter herself…oh, wow…that would create a whole new layer to my negative opinion.
@ptmoney It’s getting worse. The suggestions that the card will help your credit is getting close to dishonest.
@johnulzheimer Agreed. Will never ( and shouldnt) happen.
@ptmoney Hey, you got an apology. Good for you.
I think Suze Orman should be held to a higher standard than Kim Kardashian. Clearly people trust Suze for financial advice, but she’s clearly just cashing in here. What a shame!
Thanks for the honest review, Philip, and for putting this out there!
I don’t expect this card to last long. There are better options out there. A real disappointment from Suze.
In the Nightline segment she says “you are not charged every time you take money out of an ATM” but in the article you link to it says there is a $2 charge. That could get interesting.
Yeah, I guess since the fee is waived for the first month for some then her statement is true. But deceptive.
@Philip Taylor On the card’s site, it says that every time you load the card with at least $20 you get free in-network ATM access for the next 30 days.
http://theapprovedcard.com/fees/
@Eric J. Nisall – DollarVersity Thanks for pointing that out. I stand corrected.
@Eric J. Nisall – DollarVersity Thanks for pointing that out. I stand corrected.
@Philip Taylor Just didn’t want to give her any more ammo should she decide to open her hole again!
@ptmoney I think Suze made it obvious who the ignorant one is @SuzeOrmanShow @sooverdebt @MoneySmartsBlog @freefrombroke
I don’t like her or Ramsey for their approach to solving financial problems in a “one size fits all” manner. This just goes to show that not only is she about profits more than people, but she truly has no business sense. Rather than take the criticism and ask the bloggers to form a focus group to help her make the product better, she quickly turns around and attacks everyone who has a different take on the subject and the card itself.
Now, I’ve never been shy about going against the grain and challenging popular opinion and actions, but I would never bash someone for making rational, grounded comments and having a real basis for their opinion. This just proves that she’s not above taking advantage of her followers for the sake of getting her name out there and making a buck. Of course, many of those followers will blindly go wherever she tells them, even if it put them in a worse situation than they already were, but that’s a subject for another day.
Anyone who attacks my fellow bloggers with baseless and shameful comments is instantly my enemy 😉 lol
@Eric J. Nisall – DollarVersity People keep bringing Dave Ramsey into the mix. Why wouldn’t his “one size fits all” not work for you? Which part do you object to? How many people have you helped get out of debt? He touts 10 million individuals… I don’t agree with everything he says either, but I think his focused approach with emphasis on behavior modification does help of people.
@SunWKim It has nothing to do with how many people I have helped out of debt, as that is not my business.
The one-size scenario is very easy to explain. Not everyone is in their particular situation for they same reasons. Their understanding of finances and/or credit will not be the same. Their ability to take the same action is not the same.
If you ask anyone with an understanding of finance, or any financial blogger what a good financial advisor should do, I guarantee that almost all of them would say “listen”. Listen to a client to get an understanding for how they got to where they are now. Listen to determine how much knowledge they have and how much information they can handle.
The worst thing someone who advises others can do is assume that they know everything about an individual’s situation and that what worked in one instance will work for all cases.
@Eric J. Nisall – DollarVersity I agree with you on Dave Ramsey. I read his stuff and take from it what I like, but he doesn’t really resonate with me. He focuses a lot on getting rich and owning your own business, and neither of those is likely to happen with me. I’m a teacher and I love what I do, and I just want to be solvent and have a good retirement. I find he talks a lot about getting out of debt without offering enough suggestions of HOW to do that. My brother LOVES him and relates to him, and that’s Ok. Different strokes.
@Eric J. Nisall – DollarVersity I agree with you on Dave Ramsey. I read his stuff and take from it what I like, but he doesn’t really resonate with me. He focuses a lot on getting rich and owning your own business, and neither of those is likely to happen with me. I’m a teacher and I love what I do, and I just want to be solvent and have a good retirement. I find he talks a lot about getting out of debt without offering enough suggestions of HOW to do that. My brother LOVES him and relates to him, and that’s Ok. Different strokes.
@tboofy@Eric J. Nisall – DollarVersity Dude, he’s got a book on how to get out of debt. You can buy it for like $3 on Amazon used. His web site has basic advice, but the nitty gritty stuff is in the book. There are also FPU classes you can attend that are near you…
@SunWKim I’ve read his Total Money Makeover. It was pretty good. But I couldn’t get past his stupid mantra “Live like no one else so you can live like no one else.” Isn’t that redundant? Live like no one else so you can continue to live like no one else? I know what he means, but I think he could’ve picked a better motto. I read all the personal finance books and pick and choose what I like best. I like Mary Hunt (Debt-Proof Living) best of all because I really relate to her story and her Christian morals. But there is good info everywhere…even in Suze Orman’s books 🙂
@SunWKim@tboofy Here is a snippet from the FPU FAQ page:
Can I get any additional assistance?
Yes! All coordinators and FPU members can call the office at 877.FPU.COOR or 888.227.3223 anytime for additional assistance. If the question is short and simple, then one of our phone advisors will be glad to answer it free of charge.
However, if it is a more detailed and complex question that requires a trained counselor’s assistance, phone counseling or one-on-one counseling is available through a network of trained counselors. For more information on counseling, visit thecounseling page.
What does that mean? To me it means that the people who moderate the “classes” are not trained financial professionals and cannot offer any kind of assistance to the people paying for the class. They don’t get anything close to the 1 on 1 consulting that a financial professional should provide clients. To me this is the equivalent of an H&R block tax course where they run through a bunch of topics in a condensed amount of time, then send you on your way.
I’m just saying that none of these people can deliver on the claims that their books and systems are for everyone, especially when specialized attention is not included and costs extra.
@tboofy@SunWKim He also has a video. Maybe FPU DVD will be easier to digest. I’m working on my debt too.
@Eric J. Nisall – DollarVersity
> Not everyone is in their particular situation for they [sic] same reasons.
They are all in debt. You can always pay to have personalized financial counseling if you want.
> The worst thing someone who advises others can do is
> assume that they know everything about an individual’s
> situation and that what worked in one instance will work for
> all cases.
Show me examples where Dave Ramsey’s simple steps would not apply to someone. They are simple steps because getting out of debt is a simple process. Its just the emotion and behavior modification that’s the hard part. There’s nothing to it, but to do it.
@SunWKim I’m not in debt, I just like hearing everyday advice on how to manage the little things in life. Why would I pay to do one of his courses if I don’t like him? He’s OK, just not my cup of tea. I’m still a huge fan of the books Richest Man in Babylon and Millionaire Next Door. Classic and timeless.
I do not like Suze Orman. Before I figured it was just my personal bias, but now I have good reason. I will stick with using my no fee debit card attached to my checking account.
Suze Orman isn’t thinking about the consumer here. If she were, she would endorse Perkstreet. Great points PT.
I’m not sure Suze is getting the “WHOLE PICTURE”.
People still need to load the card with money. They can use that card however they want including going to the casino’s, out to eat, buying unnecessary items – is this really helping them? People need to take responsibility for their spending by first having a written budget and following it. Suze’s getting a lot of back lash from this – that’s for sure.
Very good points!!
@MoneySmart When she called me ignorant, knew I had 2 get my facts straight & respond. 😉 Ultimately not trying to provoke. Just got poked.
@ptmoney That exchange was a trip.
Well, let’s start with your question. I’m no expert on debit cards, having never actually used one, but even I’m not exactly convinced this is a good (or even not horrible) deal. With all the fees, the lack of real effect on your credit score, and the general (over)promotion of the card, It’s hard to really think of it as anything other than a fairly typical debit card, at best.
As for Ms. Orman’s (or at least, her hired Twitter posters’) reaction to your comments and similar criticism…Yipes! There is a pretty big difference between promoting a card that is not nearly as good as you say it is (people tend to oversell things when they are being paid; that’ par for the course) and insulting people for pointing out real problems that it has. This is definitely part of that latter group. I’ve been an Orman fan (or at least, respected her work) up to this point, but darn if this isn’t making me re-think matters.
@theamateurfinancier Thanks for this thoughtful reply. Couldn’t agree more.
@theamateurfinancier Thanks for this thoughtful reply. Couldn’t agree more.
Suze has always been a poser. I specifically remember her recommending QQQ in 2000 after the dot com bust. Most of her personal investments are in treasuries, and her investment newsletter is a complete joke!
She’s the last person I would take advice from, and would sooner listen to “The Donald” first (which I also wouldn’t listen to)
While it can be said, she has helped some people. The people she helps are have no financial education.
Oddly enough, Suze used to be in a ton of debt. I agree that she may be somewhat removed from it all now though.
@Philip Taylor It’s not being wealthy now is the issue. It’s the fact she’s a hypocrite and self centered ass.
Now this, made my night! @InvestorJunkie @Philip Taylor
Suze has always been a poser. I specifically remember her recommending QQQ in 2000 after the dot com bust. Most of her investments are in treasuries, and her investment newsletter is a completely joke! She’s the last person I would take advice from, and would sooner listen to “The Donald” first (which I also wouldn’t listen to)
I haven’t been a fan of @SuzeOrmanShow since I found out/realized the amount of paid advertising she is doing for FICO. Everything she preaches is about the FICO score and I just don’t believe it’s as important as she wants it to be. Of course this PPD would report to FICO, she’s making money two-fold with that.
I’m disappointed that she would suggest a product that would take more money away from consumers when there are much better choices out there.
Great Post Phil!
This is also why I think the FICO score is no different than the other scores out there. @JessicaEverythingFinance @SuzeOrmanShow
Bad call @SuzeOrmanShow, I’m not pleased. This isn’t going to help anyone’s credit. I agree with @GlenCraig ; a secured credit card would’ve made more sense if anything. I’m finding you’re contradicting some of the very things you’ve been teaching. Just because people don’t agree with you, doesn’t mean we’re hating, ignorant, or stupid. We just don’t agree!
@kevin_is_money @ptmoney and I expect more from my viewers
@SuzeOrmanShow if by “more” you mean more money from the fees people will pay on your prepaid debit card, then I’m sure you do @ptmoney
@SuzeOrmanShow if by “more” you mean more money from the fees people will pay on your prepaid debit card, then I’m sure you do @ptmoney
@SuzeOrmanShow @kevin_is_money @ptmoney Who can blame her? If I could rip off a bunch of people who don’t know better, why not?
@JT_McGee @SuzeOrmanShow @ptmoney I’m not saying she shouldn’t. I’m just saying she loses credibility as a personal finance guru
@kevin_is_money @SuzeOrmanShow @ptmoney wholeheartedly agree, the fact that they don’t report to credit bureaus makes it a bad idea
@kevin_is_money @SuzeOrmanShow @ptmoney wholeheartedly agree, the fact that they don’t report to credit bureaus makes it a bad idea
@kevin_is_money @SuzeOrmanShow @ptmoney I put her on the level of @DaveRamsey now. Low
@JT_McGee Why would you put @DaveRamsey and @SuzeOrmanShow on the same level? I think Dave’s financial advice is sound. Why is he low?
@TekGems @DaveRamsey likes to spout untruths about investing whole referring people to high fee funds.
@JT_McGee @DaveRamsey what is “investing whole”? Whole life? You sell whole life or own whole life? What are you saying exactly?
@TekGems Substitute “while” for “whole”
@JT_McGee @DaveRamsey Referring people to Mutual Funds regardless of expense ratio is not the same as prepaid debit card.
@JT_McGee @DaveRamsey Employers use retirement mutual funds like Vanguard. Its not the most efficient fund but it a simple vehicle.
@JT_McGee @DaveRamsey You’re just being inflammatory by saying DR advice for mutual funds is “untruth”. You’ve lost “brand equity” with me.
@TekGems No I’m not. He’s getting paid to promote some of the highest cost mutual funds in the industry http://t.co/uZkbP9mu
@TekGems The reason @DaveRamsey only refers people to commissioned reps: he doesn’t have to disclose how much they pay him for referrals
@SuzeOrmanShow @kevin_is_money @ptmoney Who can blame her? If I could rip off a bunch of people who don’t know better, why not?
@SuzeOrmanShow @kevin_is_money @ptmoney You left out the word “money.” You expect more money from your viewers. Hence all the card’s fees.
So why not a secured credit card from her? Then you promote people saving up first and you get reporting to credit bureaus? Or, like you said, teaming up with a bank debit card with no fees?
OR team up with a credit card to offer up a low credit line card that gives rewards for when you pay your card off in full every month?
Time will tell where this goes. With the way folks have responded to BofA, Netflix, Verizon, and GoDaddy these days it’s possible this won’t last long – if people are angry enough with it.
I couldn’t stand listening to her podcasts (her voice irritated me, GIRLFRIEND)… but after seeing her photos, I’m just turned off by her headshots. So, plasticy. Everything about her is just annoying. This prepaid debit card just made me unsubscribe from anything she has to say.
I was surprised that it had a $3 monthly fee. You’d think she’d endorse something only if it were free. I recorded Nightline and I will watch it soon. Hopefully, I won’t be too upset afterward. I’m a big fan.
I’m a sucker for the news magazine shows like Nightline. But they went soft on her and let her dish advice along side promoting this card to everyone who has debt coming out of Christmas.
No way – the @suzeOrmanShow should not get a pass on this. It’s clear that she isn’t thinking about the consumer, otherwise she would endorse @perkstreet
Did you see the fees for everything else? If you need to call customer service more than once per month, it’s $2. Crazy! What are the costs associated with a secured credit card, I wonder?
@Kacie Yeah, customer service is an area that needs improvements with prepaid cards. Shame this one has that $2 fee. To my knowledge, there is no secured card without a fee: http://ptmoney.com/best-secured-credit-cards/
Wow. Whoever is managing Suze’s Twitter account for the show has a lot to learn about PR. Aside from that, I am stunned that Suze would stand behind something like this to the point of making claims that she should know are false.
Suze lost me as a fan once she moved from books to TV and started making blanket statements about personal finance practices and applying them to everyone. The glow-in-the-dark teeth and harsh attitude stolen from Judge Judy turned me off, TOO. I can say that because I’m not in PR.
You’re right. She does remind me a lot about Judge Judy LOL! Also the remarks to PT on Twitter lacked professionalism and tact. @Shelley Elmblad
@Shelley Elmblad Many of her tweet responses have been very defensive and she chalks the disapproval up to “hate” “ignorance” “stupidity”. No joke.
The best reviews of this card basically say “it’s one of the best prepaid debit cards.” That doesn’t change the fact that it’s a prepaid debit card and it doesn’t excuse who she’s marketing it to.
I can’t stand Suze Orman, and I was disgusted to hear about this Approved card. I tweeted as much to her but wasn’t “lucky” enough to get a response like you did. There’s a lot of talk about selling the dream, and that’s exactly what she’s doing – profiting from the very people who trust her to help them get out of debt. It turns my stomach.
I can’t stand Suze Orman, and I was disgusted to hear about this Approved card. I tweeted as much to her but wasn’t “lucky” enough to get a response like you did. There’s a lot of talk about selling the dream, and that’s exactly what she’s doing – profiting from the very people who trust her to help them get out of debt. It turns my stomach.
@sooverdebt I actually like her. I hope she responds to this post as well. To be fair, my tweet wasn’t very nice either. 🙂
Agree with your points on profiting. And I don’t think she deserves a pass because her card is $3 instead of $X.
It’s so stupid.. Not that I’m surprised. I hate Suze Orman. Occasionally she says good things but most of the time she actually gives really bad advice.
I am totally with you on this one! I love the way you broke the whole thing down and gave alternatives while pointing out the falsehoods. Frankly, I think you should start a movement with our readers and other bloggers #DenySuzeCard and really send her a message. This is just another way for her to make money off her audience without real concern for how this helps them.
@Ginger Thanks, Ginger. You might be on to something with that movement. I’m not sure I want to make a complete enemy of her though. She’s got the right to put products out there and let people decide. And I respect her advice overall and the impact she’s had with Americans. She’s a positive force. I’m just nudging a bit as it seems she got caught with her hands in the honey pot here.
@Philip Taylor I agree that she does but I think you should push harder or she’ll continue to take advantage of those who don’t know any better. Many of us railed against Bank of America and got the change we needed and she is no different. I don’t care if we make enemies of her because she’s clearly no friend of ours.I just find her responses funny because she says that the “legit reporters” are smart enough to know better but yet she hounds Bloggers to promote her new product offerings. She’s rubbed me the wrong way for quite some time and now I can no longer support someone who stands to take advantage of the people who look to her for good advice.
@Philip Taylor I agree that she does but I think you should push harder or she’ll continue to take advantage of those who don’t know any better. Many of us railed against Bank of America and got the change we needed and she is no different. I don’t care if we make enemies of her because she’s clearly no friend of ours.I just find her responses funny because she says that the “legit reporters” are smart enough to know better but yet she hounds Bloggers to promote her new product offerings. She’s rubbed me the wrong way for quite some time and now I can no longer support someone who stands to take advantage of the people who look to her for good advice.
@Ginger Thanks, Ginger. You might be on to something with that movement. I’m not sure I want to make a complete enemy of her though. She’s got the right to put products out there and let people decide. And I respect her advice overall and the impact she’s had with Americans. She’s a positive force. I’m just nudging a bit as it seems she got caught with her hands in the honey pot here.
Proof that everyone’s for sale these days, even the “most trusted” Madame Suze. I like her and her common sense approach…for the most part…. but was COMPLETELY turned off by her new book opening up with her support of the debt limit increase – which is contrary to everything she preaches. She definitely put party above all else on that move.
@AZJen The fact is she’s always been for sale.
Right on, ptmoney This card is terrible! Don’t see how the average user would benefit. Bad call, suzeormanshow
Right on, ptmoney This card is terrible! Don’t see how the average user would benefit. Bad call, suzeormanshow
@ptmoney Great post about the new, and I agree, useless prepaid card from Suze. I agree with every point you made.
@BeverlyHarzog Thanks. There are a million others ways she could make some bank with as big an audience she has.
@BeverlyHarzog Thanks. There are a million others ways she could make some bank with as big an audience she has.
@BeverlyHarzog Thanks. There are a million others ways she could make some bank with as big an audience she has.
@ptmoney Agreed! And I can’t believe she’s suggesting you can improve your credit this way. Disingenuous, for sure.
@ptmoney Not really sure what the real tangible benefits are from this PPD card. You might as well get a secured CC instead to help credit