By now, you've probably heard of The Approved Card from Suze Orman, a prepaid debit MasterCard endorsed by the personal finance guru. I guess it makes more sense for Orman to promote a financial product versus the Kardashians, but you would expect a no-fee miracle debit card that's beneficial to consumers. The population that's being targeted are people with little or really bad credit history, because it's harder for them to get approved at banks. However, if possible, you should always opt for free checking accounts at banks or credit unions. You'll be able to find debit cards with none of the same fees you face when using prepaid cards.
Orman's card users will be charged a $3 monthly fee with the first month waived, $2 per withdrawal from ATM, $1 to check a balance, and $1 penalty if the card is declined. However, these fees can be avoided with a monthly deposit of at least $20. Loading money on the card will cost you about $3.50 to $4.95. Further, if you need customer assistance, you'll only be granted one free phone call and subsequent calls will cost you $2 each.
What do you think of the Suze Orman prepaid card — is it brilliant or baffling?