Does Suze Orman’s Prepaid Debit Card Make Sense for You?

Suze Orman is famous for her personal, easy-to-digest, and friendly personal finance advice. Many of us less famous (far less famous, in the case of this writer) finance writers admire her general approach, which boils down to “spend less than you earn.” Who can argue with that? So imagine my amazement at the news this week that Suze will be offering a branded prepaid debit card.

Prepaid debit cards have a star-crossed reputation
You know about branded prepaid debit cards, but they're usually not connected with individuals known for their sensible finance advice. Think Russell Simmons. Think the Kardashians. See? Sample words and phrases from our collective wisdom on those topics include “skeptical” and “reprehensible” and “urge to scream” and “hit cash-strapped consumers over the head with nickel-and-dime charges.”

The biggest problems with prepaid debit cards are, really, threefold:

  • While they are cards that are available to consumers with bad credit, they don't help consumers build credit, though they are advertised as doing so (any help would be mild at best — the reporting they do is only to smaller credit reporting agencies, not the “big three” that man the velvet rope for most consumer debt in America).
  • They're punishingly expensive and seem more directed toward association with the personality branding the card than any financial benefit. Russell's “Rush” Card costs between $4 and $15 upfront, with $10 monthly fees and $1 per-transaction fees.
  • They're accused of using celebrities to take advantage of both the hopes and difficult situations of the “unbanked,” mostly-lower-class, often minority consumers whose financial situation is so bad that banks won't take the risk of giving them checking accounts.

Suze Orman wants to make a difference (but, is it a fool's errand?)
Orman has a different idea. She, too, wants to convince the unbanked to use her prepaid debit card, but she wants to charge less. Her “Approved Card” is far cheaper than Rush or the K thingy — only $3 to purchase the card and a $3 monthly fee. ATM transactions from the Allpoint network (found in 7-Eleven, Costco, Kroger, CVS, and Walgreens) are $2 per withdrawal, and point of sale transactions, such as purchases at the grocery store or coffee shop or online, are free. Balance inquiries and some declined transactions are $1 , but it's free to be declined at the register for a regular PIN/signature transaction. Many of these transactions, especially ATM withdrawals, are free for 30 days with a direct deposit or bank transfer into the Approved Card account, making them a great product for customers with some sort of automatically-deposited income (even, for instance, unemployment).

Notably, electronic debit bill paying is free. Many competing products charge for this service, from $1 to $3 per transaction, and it's the service that customers without a regular bank account need. Often, discounts and special deals are available to customers who allow vendors to debit their account each month.

The great credit score kerfuffle
The concept that sells many prepaid debit cards — the quasi-justification for how expensive they are — is that they might help in the quest to raise a credit score. If a credit score is low enough so that a mainstream bank isn't part of your personal finance portfolio, can a prepaid debit card even help? Probably not.

The problem that Suze Orman has mentioned in public statements about the Approved Card is that credit bureaus, beyond even knowing about the transactions made by the millions of unbanked consumers, don't care about sensible use of money. They just care about sensible use of credit. A New York Times piece quotes Orman as saying, “There is something radically wrong here. We are rewarding people for having credit and punishing people who pay in cash. I want to change that paradigm.”

Wanting to change credit score calculation is easy. Changing is hard.
Orman has done the near-impossible and convinced TransUnion, one of the big three credit bureaus, to collect the data about spending habits from her customers. But what that will do to credit scores is another thing entirely. The answer, probably, is nothing.

The problem is that TransUnion has only been persuaded to evaluate the data Orman will collect with her Approved Card; it has not promised to include that in credit reports nor in the calculation of scores. If, after two years, it finds the data meaningful, it's still unlikely to have much of an effect on the resultant calculations. Responsible use of a prepaid debit card, after all, hasn't had much impact on the financial institutions that sponsor the card — in this case, Orman's own company — so the patterns of data don't have much meaning.

What kind of debit card use could demonstrate the sort of behavior creditors want to see, such as:

  • On-time delivery of minimum payments
  • A history of purchasing high-value assets and then paying them off quickly
  • Regular income and a comfortable ratio of debt-to-income

These all can be shown far more reliably through existing reporting. A consumer who pays rent on time each month in cash won't differ, to the eyes of TransUnion, from a consumer who pays rent on time each month by automatic debit from her Approved Card. Similarly, failing to overdraw an Approved Card account (that is impossible to overdraw from, except perhaps for a few $1/$2 ATM transaction declined fees) is very different from failing to overdraw a bank account.

Why would you use a prepaid debit card?
There are two groups of people I can see benefiting from using a prepaid debit card, as well as one group I would caution to avoid it. All of them could achieve higher credit scores, but not in the way you think. Let me explain.

  1. Those who have very bad credit, especially with recent negative experiences with bank accounts, should use a prepaid debit card. My sister-in-law still owes money to one (or maybe two) financial institutions, after having had several subsequent overdraft fees and never having the several hundred dollars to pay it off and get back the ability to use her account. This is a very common situation, thanks to the unreasonably large fees most banks charge per overdraft (you've never been nauseous like the nausea from a few $35 fees for $4 and $5 transactions — or an overdraft fee of $35 for a $30 check).Even the recent consumer protection limits don't prevent people from getting in these situations (or being in them already), and those consumers may as well use prepaid debit cards, as it won't be easy to do business with a bank until you pay off those old debts.
  2. Those who have had overdrafts recently and who are, or expect to be, living paycheck-to-paycheck for the foreseeable future, should use a prepaid debit card. I know how my sister feels, as I've been in exactly the place she is now; husband with scattered temporary work and scattered temporary work herself, juggling a baby and a pile full of student loans. It may be that they have plenty of money to pay the rent. Or, they could be scrambling come February 5. And March 5, and April 5, etc., etc.It makes more sense for people like them to use prepaid debit cards precisely because you can't get into those nasty credit-killing messes. With a bank account, you're either tempted to write a check on the 5th and hope you can deposit something on the 6th to cover it; or you're bracing for the automatically debiting phone bill that you just discovered you won't be able to cover. Using a prepaid debit card won't positively impact your credit score, but it will keep you from doing things to worsen it (and could, if you're like me, save you lots of those stupid fees so you can afford to pay your minimum debt payments).
  3. Those who need to increase their credit score fast should not use prepaid debit cards. The best thing you can do to increase your credit score is to use credit. Debit cards are not going to help with this one bit! Most especially these prepaid ones, with reporting almost nil and information only theoretically useful (even to those who preach using cash like it's divine salvation). Prepaid debit cards will tie up cash that could be used to get a prepaid credit card, or to pay your mortgage on time, or the minimum payment on an installment loan — you get the picture.

About those credit scores…
One last word of admonishment about focusing one's financial life to better one's credit score: I think this is largely baloney. You're far better off arranging your financial life around living more frugally, paying off debt that you do have, and finding ways to avoid incurring new debt — say, buying a beater car until you can afford to save up for a nicer one, or renting a low-cost apartment until you can save up a very large down payment for a house. Ideally, you would be living in a way that makes credit scores worthless.

Naturally, we're not all living in this paradise. There are very valid reasons to hope for a great credit score, not least of which is that many jobs include a credit check sometime between interview and first paycheck. I get that sometimes you need a good credit score (especially if you want to buy a home). But if you're like me, and already have both a mortgage and reliable transportation (a fancy bike, in my case) and don't see applying for a job in your immediate future, just work to improve your financial situation. If this means signing up for Suze's debit card, you have my blessing.

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tom
tom
8 years ago

With the fees this card charges, it doesn’t make sense for anyone.

This is a pathetic money grab by Suze Orman, targeting the very people she aims to help.

You might as well call her Suze Kardashian.

JT
JT
8 years ago
Reply to  tom

Nail, meet head.

At the end of the day Suze should be ashamed of herself for lying to the very people who are likely broke because of similar lies. I can only think that the many unbanked people out there are unbanked because of other empty promises not all that different from “it’s good for your credit score!”

Brett
Brett
8 years ago

If you don’t fall into one of the categories that may benefit from the cards, then I recommend an alternative. Ally bank, although has no physical branches, offers a checking account with no minimum and zero atm fees for use at ANY atm. Oh, and the cost of the account is FREE.

The only downer I found since becoming a member is I cannot deposit cash. In that case, you can take your cash to a grocery store and get it converted to a money order for $.99 if you want the cash deposited into your account.

Kelleigh2
Kelleigh2
8 years ago
Reply to  Brett

ING Direct does the same thing and since they require a brick and morter bank account to prove identity, I can just deposit cash there and transfer it over.

I have to admit I was a little skeptical of Suze’s new product and with all the fees, it doesn’t make much sense to me, but maybe it works for some folks without any other options.

Maximus Aurelius
Maximus Aurelius
8 years ago

Is this even a debate?

Pre-paid cards are a rip-off. Not a question of if, only a question of how egregious the skimming is. Orman is a disgrace for voluntarily associating herself with them. At this point her brand is utterly destroyed.

bareheadedwoman
bareheadedwoman
8 years ago

as opposed to regular banking in banks that routinely practice illegal and un-sound financial practices? (Check the court records, lots of convictions never make it to the papers.)

banks that routinely nickle-and-dime their lowest amount depositors? What’s that other than a gun to the head?…give us all of your money or we’ll just take it?

a credit card is better with their “we can change the terms and interest of this contract at anytime but you can’t” contracts?

Come.On.

Maximus Aurelius
Maximus Aurelius
8 years ago

No you knucklehead. Not as opposed to a regular bank. Or a credit card.

The point of Orman’s card is to catch the “unbanked” i.e. those who aren’t with a regular bank – and then fee away their money slowly but surely, just like the other rip-off pre-paid cards.

Let’s try to compare apples to apples here.

STRONGside
STRONGside
8 years ago

No it does not make sense for me, and I dont think it makes sense for anyone. She rails against paying stupid fees, them inserts them into this card. Someone got a little greedy, and chose money over values!

Dogs or Dollars
Dogs or Dollars
8 years ago
Reply to  STRONGside

Agreed. This seems like a whole lotta hypocrisy on Suze’s part. Even at the ‘lessened’ rate those fees are still ridiculous.

She should be showing the public how to avoid such scams, not giving them another opportunity to have their money needlessly taken.

Its appealing to a new class of people. Not the wanna be blingers, but the saps who THINK they are cleaning up their act with Suze Orman.

Vanessa
Vanessa
8 years ago

I listened to an interview with Suze over the weekend and she said certain fees had to be charged by law.

Maximus Aurelius
Maximus Aurelius
8 years ago
Reply to  Vanessa

Yes, and taxes need to be paid on gambling winnings. So what. If Suze Orman were an anti-gambling advocate, this would be like her opening a casino. But advertising that the house “only” wins 52% of the time, not 54% like other casinos.

I don’t see how anyone can fail to see the brazen hypocrisy here.

Lauren {Adventures in Flip Flops}
Lauren {Adventures in Flip Flops}
8 years ago

I really don’t like this. I live paycheck to paycheck and have lots of scattered jobs, but I STILL use my bank account and my debit card. I don’t allow overdraft on my account (this must be an option by federal law) which means they HAVE to turn me down at the register if I don’t have enough money in my account. I’ve never been in that situation, but knowing that there’s a limit makes me feel better, just in case.

Brenton
Brenton
8 years ago

I was just about to mention this. You are completely correct in that you have to opt-in to allow for overdrafts on your debit card. Although this doesnt change bounced check charges or ACH overdrafts. Although both of those can be avoided using simple arithmetic and being well organized.

bareheadedwoman
bareheadedwoman
8 years ago

May make sense to me as I’m a cash freak. But I do have a citi account (mandatory for a previous employment for which I’ve not found a replacement account–rose by any other name) for some online non-cash services. Otherwise I pay everything in cash, on personal principle among things. But that citi account eats at me; and my no-credit score makes other account acquisition too painful a process. I’m no suze fan per se–I don’t play her sport or on her field–but if it’s a choice between paying her $15 or so a month to take care of a… Read more »

J
J
8 years ago

For what it’s worth, here’s other reasons to have a good credit score: 1) Renting an apartment. My application for an apartment many years ago was turned down for having “no credit.” At the time I was between jobs, so the only means of trust the apartment complex had was my non-existent credit score. I started using my credit card again and paying it off in full at the end of each month. 2) Using an ATM machine for deposits. Because of fraudulent check deposits, my credit union will not accept ATM deposits from those without credit scores or with… Read more »

Sam
Sam
8 years ago
Reply to  J

Agreed, credit scores can also impact ability to get insurance, i.e. car insurance, hazard insurance, etc.

While I don’t think people should take on debt or risky products to obtain a credit score or improve a credit score, most people should be concerned, monitoring and improving their scores for a variety of reasons.

rageon
rageon
8 years ago
Reply to  J

Good points. I was going to ask what it was that the “unbanked” were hoping to raise their credit score for — thinking that the real big ticket item that depends on it (a house) is probably out of realistic reach for anyone in that situation. But I think that’s my answer.

bareheadedwoman
bareheadedwoman
8 years ago
Reply to  rageon

this “unbanked” is only unbanked on principle. I don’t like big banks; I don’t like fiat currency that is being inflated; I don’t like being forced to do something I wouldn’t otherwise do (get credit) in order to function daily in society. If I were eligible for any credit union, I would; but I’m not so I can’t. I am unbanked because I simply refuse to continue to support the illegal and parasitic system that is the american banking system which thinks it can dictate how I live. I “have” to have a credit history to rent a house? Fine,… Read more »

Brad Moore
Brad Moore
8 years ago

“There is something radically wrong here. We are rewarding people for having credit and punishing people who pay in cash. I want to change that paradigm.”

Suze Orman really said that? I wondered if that was valid ’til I followed the link. That’s amazing!!

But it makes sense especially since people spend sometimes TWICE AS MUCH at the grocery story when’s they use plastic instead of cash. Along with that, the average purchase at Mickey D’s SHOT UP from $4.50 to $7 when the began accepting our plastic!

Way to go, Suze!!!

Jessica, The Debt Princess
Jessica, The Debt Princess
8 years ago

Suze should be ashamed of herself. She is banking on the unbankable, the ones who will not read the fine print and study all the fees or how to avoid them.

Let’s face it, no matter what she says a prepaid debit card can not predict credit worthiness. If that happens the loud boom from all the personal finance community falling to the floor will be heard around the world.

Ellen
Ellen
8 years ago

Sarah – I really enjoyed this article. I think you provided a lot of detail and covered both the pros and cons well. Since I’m Canadian, picking one up isn’t an option (even if I wanted it!), but it was very interesting to read.

Paul
Paul
8 years ago

Suze Orman is a marketeer just like any other. Good ol’ CASH doesn’t come with any service charges. Why not advise people to use cash instead of a debit card? Because she can’t profit from that advice, that’s why.

Vanessa
Vanessa
8 years ago
Reply to  Paul

Not all bills can be paid with cash. And it’s not always safe to carry cash in some areas. There are a lot of migrant workers in my area who are paid with cash and are a huge target for theft. For them a card like this would make sense.

cc
cc
8 years ago

i was surprised to see the email land in my inbox- i had to double check to make sure it wasn’t a russian babe sending me more money and pills. it instantly discredited suze orman in my mind- previously i thought she was a little flippant and brazen but generally on the right track. now she’s shilling for us to buy her debit card. needless to say i’ll be skeptical about any advice she puts out now, since she has a serious conflict of interest. @7: ninety dollars a month?? holy cow! what kind of account is that? fwiw, i’m… Read more »

bareheadedwoman
bareheadedwoman
8 years ago
Reply to  cc

since I closed all my savings accounts and moved my assets elsewhere, I get hit with EVERY fee on Citi’s books. It is constantly suggested that if I would just embrace the citi family of offerings, my account would be free…which sounds a whole lot like “if it’s going to happen anyway, you may as well enjoy it.” if citi would cash its own paychecks, or if employment didn’t require a citi account for direct deposit (some deal the company got) or quite possibly if my local citi didn’t hold CASH deposits for 4 days before availability (unless you fill… Read more »

Beth
Beth
8 years ago

I was very disappointed to see the email from Suze re: this card. I watch her faithfully every Saturday night. It felt like a blow to the stomach. She should be ashamed of herself. For the record I’ve read most of her books…from the library.

tjdebtfree
tjdebtfree
8 years ago
Reply to  Beth

Bought a few at the Goodwill or other thrift stores too – DONE paying $$$$ for her books but I will still read stuff for free/cheap

Steve
Steve
8 years ago

Orman is fighting the good fight. It is difficult to live without a credit card and that is flat out wrong. I lived without a credit card for several years. I’ve taken out and paid back large loans early. I haven’t missed bills. As far as the credit agencies are concerned since those loans weren’t recent, I have NO CREDIT HISTORY. I tried getting a discount card for a gas station and got turned down. So, like everyone else, I applied for a credit card yesterday to build a credit history for myself in case I ever do want a… Read more »

Rail
Rail
8 years ago
Reply to  Steve

Been there done that. I vented my spleen a few years ago on this site about credit ratings and how credit cards are tied into them. Its amazing how we have let the money lenders hold the keys to the temple. I too had NO CREDIT HISTORY even though I had paid back three bank loans early and had a checking account since I was 17. At 26 years old I had a Hell of a time getting a Sears card. This is how the modern banking system rewards thrift and monitary discresion, by screwing the frugal to death with… Read more »

Lisa
Lisa
8 years ago
Reply to  Rail

This site(GRS) is now owned by these piranas. The good blogs are all selling out to marketing companies. Marketing companies do what market credit cards & other goods we don’t need to get us in debt. I feel J.D. would have been better off to charge for his site than sell it out for exactly what he was supposedly against.The simple Dollar is also now owned by a marketing company , but a different one. I can’t even get into The simple dollar anymore as my computer security says that there is malware that is tracking on there site &… Read more »

Rosa
Rosa
8 years ago
Reply to  Steve

Me too. I paid of my tiny credit card debt and canceled the account in my early ’20s. A few years later I wanted one for a specific purpose – and couldn’t get one, because my credit record was too small. No student loans, no car loan, no revolving credit debt = low score. Ridiculous.

Vanessa
Vanessa
8 years ago

I’ve had a checking account since I was 17 so sometimes I forget that there are many people who don’t have one or can’t get one. I take for granted how convenient it is to pay a bill by check or these days, online.

I wouldn’t have any use for Suze’s or any other prepaid debit card, but I’m not her target demo anyway. But obviously there’s a need for these types of cards since there’s so many of them out there.

Virginia
Virginia
8 years ago

Good article, you really did your research. I agree with you that this card is probably reasonable for people with really bad credit, but not everybody. Maybe Suze can get the credit Bureaus to change, we will have to see.

Victor
Victor
8 years ago

I do not care if its Suze Orman or Oprah…. a prepaid debit card is good only when someone funds it and give it, then again just give me the cash!

The expense on any prepaid card is too high and if we were to consider the ROI is poor.

frugalportland
frugalportland
8 years ago

Suze’s card makes the same amount of sense as payday loans.

bareheadedwoman
bareheadedwoman
8 years ago
Reply to  frugalportland

do your research. when was the last time you took out a payday loan? her terms are much better. In fact, her card is cheaper than my citibank debit fees simply because citi punishes me for not keeping my savings with them…as if. i am seriously contemplating getting rid of the account for a prepaid card. the only thing I don’t need cash for is an online video game. Any landlord that wants a check, with transfer time, as opposed to CASH on the 1st…well, more power to them. I won’t be renting because I choose, not because I can’t.… Read more »

doug_eike
doug_eike
8 years ago

Excellent research! I suppose it’s impossible to disagree that some people find themselves in binds that make this sort of analysis inevitable. Unfortunately, most good financial planning is exactly that–planning–and to be effective, it needs to be done before reaching a point of desperation. Thanks for the insights!

Mom of five
Mom of five
8 years ago

A couple of months ago I skimmed an article in the WSJ about Walmart’s prepaid Visa. It seems like a much better product than Suze’s card for the target audience. I agree she should be ashamed of herself.

El Nerdo
El Nerdo
8 years ago

So basically this prepaid card is like a checking account with a debit card attached, but with higher fees than the bank. It always crack me up when people talk about “building your credit”. A friend of mine went bankrupt last year and the lawyer told her to get a new credit card right away to start “building her credit.” I told her about the stats for bankruptcy recidivism and suggested she start saving instead of playing with credit cards. When are we (as a society) going to start talking about “building our savings” instead of building “credit”? Because if… Read more »

Bess
Bess
8 years ago
Reply to  El Nerdo

YES I just skimmed that book at the library last week and was horrified. While I find most of her advice to be reasonable, her recommendation to those just out of college to hold out for that “dream job” and use credit to fill in the gaps was insane. I can name several recent grad friends who would be over their heads in debt (not even counting overwhelming student loans) if they had followed this advice for even a few months. Recent grads have NOT been taught how to hunt for jobs effectively and they’ve been told their degree is… Read more »

Michael
Michael
8 years ago
Reply to  El Nerdo

Woo hoo, testify Brutha! 4-5 years ago my (heavily financed) business collapsed. I staved off bankruptcy just long enough to settle on my meager income, and decided “never again.” I have never used or applied for any credit since, paid off all my debts, saved hard, and just bought our first home for cash and moved in last weekend.

I cried that day. It’s mine. No payments. No qualifying. No people saying you won’t pay.

Make it yours.

Adam P
Adam P
8 years ago

I think people are being a little too hard on Suze here. Maybe it’s just my Canadian perspective, but bank fees at all the major brick and morter banks are more than $3/month unless you have a high minimum balance and do not include unlimited transactions. I have to keep $3500 in my account to get free banking at TD Canada Trust (($52.50 a year in interest I’m losing if I had kept it at ING). I guess that is apples to oranges, but $3 a month or $36 a year is not a lot of money for a chequing… Read more »

El Nerdo
El Nerdo
8 years ago
Reply to  Adam P

It’s not the monthly fee, it’s that she nickel-and-dimes you at every transaction whereas the bank doesn’t. Both in my personal and business accounts I pay nothing with certain conditions met– the minimum or monthly average balances need to be around $250 or $500 I think, and the fees would be $5 if that wasn’t the case. The business one is a regular bank and the personal is a credit union. In both I get free bill pay (electronic and e-check), debit cards, deposit by scanner, free cash withdrawals at store checkouts and at their own ATMs… While prepaid card… Read more »

jim
jim
8 years ago
Reply to  Adam P

I have to agree with Adam P on this. I do not see why people are so outraged about a card that has a $3/month fee. I could see the card being useful for someone who has no checking account or credit cards. The free billpay alone could easily pay for itself. When the alternative is spending 50 cents or more on a money order and 44 cents on stamps to mail bills then free bill pay can save you a decent amount when you have a few bills to pay. The vast majority of people are going to do… Read more »

Jim
Jim
8 years ago

Suze Orman is a hypocrite. There. OK, now onto something you can use. Amex has a prepaid card that charges no fees at all, if you stay under one ATM withdrawal a month. They even had a promo when I got it, they gave ME $25 to open a new debit card and put $25 on it. So there are good deals on prepaid debit cards. Next. Now, are they a good idea is a better discussion. Lets be realist – you cannot compare them with credit in the present, that is a faulty assumption. They can only be compared… Read more »

Ben Johnson
Ben Johnson
8 years ago

Don’t buy any old beater car to save money. Buy a safe old beater to save money.

Car accident injuries are one of the larges and easiest to mitigate risks we have control over. Your bank account means nothing if you’re dead.

bareheadedwoman
bareheadedwoman
8 years ago
Reply to  Ben Johnson

yeah, but according to most of the responders here, if you have no bank account, you mean nothing…

so its a lose lose situation.

tboofy
tboofy
8 years ago

I’ve seen prepaid Visas and Mastercards at Walmart and Target. Why can’t you just put out the $6 fee and buy a $200 credit card and use it till it’s gone? I don’t understand why you’d need a prepaid debit card.

Jane
Jane
8 years ago

Never thought I would see this card on this site. It is a major rip off.

Disappointing to say the least! Advertising a terrible product!

Bill Swan
Bill Swan
8 years ago

The one problem I found out, from the bill collectors no less, is that when you pay on time or pay off early you risk them pumping up your interest rate or cutting you off. The reason, you’re not enough of a risk for them to earn money from.

Kris
Kris
8 years ago

I think this is really sad, honestly. I’ve always seen Suze as someone who, while completely bonkers sometimes, always had good intentions. I like watching the “Can you afford it?” segments of her shows (like everyone, I suppose. Voyeurs we all are!). But I can’t help feeling like she’s capitalizing on that feeling of goodwill most people have toward her to create such a…self-serving product. Bummed Suze, really bummed. Also really bummed to read the twitter feeds and see her bash PF bloggers. Made my view of her go way down.

Pat S
Pat S
8 years ago

First comment got it right… the fees that this card charges are ludicrous. Its embarrassing that Suze would sign her face to this product. But hey, that’s America… Everyone is willing to shill for dollars.

Michael in Missouri
Michael in Missouri
8 years ago

This is one of the best things I’ve ever read on GRS in a while. Very clarifying.

imelda
imelda
8 years ago

Thanks for this analysis. When I first heard Suze’s announcement, I assumed she was selling out, and was appalled.

This article makes me think differently, especially as regards the deal with TransUnion. Maybe she is trying to do something good after all?

(sorry if this is a duplicate comment – I *think* the site ate my first one)

Jaime
Jaime
8 years ago

When I was in my mid-twenties I had a $350 in overdraft fees at the bank. I got reported to Chexsystems, its a system that banks use to report bad customers. You stay on it for 5 years and then you’re removed. I paid back my overdraft fees, I’m happy to say. Anyway I learned from it and moved on with my life. I left that bank and went to bank of america. I recently left BOA for a credit union and USAA bank. I left BOA because while I had a great relationship with BOA, I didn’t want to… Read more »

Budgie
Budgie
8 years ago

I must say, I was very surprised when I found out that Suze was endorsing this type of product. Really disappointed. I think she’s tarnishing her reputation.

Pete
Pete
8 years ago

I’m in New Zealand so the situation is probably a little different here. Air New Zealand just changed their airpoints program to a prepaid Mastercard – you can use it to buy foreign currency for an overseas trip as well as keep NZ dollars on it for domestic purchases. There’s a flat fee of $1 to load currency on it and the airline will be making money from foreign exchange, but no more than a bank or bureau de change. I really like it because I can lock in currency rates to save for a holiday or even buy things… Read more »

Kris @ Debt-Tips
Kris @ Debt-Tips
8 years ago

Does it make sense for anyone to get products like this from a financial planner?

Jaime
Jaime
8 years ago

Not it doesn’t. She’s just trying to make more money. That’s all. Its better to go to a credit union or bank and ask for a second chance banking account.

Or speak to the manager at a local credit union about how you’ve managed to turn around your finances.

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