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Financial guru Suze Orman has devised a new way for you to spend your money without getting into debt! Actually, it’s not as fun as it sounds, as Orman, who espouses financial asceticism and personal responsibility, has come out with her pre-loaded “Approved” debit card, according to a release.
Unlike most bank credit cards that draw from a checking account, the Approved requires users to pre-load the card with money specifically for the card, so it’s not drawing from anywhere else.
“The Approved Card™”is a prepaid card that puts PEOPLE FIRST once and for all. And, a promise of unrivaled benefits, innovation and value with no hidden fees,” according to Orman’s endorsement of the product. “The Approved Card will connect you with your money in a way no other card does. I am not just endorsing it; I CREATED it from the ground up.”
The Approved card will offer unlimited access to credit reports, as Orman is a huge advocate of individuals being up on the details of credit status. She has also poured more than $1 million of her own money into the endeavor and is prepared to pay more to help get the product off the ground, according to the New York Times.
As the NYT reports, “major credit bureaus generally do not use debit card spending data to determine whether someone is qualified for loans.”
“There is something radically wrong here,” Orman told the NYT. “We are rewarding people for having credit and punishing people who pay in cash. I want to change that paradigm.”
Features of the Approved Card feature a “low monthly fee of $3,” freeuse of over 35,000 Allpoint®ATMs nationwide when you enroll in Direct Deposit, freeTransUnion®credit report and score with UNLIMITED updates, free Online Bill Pay and more.
Sadly, the card does not come with out lesbian Orman’s face emblazoned on it.
Click here for the full run down on the Approved Card.
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Tracy E. Gilchrist is the VP, Executive Producer of Entertainment for the Advocate Channel. A media veteran, she writes about the intersections of LGBTQ+ equality and pop culture. Previously, she was the editor-in-chief of The Advocate and the first feminism editor for the 55-year-old brand. In 2017, she launched the company's first podcast, The Advocates. She is an experienced broadcast interviewer, panel moderator, and public speaker who has delivered her talk, "Pandora's Box to Pose: Game-changing Visibility in Film and TV," at universities throughout the country.
Tracy E. Gilchrist is the VP, Executive Producer of Entertainment for the Advocate Channel. A media veteran, she writes about the intersections of LGBTQ+ equality and pop culture. Previously, she was the editor-in-chief of The Advocate and the first feminism editor for the 55-year-old brand. In 2017, she launched the company's first podcast, The Advocates. She is an experienced broadcast interviewer, panel moderator, and public speaker who has delivered her talk, "Pandora's Box to Pose: Game-changing Visibility in Film and TV," at universities throughout the country.
