Many of us may be familiar with the popular Suze Orman, a talk show
host who gives financial advice to her viewers on the show. She tends to
focus on spending less than you earn, and occasionally she endorsed a
particular loan provider or brokerage firm. But now for the first time
ever Suze Orman is releasing her own debit card, which will be called
the Approved Card.
The Approved Card is not quite the same
as a debit card but is close. It functions like a debit card but is not
attached to any checking account. Instead users prepay to load the card
up with funds. This is similar to Walmarts branch out into the
financial world, which they call the MoneyCard. Target customers for the
Approved Card and the MoneyCard are people who have been hit with
credit difficulties or who have had problems maintaining their credit so
that banks are not willing to provide them with checking accounts. The
cards also can target people who are fresh out of college or just
starting in life who will have little to no credit history.
most financial services that get offered to people who have bad credit
many people often first ask, whats the catch? But the goal with Suze
Ormans new card is to provide something for her loyal fans with little
to no catch involved. The goal here is to broaden the debit card
market, which means offering the card with low fees and new services.
The new card may even offer customers access to their credit report as
part of the service. Ms. Orman has already invested over a million
dollars of her own personal funds into the project, and she is expecting
to funnel in even more.
I couldnt be more proud of this card if
I tried, she said. And it doesnt really matter what I say. It
matters what happens when somebody uses this baby.
question how Ms. Orman can afford to launch such an expensive project
and still have a return on her investment. With such low fees and
excellent services it may seem impossible for the card to make any
money. But some experts believe that what the card doesnt make in high
fees it will make in volume. With the changing landscape of American
finance over the past year, many customers who have previously been fed
up with new fees and account balance minimums from regular banks are
looking for alternatives. This new Approved Card can tap into that
market by providing the alternative of the prepaid card to fed up
In the past, prepaid cards have typically been marketed
to teens or to others who have difficulty getting cards to make online
purchases. But now with the new market of customers looking for ways to
stop supporting big banks many financial companies may start trying to
go the prepaid card route.
Time will only tell if this ambitious new venture be a success for Ms. Orman, or if she will have really overestimated the market for this new financial venue. But whatever the outcome may be financially it will still likely
increase popularity of Ms. Ormans show, so either way she will
gain something from her production of the card.
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