Approved Card Offers Convenient Fees to Use Your Money
Financial advice celebrity Suze Orman has a new product to offer those people who regularly seek her advice. It’s a prepaid debit card, offered by MasterCard. Individuals using this “Approved Card” simply deposit money into an account linked with the card (but separate from banks) and can then spend that money as they please. For this convenience, they pay only a small monthly fee of $3.00. The card will even issue checks from their accounts for just $1.00 per check. And they can use the card at an ATM, for just $2.00 card fees, plus additional ATM fees. What if they need customer service? Don’t worry – card holders get one free call per month (additional calls cost $2.00 each).
What benefits does Ms. Orman think this card offers? First, according to the website, “There’s one thing absolutely NO OTHER CARD can give you—Suze Orman!”. That’s right, the card is advertised by a women who has your best interests at heart (just as long as they align closely with her best interests). Second, you can’t spend money that you don’t have. Because the card is prepaid, it won’t work if there isn’t enough money in your account. Third, the card separates you from the banking system, though you can deposit money on the card directly from, you guessed it, a bank account.
You know the real problem that this card solves? Ms. Orman isn’t making enough money. Think about it. She is supposed to be an expert at financial management, yet all her money comes from her supposed expertise. If she didn’t release this card, then her whole empire could come crumbling down. Imagine if Ms. Orman wasn’t making a lot of money! It sure would raise questions about her financial advice. After all, her education is in social work and her main work experience (prior to becoming a celebrity) was following a set script as a financial advisor (read: robot) for Merrill Lynch.
Will this card be successful? Who knows. Ms. Orman has powerful friends and as noted by the New York Times today, Oprah’s O magazine was kind enough to let Ms. Orman run content-advertizing not once, but twice in the most recent issue. With that kind of marketing, who knows how many people will fall for Ms. Orman’s trap. But to the buyer – when someone starts telling you about the fees you will pay to use your own money, it’s time to dump that service. Caveat emptor… and caveat emptor Ormana.
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