After
reading the
blogsphere for consumer reactions to this card I am seeing a lot of mixed reviews. For starters, this card is not for everyone and seems to resemble the Rush Card that Russell Simmons created. However,
The Approved Card from Suze Orman is a bold move to revolutionize the way credit works in America and puts people first, which is one of her founding financial principles. Suze hopes that this card will lead to shifting the credit paradigm and not punish people that don't have credit, but have responsible spending habits.
If you have been keeping abreast with her recent books and her new
Money Class on the Oprah Winfrey Network (OWN), then you are aware that the middle class is nonexistent. You are either wealthy or not, and Suze wants this card to help people get out of their financial ditches. This is the first prepaid debit card that will report consumer spending habits to TransUnion in an attempt to have debit card purchases included in credit repots and eventually included in the calculation of your credit scores.
I see her vision and like that she is trying to change the credit system. However, establishing credit requires the use of credit cards so this process of incorporating debit transactions into credit reports may take years to develop and I'm not sure how this will help those that need credit in the short term. Also, there is a monthly fee of $3, most likely to cover the cost of the free access to credit scores/reports. The card will serve as a great tool for people to re-learn how to manage money and to distance themselves from plastic money and spend only what they have.
What are your thoughts? Are you going to get a card??
