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butterflywings

Suze Orman to offer her own Prepaid Debit Card

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Funny , I am so glad I am out of the stage for needing a Pre paid debt card........ :rolleyes:

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So she has persuaded TransUnion to collect spending data from Approved card customers. Perhaps it will look at other companies' data too. And in a few years, it will see whether there is any proof that prepaid debit users deserve recognition for good behavior.

 

Until then, this is mere vaporware. The data may prove meaningless, and even if there are patterns, TransUnion probably would not give people more than a handful of points' worth of credit on their scores.

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If you spent all the money on it, and then didn't load enough for the $3 monthly fee, I guess you would get delinquencies eventuating in a charge off?

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She's turned from a decent source of information to a financial empire maximizing profits for her bank account.

 

 

I watch her fairly regularly (if for no other reason than there is NOTHING on TV on Sat night...), and she is still a decent source of info, but unfortunately too many people take her word on everything as gospel and don't realize that she can only give generic advice and they should not be applying it to their situation without thought. She has to dumb done a lot of her messages for masses, and most of us here are smarter than that. Her general messages like having an 8 month emergency fund, pay your CCs off in full every month, fully fund a Roth IRA, etc. are more often than not solid pieces of financial advice...which is far superior to the drivel that DR spews...

 

That being said, I have never read one of her books nor used any of her online products, so I don't know if they are a good value or not...

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i dont get how these make money. who would want something like this.

Merchant fees (transaction stuff when you use the card), and then the fee schedule they have for cash withdrawals, expedited payments, talking to a person, etc.

 

A million of these (just one million...less than 1% of the U.S. population) in use daily could pull down an easy $100k/day in just transactional fees. Add in reload fees, etc and it gets lucrative quickly.

 

The catch is getting a million of them to be consistently used.

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yes i understand how they "can" make money but I dont see why so many would want to waste their time with some silly prepaid card.

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:dntknw: I watched her on CNN tonight and I got to thinking she should just shut up because this is not going to make a lending institution give you a home loan or a LOC. I don't agree with her cause not everyone uses TU.

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How long until we have the "Dave Ramsey Anti-Card," that zaps/deactivates the magnetic strips on all credit cards in a 10 mile radius? :)

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i dont get how these make money. who would want something like this.

Merchant fees (transaction stuff when you use the card), and then the fee schedule they have for cash withdrawals, expedited payments, talking to a person, etc.

 

A million of these (just one million...less than 1% of the U.S. population) in use daily could pull down an easy $100k/day in just transactional fees. Add in reload fees, etc and it gets lucrative quickly.

 

The catch is getting a million of them to be consistently used.

 

WOW!, Can anyone start their old prepaid card and make that amount of money? I sure could use the money to pay my house, my credit cards off.

 

 

yes i understand how they "can" make money but I don't see why so many would want to waste their time with some silly prepaid card.

 

People that can't get bank accounts and don't want to deal with overseas bank accounts.

 

People that don't like banks but need something to use online or in person instead of cash

 

People that want to use a Prepaid card for recurring charges who don't want to use the debit or credit card.

 

I still think Western Union Prepaid card even with the $25 fee for cash back from a teller is good.

 

For Federal Social Security & Veterans benefits, I would recommend the Social Security direct express debit card. All fees can be avoided if done correctly. You can also get cash back to the penny at the teller. No fee is charged for that. Plus this card can not be garnished.

Edited by groze

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it's not really a prepaid card at all - that's a misrepresentation, because most folks think that it's like a prepaid gift or visa card

 

where no bank account is required.

 

this card requires an bank account - it's essentially a checking account with out the checks.

 

and it's fee harvesting - don't use it right, and you could have 50 / 60 dollars a month in fees.

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