Tag Archives: Prepaid

Attention parents: Personal finance guru Suze Orman is promoting a new product that could help teenagers ease into the treacherous world of plastic.

The author and television commentator calls her credit card alternative the Approved Card.

It’s actually a prepaid card, which is similar to a debit card, except you don’t need a bank account or a spotless credit record.

Prepaid cards in general are simple to use: You can load money onto them and add cash when you’re running low. You can also make ATM withdrawals and deposits. But these cards typically come with high fees.

Orman is the latest celebrity to endorse and market a prepaid card. “Start your kids on the right track,” touts Orman in her promotional materials. “Teach them to handle money responsibly.”

To that extent, her product is way better than, say, the Kardashian sisters’ prepaid plastic, which was quickly pulled last year after public outcry over its fees.

The Approved Card has some appealing features for teens and college students. It has lower fees than many prepaid cards — as long as you use the card as Orman rightfully recommends.

The card comes with free identity theft protection and gives the cardholder free credit reports and scores for a year from TransUnion, one of the three main credit reporting organizations.

The Approved Card allows users to…………… continues on Richmond Times Dispatch