Suze Orman’s Prepaid Card Is Being Discontinued

What's Hot


The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

How a Mexican Tariff Will Boost the Cost of 6 Common PurchasesFamily

This Free Software Brings Old Laptops Back to LifeMore

How to Protect Yourself From the ‘Can You Hear Me?’ Phone ScamFamily

Report: Walmart to Begin Selling CarsCars

Where to Sell Your Stuff for Top DollarAround The House

Is Your TV Tracking You? Here’s How to Tell — and Prevent ItAround The House

11 Staging Tips to Help You Get Top Dollar When Selling Your HomeAround The House

21 Restaurants Offering Free Food Right NowSaving Money

20 Simple Hacks to Make Your Stuff Last LongerAround The House

4 Car Insurers That Might Raise Rates Even When the Accident Wasn’t Your FaultCars

How to Invest If Trump Kills the ‘Fiduciary Rule’Grow

12 Surprising Ways to Wreck Your Credit ScoreBorrow

8 Tuition-Free U.S. CollegesCollege

These Are the 25 Best Jobs in the U.S.Jobs & Work

9 Secret Ways to Use Toothpaste That Will Make You SmileAround The House

The 2 Types of Music That Most Improve Dog BehaviorFamily

Users of the Approved Card are being urged to spend their remaining money on the plastic before July 1.

Just 2½ years after it was introduced, celebrity personal finance adviser Suze Orman’s prepaid debit card is being retired.

The Approved Card, which has a monthly $3 account maintenance fee, was marketed toward budget-challenged consumers. Orman said she hoped her card would eventually help people build credit — something that prepaid cards do not do today. According to The Huffington Post:

One of her big initial goals when she launched the card was to have cardholder spending activity reported to TransUnion, one of the three major credit bureaus. … However, Orman’s ultimate dream of credit bureaus factoring prepaid card activity into consumers’ credit scores has never materialized.

A number of prepaid cards have had celebrity endorsers. Remember the short-lived Kardashian card? Some had ridiculously high fees, but Orman’s was more consumer-friendly. It will be discontinued on July 1, the day after Magic Johnson’s prepaid card dies.

Neither Orman nor Johnson have said why their cards are being discontinued, Consumerist said.

Bancorp Bank, Orman’s partner on the venture, is encouraging card customers to spend the money they still have on the card before July 1. All remaining funds will by returned via check to customers.

What do you think of celebrities hawking prepaid debit cards? Share your comments below or on our Facebook page.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 10 Best Places to Retire in 2017

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,871 more deals!