The Approved Card is created by Suze Orman, a popular TV personality on CNBC. The idea behind the Approved prepaid card is to give you a safer alternative to carrying cash. And a cheaper alternative to increasing fees from banks.
This is a prepaid debit MasterCard, and not a credit card. Therefore you will not be able to go into debt, however you will also not be able to use your credit card to build credit. The Approved prepaid card will be accepted for purchases at retail locations, online, and over the phone. You can also use this prepaid card, to pay your bills.
Safer Than Carrying Cash
Your Approved Card is covered under a $0 MasterCard Liability Policy. This means if your card is ever lost or stolen you can report it. And you will not be held responsible for any unauthorized charges. Your money is also FDIC insured. The Bancorp Bank a member of the FDIC, is the bank behind the Suze Orman Approved Card.
How Much Does The Approved Card Cost?
There is a $3 purchase fee to buy the prepaid Approved MasterCard. Additionally there is a $3 monthly maintenance fee, however the first month is free, if you use direct deposit. You will get free ATM access to over 35,000 (All Point network) ATM’s located all over the nation.
If you don’t use direct deposit, then you will be charged $2 per transaction to use an ATM. There are some other additional fees including a “live agent customer service fee.” You’re provided one customer service call per calendar month, at no charge, then you are charged $2 per call after that!
One other fee that catches our attention is a $1 bill payment-paper check fee. If you use the electronic bill payment option there is no charge. But if instead you choose a paper check your charged $1 per bill. In other words, you are charged $1 every time you send a paper check.
How To Deposit Money On Your Approved Card
Because this is a MasterCard prepaid debit card, you must first deposit money on your account. Then you can use your card for purchases.
You can deposit money 3 different ways:
1. Direct deposit
2. Bank account transfer
3. Depositing cash at a retail location
You will never be charged any interest fees, overdraft fees, or check-cashing fees with the Approved prepaid card. There is no credit check and you can use your card to pay bills. You can use your Approved Card over the phone to pay a bill or you can pay a bill using the online bill pay system.
We strongly encourage you to use the electronic bill payment option, instead of having a paper check sent. If you choose to have a paper check sent, you will be charged $1, but if you use electronic bill pay you are charged nothing.
Keeping Track of Your Money
You can sign up for text message alerts. And you get free online account access. You can sign up to get your account balance by text on a daily basis. And if you want you can even get every transaction sent to you, by text message.
What Suze Orman Says About The Approved Card
In a promotional video on the Approved Card website Suze Orman says she created the Approved Prepaid MasterCard as “a place to bring your money home.” She further goes on to say in the same video “she has your best interest at heart.” Suze Orman is a very intelligent and popular woman.
However it is difficult to see how charging customers $2 to speak to a customer service agent is really in your best interest, in our humble opinion. Please take a moment and double check the fine print before you apply. This is not a bad prepaid card however it may be worth comparing the fees to some other prepaid credit cards.
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