Internationally acclaimed personal finance expert, Suze Orman swears by cash. The money guru constantly encourages viewers of her CNBC show to stop using credit cards and start using cash in order to stay out of debt.
Well, now the money honey is advocating something she calls, “better than cash.”
Orman recently created a new prepaid debit card, and she wants the whole world to get one. It’s dubbed the Approved Prepaid MasterCard, and according to Orman it could mean added security for people who are trying to get their financial lives in order.
“I heard from so many people who were being taken advantage of by the tricks and traps of the banking industry,” Orman told MSNBC. “I want to help people who need a low-cost alternative to what’s out there, and who want to manage their money responsibly.”
Orman is quick to point out that you can’t go into debt using her new card because you can only spend the money that’s loaded on it. What’s more, you can get an Approved card by shelling out just $3. There is also a $3 monthly fee to use the card, but it’s waived for the first month.
However, there are various other fees that are not waived, including:
*$2 for a paper statement
*$2 per over-the-counter cash withdrawal
*$2 each time you talk to a live customer service agent (after one free call per month)
*$3 card replacement fee
Still, the card comes with certain perks that other prepaid cards don’t, such as unlimited access to your credit report and credit scores, credit monitoring and identity theft protection. In addition, you also get free, unlimited use of Allpoint ATMs across the country (they’re in retailers like Walgreens, Costco, Target and 7-Eleven), if you make a direct deposit or transfer $20 or more to the card each month.