Suze Orman is launching her own prepaid debit card in cooperation with MasterCard. The debit card operates like every other pre-paid debit card. You deposit money on the card and use it for transactions as you would a debit or credit card.
The only real issue here is the card will not help boost or build your credit score unlike a secured credit card that reports to the credit bureaus.
On face value this is just another apple in an otherwise full basket of apples. If there was one redeeming attractive issue about the card it would be the low fees.
At launch the card will cost $3 to have and charge $2 to take money out of an ATM, but that’s waived if it is within 30 days of a direct deposit on the card. Of course if you us an ATM that charges a fee then that bank will still hit your card for that fee.
The Bancorp Bank is the underlying issuer of the card and they are an FDIC member so your deposits will be protected from a bank failure.
The underlying card administrators are Red Wage and TxVia. – Source
The hook with this card is the offer for users to have unlimited access to their TransUnion credit reports, not including credit scores. Users also get free credit monitoring and identity theft protection from TrustedID.
Card holder data may be anonymously shared with TransUnion.
When you agree to be a part of The Credit Project, we will anonymously share Approved Card transaction information with TransUnion so that they may help us understand whether including this data in your credit report would impact your access to credit products. This data will not appear on your TransUnion credit report at this time. You should also be aware that the transaction data to be shared is not identified to you or other cardholders, and that this process will take 18 to 24 months. – Source
How Does This Card Stack Up?
The best way to see if this card is a ripoff or a scam for you is to compare it to other similar prepaid debit cards on the market.
You can view some of the available cards below.