Suze Orman, WTF?!
I just found out about the Suze Orman prepaid debit card this morning (Wed 1/11/12) from reading some of my fellow bloggers and just couldn’t contain myself so I had to write this rant. Maybe I am jumping on a bandwagon and trying to get some mileage out of a trending topic. Maybe you have already heard about it or maybe not, but Money Cone does a nice job of reviewing the features of her Approved Card if you need to brush up on some details.
On the other hand, Philip Taylor at PT Money offers up a commentary on the card along with some interesting twitter banter. Finally, Andrea at So Over Debt, who despises Suze, offers a rant of her own in a way that only a 20-something could. Gotta love that younger generation!
Well, I don’t know that I need to add my 2 cents since the title says it all, but I have to wonder where Suze has been over the past six months!
Does Netflix ring a bell? How about Bank of America and debit card fees? Heck, even the Kardashians were smart enough to recognize that high fees on a debit card were a non-starter (never thought I would use Kardashian and smart in the same sentence). Even though a debit card fee of $3 is nowhere near the fees the famous sisters were going to charge, it is still more than what many would pay at any bank or credit union. So why bother?
I can only surmise that the idea of profits is clouding the judgement of someone in the Suze camp if not Suze herself.
If I Ever Deviate, Call Me Out
Just so we are clear: I am blogging on personal financial topics because I truly enjoy it and want to record my thoughts in real time. I am creating an online diary with some instructions so that my kids and anyone else might benefit from. Learn from my mistakes. See the struggles that I am going through.
I am also using the process to help keep me accountable. I want to improve my financial position and pay off debt. I certainly don’t mind getting a little bit of extra money on the side from blogging either, so you will see ads on this site. Ignore them if you want. I am using the money for paying off debt and giving some away! And if I ever get a really kick-butt offer for the site (say a cool million or two), I will sell! Just so you know up front.
My goal is to just be upfront, honest, and consistent as possible. I expect you to be the same way and respond to me accordingly. I have changed my position before and will do so again provided the argument is sound. I am just not sure that Suze Orman is doing justice to her message with this debit card. That’s all I’m saying.
BTW, I am on a golf trip in South Carolina next week. I will try to post on MWF and answer comments daily as always, but may be a little slow.
I am sure you have some comments about the whole topic, so let’s hear ‘em.
PS–In case you are wondering, my kids tell me that in texting vernacular, WTF stands for “Why the Fees?”
WTF is Why The Fees? WTF! Very nicely done CFM!
Makes me wonder, are there no honest financial gurus any more? I sincerely hope no one falls for this card. Preying on the most vulnerable is deplorable.
Moneycone recently posted..Suze Orman’s Approved Prepaid Card – Bad Wine In New Bottle
Thanks. I try to keep a family friendly atmosphere here.
I can imagine that once you become a multi-millionaire, it is hard to remember what it was truly like. That is why Congress has a difficult time making laws for us common folk.
Haha “Why the Fees?” That’s great!!
Honestly, I would think Suze makes enough money already that she doesn’t need to get into creating and endorsing crappy products like this one. It’s disappointing that she appears to just be cashing in here.
Jeffrey recently posted..Five Reasons to Give Up Goal Setting
I would think that she is making enough also. It does have lower fees than others, but I would have thought that she would have learned from others’ mistakes. Poor launch in my opinion.
Why the fees? Man, my kids had it all wrong. They told me it stood for WaTerFall.
Oh well. Shame on Suze. I’m surprised that she would endorse such a product.
Felicia recently posted..What’s Up with the Amazon Traffic?
I like that one as well. Let’s see how long the product lasts. I am thinking less than a year.
Yeah, Kardashian and smart don’t go hand in hand except for something like “smart athletes and rappers will stay away from Kim Kardashian if they know what’s good for them”
Eric J. Nisall – DollarVersity recently posted..Suze Orman Teaches You How NOT To Handle Criticism
Yes, another true statement.
What an honest, heartfelt article on the whole situation. I myself was stunned when I came back from the Atlanta FINCON12 meeting to see the entire exchange in my twitter feed. I was very offended by her reaction, and quite honestly, I think she has done a big disservice to those she purports to help. Just my 2 cents! Always enjoy your articles:)
Monica recently posted..New Car vs Used Car: Should I Buy a New or Used Car?
I agree. Thanks for reading and enjoying what I write. I am honored.
Heh heh, why the fee indeed. She stirred up quite the hornet’s nest with her thoughtless comments and crappy product.
retirebyforty recently posted..Improving Retire By 40 To Increase Online Income
The hornet’s nest is still buzzing.
I think sometimes people (famous or arrogant) become insulated and think they know better. In this social media or media in general (internet too), you cannot get away with it. Her debit card may have lower fees, but that is not good enough.
krantcents recently posted..Friday Night Links: ABC’s of Success
You hit the nail on the head. The bar is much higher in this day and age.
Could it be because her market share is shrinking due to the increasing power and reach of PF bloggers?
I call it a desperation move.
101 Centavos recently posted..How NOT to Invest in Water
I used to like her but she thinks she is above everything and knows it all. Come on Suzy WTF… And I mean Why The Fees?
Just seems like a poorly thought out situation.
Thanks!
I think Suze left her values at home! Strength of character or lack of it comes out in various ways. In this situation, lack of values came out. Using my own values about fees, I could not back a card that has fees for use of any kind. in the interest of full disclosure, I do pay a membership fee for an airline credit card. It is a flat fee and I get more in frequent flier miles than the fee.
krantcents recently posted..How Students with NO Credit History, Can Begin to Build a Financial Record
I also pay a few annual fees for lines of credit. I even pay a $3 monthly fee for a business checking account since I do like to keep personal banking and business banking at totally separate banks. But I am certainly not selling anything and would advocate trying to minimize the fees that everyone pays.
Love the WTF! She was touting it on MSNBC this morning and the whole thing just seemed F’d up (that F didn’t stand for fees). She seemed very desperate, and her whole shtick was a little repulsive. I share Andrea’s righteous indignation!
My University Money recently posted..Using Your Student Card To Get Discounts
Missed the MSNBC plug. Would be curious to see what it looked like. May have to search it.
For me, I don’t think the fees are the most concerning part of the card, it’s that she’s pretending that the card will lower your credit score. As PT Money pointed out, there is no way that TransUnion is ever going to let pre-paid debit cards influence FICO scores, nor would it be a smart business decision to do so. Why market it as a credit score enhancing instrument?
Wayne @ Young Family Finance recently posted..Retirement Planning for Young Families
Not sure what the experiment with TransUnion is about. Curious as to what they might do with that information.