While some have been able to use credit cards in a responsible way, many consumers have found themselves deep in debt and difficult to pay back the balances. It’s for this reason that some financial expert have touted prepaid debit cards.
In a recent development, Suze Orman, who hosts a popular show on CNBC, is lending her name to a prepaid card, which has a $3 sign up fee as well as a $3 a monthly rate. The prepaid MasterCard is one of many that has been on the market in recent months.
“Will I put other cards down? Yes, if it’s a credit card,” Orman said in an interview with The Huffington Post. “Like an alcoholic who doesn’t want liquor in their house, people don’t want a credit card in their wallet.” She added that a “prepaid card currently does not impact your credit score.”
There have been other celebrity-backed cards springing up as of late, with mixed results. In 2010, the Kardashians, who first became famous after their father defended O.J. Simpson and later starred in a reality show, launched a prepaid card that allegedly ripped off customers.Back To Blog