If you're one of those people who can't own a credit card without racking up some serious debt, then consider The Approved Card from Suze Orman. Orman, a financial guru and host of The Suze Orman Show on CNBC, has launched The Approve Card to help people stay out of debt.
The Approve Card operates like a typical debit credit card but the difference is that it's prepaid, meaning you have to load money on it yourself in order to use it. Orman has pointed out several features of the card on her dedicated website. Along with access to your 'Approved Card Dashboard,' where you can track your purchases, you will get free, unlimited updates on your credit report and score from TransUnion. Further, The Approved Card comes with free identity theft protection, free text and online tools to track your purchases as well as zero overdraft fees.
Financial Advisor Credit Cards
Suze Orman's The Approved Card Helps You Stay Out of Debt
Trend Themes
1. Prepaid Credit Cards - The rise of prepaid credit cards offers opportunities for financial institutions to reach consumers who need options to control their spending while avoiding additional debt.
2. Free Credit Monitoring and Identity Theft Protection - Combining credit monitoring and identity theft protection into prepaid credit cards presents a growth opportunity for financial institutions to attract customers looking for these features.
3. Personalized Finance Management - The development of personalized finance management tools that integrate with prepaid credit cards could revolutionize the banking industry by providing users with greater control over their finances while incorporating education on financial literacy and responsibility.
Industry Implications
1. Banking - Financial institutions can capitalize on prepaid credit cards with features like credit monitoring, identity theft protection, and personalized finance management to attract customers and generate new revenue streams.
2. Credit Reporting - Credit reporting companies could partner with financial institutions to provide free and unlimited credit report updates as a feature of prepaid credit cards.
3. Fintech - Fintech companies could develop prepaid credit cards with integrated finance management tools to give customers greater control over their finances while incorporating education on financial literacy and responsibility.