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The Truth Behind Suze Orman's New Debit Card
Featured on msnbc.com

Financial advisor Suze Orman has created a new prepaid debit card and she wants you - and everyone else - to buy it. The Approved Prepaid MasterCard is promoted as "better than cash" and "safer than cash."

Like other prepaid cards, you can't go into debt because you can only spend the money that's loaded on the card.

In an email to msnbc.com Orman says, "I decided to create The Approved card after I heard from so many people who were being taken advantage of by the tricks and traps of the banking industry. I want to help people who need a low-cost alternative to what's out there, and who want to manage their money responsibly."

The Approved card sells for $3 and there's a $3 monthly fee (waived for the first month).

The card comes with a lot of free perks, including: unlimited access to your credit report and credit scores from TransUnion (one of the three big credit reporting agencies), credit monitoring and identity theft protection.

You also get unlimited free use of Allpoint ATMs across the country each month, if you make a direct deposit or bank transfer to the card of $20 or more. Allpoint ATMs are in major retailers, like Costco, Target, Walgreens, Kroger and 7-Eleven.

But there are various fees that can run up the bill, including:

$1 for pay by check
$2 per paper statement
$2 per over-the counter cash withdrawal
$2 per call to talk to a live customer service agent (after one free call per month)
$3 card replacement fee

Consumer Reports had its financial services experts review the terms and conditions of the card and found that the fees are in line with the better cards in the marketplace.

"But there are still fees to watch out for and it may not be as good of a deal for the consumer who doesn't have the option of direct deposits," says Suzanne Martindale, a staff attorney with Consumers Union. "It remains to be seen how useful it will be to the consumer."

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