Our first reaction to the announcement that Suze Orman and MasterCard® had created a new credit card was definitely cynical. We thought “Here’s another example of a well-known personal finance expert, who supposedly is all about helping people get out of debt and increase their financial standings, taking advantage of devoted followers just to add to her own coffers.”

After investigating The Approved Card® by Suze Orman, we had to admit my initial reaction was wrong. The Approved Card is not a credit card at all, but is a prepaid card that works wherever debit MasterCard is accepted. That means people who enroll for The Approved Card cannot create more debt simply through its use as you can only spend the amount of money the card is loaded with.

There are several options on loading the approved card. First, the card allows the consumer to set up direct deposit to load the card. The service is free. An added benefit is that with every direct deposit, the consumer gets 30 days of free ATM services at over 35,000 AllPoint ATM’s throughout the US. Second, you can load the card by transferring funds from a bank, and again the service is free and earns the cardholder the same free ATM services. Third, although the benefits of either direct deposit or bank transfer don’t apply, a cardholder can add cash through any MoneyGram Express Payment or Western Union location.

After learning that Orman’s Approved Card wasn’t a credit card, our initial cynicism was toned down, but after researching the fees associated with the card, we actually began to be impressed by the structure of the program (Yes, actually a program that Orman is calling “People First”) of which the card is part. Rather than some complicated fee structure or percentage of transaction amount, the card carries with it a flat fee of $3.00 per card issued and a $3.00 a month fee regardless of the number of transactions – or the number of cards in use. With one direct deposit or balance transfer from your bank, you can avoid any withdrawal, balance inquiry, or even withdrawal declined fees at approved ATMs. It’s about the simplest, straightforward, affordable fee structure you could ask for.

From here, Orman’s Approved Card just seems to get better. There’s a text tool that the consumer can configure to send balance, transaction, and deposit information to his or her cell phone. The same information can be sent to your email. Orman has set up what she calls “The Approved Dashboard,” which, besides displaying loads, expenditures and balances, allows the consumer to easily track spending trends, upcoming bills, and the like. Also, Approved Card holders will have access to periodic emails and/or videos with financial advice from Orman.

There’s an option of adding up to 3 additional cards to the Approved Card account. This makes a convenient way to get money to a child away at college or to teach children older than 13 how to use money responsibly. The account allows you to load money to the additional cards. The same text message or email notification of transactions is available for each additional card, and each additional card also gets its own Approved Dashboard.

Additionally, The Approved Card allows for up to 6 Emergency Funds or Goal Funds, allowing the cardholder to earmark money for savings. Money in an emergency or goal fund is not available for spending unless it is transferred out of the savings portion of the card.

As part of the “People First” program, Orman has included several other features with the card that one might not normally expect from a bank card. Two of those features are actually services that usually involve a monthly premium elsewhere. The Approved Card member receives free identity protection monitoring services from Trusted ID®. Also, for the first year of enrollment, the cardholder has unlimited access to credit scores, credit reports, and credit monitoring through TransUnion®.

In short, The Approved Card by Suze Orman offers a viable and extremely affordable way for a consumer to

• Gain a better understanding, and therefore, greater control, over his or her spending habits,
• Teach his or her children fiscal responsibility,
• Put aside money for a rainy day,
• Have access to tools and information allowing him or her to learn more about managing finances, and
• Be secure in the knowledge his or her identity is safe.