If you own one of Suze Orman’s Approved cards, you might have a slightly annoying problem. In just a short time, you won’t be able to use your card anymore. So if your card gets declined, we warned you.
Money expert Suze Orman has begun shutting down the Approved Card, which is a prepaid debit card that was presented as a tool to help consumers rebuild financial health, reports The New York Times.
Orman’s product partner, Bancorp Bank, announced that the Approved card will no longer work starting July 1. Cardholders are being urged to spend all the money on their cards before July. Following the deadline, Bancorp says it will send out checks to customers with balances.
Right now, no explanation has been given for the discontinuation of the card, which was first introduced in 2012, and boasted low maintenance fees ($3 per month).
Says the New York Times, “Ms. Orman’s consumer-friendly tactics may have undermined the profitability of the venture, according to experts. At first, Ms. Orman had hoped to offer the card with no monthly fee at all, and it is possible that her customer-friendly $3 fee proved too low, given all the associated costs.â€