CLEVELAND - CNBC finance personality Suze Orman is answering questions about, what she calls, a way for consumer to control their credit debt.
Orman recently unveiled a prepaid debit card, called the Approved Prepaid MasterCard. Like other prepaid debit cards, it keeps users from going into debt because they can only spend the money that's loaded on the card.
Orman said she created the card to give people an alternative to the banking industry, which she feels can overload people with hidden fees.
Orman's card sells for $3 with a $3 monthly fee. The card also offers unlimited access to your credit report and identity theft protection.
But the card also comes with the possibility of 18 additional fees, including a $2 fee for calling customer service more than once a month, $1 for pay by check, $2 per paper statement, $2 per over-the-counter cash withdrawal, and $3 card replacement fee.
This is not the first prepaid debit card on the market. Green Dot also offers prepaid Visa and MasterCards. In contrast, Green Dot has eight potential fees, ten less than the Approved MasterCard.
A recent report by Consumer Reports found that the terms and conditions of the Approved MasterCard are in line with the better cards available. Consumer Reports has information available here: http://on.wews.com/yDEJ2E
Orman defended the card in an interview with NewsChannel5's Tracy Carloss.
You can look into Orman's Approved Prepaid MasterCard at http://theapprovedcard.com/index.php .