Plastyc Publishes Comparison Between UPside Visa and Suze Orman's New Prepaid Card

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Plastyc published today a fee and feature comparison between the UPside Visa and Suze Orman's "The Approved" card to help consumers and their financial advisers look beyond the claims and analyze the facts.

We're excited that Suze Orman has endorsed prepaid cards as a potentially empowering financial option. We also encourage consumers to shop around and pick what best meets their needs, no matter whose face is on the card.

Plastyc published today a fee and feature comparison between the UPside Visa and Suze Orman's new "The Approved" card to help consumers and their financial advisers look beyond the claims and analyze the facts.

"This isn't just another celebrity prepaid card. Suze Orman is a trusted financial adviser to millions of underbanked Americans. Now that she has a financial service that competes with others, should consumers trust that her card is best or check the facts? We believe consumers should check the facts," said Patrice Peyret, CEO of Plastyc.

Comparing fees isn't easy. Prepaid card companies describe and highlight features differently. Plastyc based its fee comparisons on the features that its own underbanked customers use the most. Plastyc emphasizes that the underbanked consumers often use a prepaid card as their primary or sole payment service need a full set of services along with low fees.

Based on the fee comparison, the most significant difference between the Suze Orman card and UPside Visa is as follows*:

  •     The UPside Visa charges no purchase fee; The Approved Card charges $3, payable by Visa or Mastercard at signup.
  •     The UPside Visa charges a monthly fee of $0.99 for anyone who loads $500 or more in the month, The Approved Cards charges a $3 monthly fee.
  •     The UPside Visa let's consumer issue send paper checks to anyone for a fee of up to $2 per check; The Approved Card does not appear to offer this feature.
  •     The UPside Visa offers reward points; The Approved Card does not appear to offer this feature.
  •     For roughly a third of its cardholders who direct deposit regularly, UPside created a premium tier with no monthly fee, no phone inquiry fee, one free paper check each month and cash back points when using the card. For cardholders receiving direct deposit, the Approved Card waives some ATM fees and the phone inquiry fee but not the $3 monthly fee.

Many underbanked consumers use their prepaid card instead of a checking account or credit card. So a prepaid card that requires a card payment at enrollment does not make sense for them. Likewise, underbanked consumers may need to send a check to individuals such as a landlord at specific dates, so a bill-paying feature that only issues paper checks to bank-approved invoicers (typically large companies) doesn't fully meet their needs.

"We're excited that Suze Orman has endorsed prepaid cards as a potentially empowering financial option. We also encourage consumers to shop around and pick what best meets their needs, no matter whose face is on the card," said Peyret.

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Patrice Peyret

Lynda Radosevich

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