Suze Orman's Prepaid Card Is Being Discontinued: NYT

Television financial advisor Suze Orman's prepaid debit card will be discontinued, according to a report in The New York Times.

The card, called Approved, will be shut off on July 1, according to the newspaper, which attributed the cancellation to a letter from Bancorp Bank, the card's issuer. Bancorp and the press contact for Approved did not immediately return requests for comment.

Bancorp is reportedly asking consumers to spend all of the funds on their cards before July 1, and said it would send checks to cardholders for unspent balances after that date.

Celebrity-endorsed prepaid cards are often criticized for their fees or marketing practices.

The Approved card's fees, $3 per month, were lower than those of other celebrity-backed prepaid cards and may not have been enough to offset costs, the Times reported. Other celebrity-endorsed cards have also failed, most notably the Kardashian Kard, which was abruptly shut down after complaints over its practice of charging six to 12 months' worth of monthly fees up front.

Some celebrity-linked cards have fared well, such as Russell Simmons' Rush Card, which has rebranded and is expanding into payroll. Russell Simmons is actively involved in the management of UniRush, the company behind the Rush Card.