American Express launched their prepaid card program in June of this year. This prepaid card is mainly geared towards teens but is also a great way for an adult to manage their own spending as well.
The Low Down
Like any prepaid card, the Amex prepaid carries features both beneficial and unfortunate. Let’s take a look.
Benefits
- No Overdraft Fees – with this card, your purchase will simply be declined before excess funds are debited
- Fraud Protection – Funds secure if card is lost or stolen
- Family Friendly – able to order up to 3 cards to distribute to children or family
- Purchase Protection – eligible items purchased with this card are covered for a 90 day period
- 24-hour Amex Customer Service - 1-866-207-7970
- American Express Selects Discount access
- Roadside Assistance – They won’t pay for the service however, they will arrange it free of charge
- Global Assist Service – Amex will help assist you in any time of emergency when far from home
Fees
Fees You Won’t Experience: annual, monthly, service, customer service, overdraft, transaction
Customers will face a $2.00 ATM fee which is subject to local ATM fees as well. Amex does delegate customers 1 FREE ATM withdrawal a month.
How Do I Load & Check My Balance?
You can load the card online through your bank account. Beware though, funds may take 3-5 days to show up. You may also use cash. This method requires purchasing a GreenDot MoneyPak from a local retailer though, which carries a fee of about $4.95.
To check your balance, register online. Hear you can view balance, transaction history, and available alerts.
Consumer Concerns
Reports of Account Log-in issues: There have been a number of complaint about the web server and log in process. Consumers are reporting regular malfunctions with the account web page, stating they can’t log in on a regular basis and are then required to call the Help Line. This is because you must call Customer Service first in order to add your name and address to the card. From this point on you should not have this problem. Make sure to be pro active with Custome Service and ask how to prevent calling back. Visit this Youtube video or this GiftCardRescue page for further assistance.
Merchant Rejection: Calling the financial institution to personal information to card should resolve this. If not, check the terms and conditions of purchase to see if prepaid cards are excepted. Some retailers do not accept because their merchant accounts can’t handle them. Consumers have had problems like this with Itunes and Ebay to name a few.
