The American Express Pass Card is a prepaid reloadable credit card. This prepaid card is created specifically for teenagers. The idea is to teach your kids financial responsibility. This will also provide parents a method of monitoring your teenagers spending behavior.
How The Amex Pass Card Works:
This is an Amex prepaid reloadable card and parents are going to be required to first load money. There is an initial minimum deposit of $25.
5 Ways To Deposit Money
1. Direct Deposit
You can transfer just a part of your paycheck automatically using direct deposit. This can help you save time by avoiding giving your teenager their allowance. Instead, the money will be automatically deposited onto their American Express Pass Card.
2. Bank Account
If you choose to deposit money with a bank account. You can set up future reload payments for your teenager. It will however take 3 to 5 business days to verify the deposit using this method.
3. American Express Credit Card
If you have an Amex credit card you can transfer funds to the Amex Pass Card anytime. You can also set up automatic reloads using this method.
Using a MoneyPak is a method to load cash on to your account. You can purchase a MoneyPak at many local retailers. It will cost you up to $4.95 to purchase a MoneyPak.
5. Vanilla Reload Network
If you use the Vanilla Reload Network you will have to visit a retailer and purchase a Vanilla Prepaid Network Card. This will cost you $3.95 to purchase. Your teenager can use the American Express Pass Card everywhere Amex is accepted.
This includes retail stores, online, and over the phone. You and your teenager can track and monitor spending through your online accounts. This is an easy way to keep track of how your teenager is spending your money. It also empowers your kids to see where their money is being spent!
A Cool Feature
A cool feature about the American Express Pass Card is you can set up automatic reloads. If you do this you can eliminate having to give your teenager an allowance every week.
If the Amex Pass Card is ever lost or stolen you can simply report it to American Express, and they will replace the money! You also get free 24/7 customer support. You would expect this with any financial institution. However many prepaid reloadable credit cards carry hidden fees in the fine print a fee to speak with a “live customer service representative.” But not with Amex Prepaid.
How To Get The Amex Pass Card
You must be an adult of 18 years or older. You will be required to apply online at http://www.americanexpress.com/us/content/prepaid/pass.html
There is a minimum initial load of $25. However you can personalize your card design and even customize it with a unique image. It is going to take approximately 8 to 19 business days before you will receive your American Express Pass Card in the mail.
Your teenager will not be able to go into debt using this reloadable prepaid card. There are no overdraft fees, monthly fees, or purchase fees. If your teenager needs cash they are given 1 ATM transaction for free, every month.
For every additional ATM transaction, they will be charged $2. We encourage you to try and limit your teenager’s ATM use to the 1 free transaction per month. We are fans of the American Express Pass Card. This is one of the best prepaid card companies that has recently emerged on the market.
We are big supporters of their free customer service, and the Pass AMEX Card does not carry a firestorm of hidden fees buried in the fine print. For more tips with Dan Willis sign up for our free newsletter and if you’re suffering from less than perfect credit get a free credit consultation by calling 1-877-418-7596.
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