One of the most prestigious credit card companies, American Express, is now offering a prepaid reloadable card. In their words the “prepaid revolution has begun.”
While American Express Prepaid, is one of the last major credit card issuers to get into the prepaid market, they have jumped in with both feet. They are advertising their prepaid American Express card on TV, and have teamed up with Walmart to offer the Bluebird prepaid card.
How Does The American Express Prepaid Card Work?
The first step is to go online to the American Express Prepaid website and fill out an application. This is going to require that you are a valid U.S. resident, your phone number, and other relevant personal information.
Your guaranteed approval for the Amex Prepaid Card because there is no credit check. This is the ideal solution for people in ChexSystems because your card will work very similar to a checking account. And it will provide you free direct deposit to avoid check-cashing fees.
After you apply for the American Express prepaid card it will arrive in the mail, you’ll need to activate it by calling the phone number or visiting a website. This is just for your security to ensure that you received your personal card.
How To Load Money On Your American Express Prepaid Card
American Express gives you free direct deposit. This can be used for payroll checks, tax returns, benefit checks, pension checks, etc. Signing up for direct deposit is a simple process of printing a form, filling out the personal information (your name and prepaid Amex card number) and turning the form into your paycheck provider.
You are also able to use the green dot money pack to load your prepaid Amex card. These can be purchased in many retail locations and in varying reload amounts ($20-$500). To use this method you will have to purchase a green dot money pack for $4.95.
However American Express will refund your first green dot money pack purchase. In other words, the $4.95 that you spend to buy the green dot money pack to load your card, just as an act of goodwill Amex will refund you $4.95 for your purchase.
We have yet to see any other prepaid card offer this feature, despite many offering this same ability to deposit money on their card using green dot. You can also use a Vanilla Prepaid Reload which is also available for purchase at retail locations, and has a lower fee of $3.95.
Both the green dot money pack and vanilla prepaid reload purchase fees, are not fees that American Express charges you! Instead when you purchase these products at a retail store, you will have to pay the retail store.
This is a real American Express prepaid card and can be used online and over the phone. Additionally you can travel with your prepaid American Express card because it it is accepted worldwide. You are not responsible for paying any annual fees, monthly fees, customer service fees, overdraft fees, or transaction fees.
Many prepaid debit cards have less than transparent fees and at one point in time, we saw a prepaid card charging their cardholders $2 to speak to a live customer service representative! Unbelievable. And you can rest assured that this will not happen with American Express Prepaid.
We do recommend the American Express prepaid card. It has one of the lowest fee structures of any prepaid card we have reviewed. They also have a phenomenal reputation as a credit card company and their customer service team is one of a kind.
Before you apply for any offers and sign your name on the dotted line, please read the fine print. For more tips and strategies to fix credit score with Dan Willis, sign up for our free newsletter, and if you’re suffering from a low credit score get a free credit consultation by calling toll-free 1-877-418-7596.
Get a FREE Credit Consultation 1-877-418-7596