Wednesday, February 08, 2012

Prepaid Debit Cards: American Express





There's been alot of talk about prepaid debit cards lately.  My wife just got an American Express Prepaid Debit Card. 

THE GOOD: 
·         Free transfers from a bank account (2-3 days). 
·         1 free ATM withdrawal per month. 
·         Free Roadside Assistance.
·         Direct Deposit coming soon.

THE BAD:   
·         You can accumulate reward points like a traditional AE Cared.
·         If you add to the card using a MONEYPACK card, there is a $4.95 fee.  

THE UGLY:  
·         I ain't buying no mo' stinking MONEY PACK cards for her.  There is currently a promotion-- AE will re-imburse the 1st $4.95 fee. (beautiful)


I'm going to order one for myself, not as an alternative to having a banking account, but for the convenience of having roadside assistance, REDBOX Rentals (1 free rental per CC), etc.  I will load small amounts of money on the card and use it for emergencies or for when it's more convenient to use AE vs. MC/VISA.  i.e., my water bill can no longer be paid with my VISA Debit card; they will charge a 2% fee.  If I use AE, then no fee.... and that's a no brainer!!

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