Over the past few weeks I’ve been conducting a real life review of the American Express prepaid card. I wrote an introduction post about how I planned to use it and also wrote about my first-hand experience using it at an Earth, Wind & Fire concert as well.
First things first, I think this is an excellent way to manage your budget and put spending limits in place because unlike a credit card you can’t spend what you don’t have. I also mentioned in my first post that this was be spectacular for you to use with your kids in college or even high school. You can just transfer any funds that you want them to have directly to the card. All of this can be done via the web so if you’re someone like me who never carries cash around you can skip a trip to the local ATM.
I also like using the card online and knowing that if I were to fall victim to identity theft the thieves won’t have access to my entire line of credit. I could really see myself using this card almost exclusively for my online purchases and also when we go out of town on trips.
There are a few other really nice features as well. If your card gets lost or stolen you have purchase protection and your money will be reimbursed for up to 90 days. With the card also comes roadside assistance and best of all there are no monthly or annual fees!
My only warning is that the entire process of ordering the card, linking it to an account and transferring funds over can take between 1-2 business weeks so if you know that you’ll need the card for something like an upcoming trip or event don’t wait until the last minute. Start the process as soon as possible by going to www.americanexpress.com/prepaid.
Below are some of the benefits of using the American Express Prepaid card from their website.
No overspending, no overdraft fees
It’s prepaid, so you can only spend what’s preloaded on the Card. That means there’s no risk of overdraft fees or impacting your credit history.
Protection if the Card is lost or stolen
Feel safe knowing that if the Card is lost or stolen you won’t be responsible for fraudulent charges and American Express will replace the funds.
It’s easy to manage the Card online
With an online account, you can check your balance, view transaction history, add funds to the Card, set up automatic reloads and sign up for alerts.
Get up to three Cards
Because you can order up to three Cards, you have the choice of giving them to the people you choose or keeping one for yourself. So you have the freedom to manage your own spending or use it to provide money to the other people in your life.
World-class 24-hour Customer Service
The American Express Prepaid Card comes with world-class Customer Service. Simply call us anytime, 24 hours a day at 1-866-207-7970.
Purchase Protection 4
If an eligible item purchased with the Card is accidentally damaged, or is stolen, Purchase Protection can reimburse you””up to 90 days from the date of purchase.
American Express Selects ®
As an American Express Prepaid Cardmember, you have access to hundreds of discounts and special offers. Just log into your account to access American Express Selects.
In the event of car trouble, you have access to Roadside Assistance 5 . Just call us and we’ll send help.
Global Assist ®Services
If you’re traveling more than 100 miles from home and need emergency assistance, you are backed by Global Assist 6 . We can direct you to English-speaking medical and legal professionals, help with lost passports, and much more.
Simply enter your account information online to reload whenever you choose, but note, for your protection, it will take 3-5 business days to verify and load the funds.
Limited time offer: add cash to the American Express Prepaid Card with a MoneyPak and American Express will refund the purchase price of the first MoneyPak you use to load the American Express Prepaid Card. 7
The American Express Prepaid Card has no recurring fees. Unlike many other prepaid cards, you keep more of your money in your wallet””where it belongs.
|NO ANNUAL FEES|
|NO MONTHLY FEES|
|NO CUSTOMER SERVICE FEES|
|NO CREDIT CHECKS OR OVERDRAFT FEES|
|NO TRANSACTION FEES|
|ONE FREE ATM WITHDRAWAL MONTHLY
Thereafter, a fee of $2.00 per withdrawal is assessed against the Card balance. Please note: ATM owners/operators may also charge their own fees for each withdrawal.
Dsiclaimer:I was provided tickets to the concert and money to load onto the prepaid card for the purpose of using the card in a real life scenario.