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June 14, 2011

  • News:  New Card On The Block 

    American Express has announced they are coming out with a new reloadable prepaid card. Most prepaid credit cards are known for their fee-heavy characteristics; activation fee, monthly fees, purchase fees, and even fees to call customer service. The American Express credit card can be ordered online at no cost and there are no hidden fees. Another notable feature is the card can be used overseas and won't be subject to foreign exchange transaction fees unlike most of American Express charge and credit cards, which usually charge.

    AmEx can afford to give up this fee income because they own the payment network that processes its transactions. Fee income lost on the customer end is made up for by the fees retailers pay every time the credit card is swiped. Keep in mind, AmEx charges higher swipe fees than Visa and MasterCard so its credit cards are not as widely accepted for that reason.

    Some other features of this credit card include no activation or maintenance fees, no fees to make purchases, balance inquiries or to replace a card. The card can be ordered online and money can be loaded at no cost through a checking account. Additionally the card can be reloaded online at no cost and it can be set up to have a recurring transfer to replenish the funds at scheduled intervals. The funds loaded on the card don't expire and up to $2,500 can be loaded on the card. If the card is lost or stolen, the money on the card can be replaced when it's reported to the company. The first ATM withdrawal is free, after that it's $2, not including the fees charged by the bank or ATM network. Customers can add additional users to the card, transactions can be viewed online, and notifications can be sent via email or text for low funds or when a transaction has occurred. Like a regular card, purchases are protected against accidental damage for 90 days, up to $1,000 per occurrence.

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