Do you want a payment card without a credit check? American Express Prepaid Card is a great choice. This card is great for people with poor credit and those who want a cheaper alternative to a secured credit card.
The American Express Prepaid Card is practically free, you just need to pay $2 for ATM withdrawals. But the first one each month is free. This card has a lot of pros and a few cons as you will see below;
- Firstly, no, reload fees.
- Secondly, no monthly fee.
- Thirdly, easy reloads from a bank account, MoneyPak, or an American Express card.
- Merchandise purchased with the card is covered by Amex Purchase Protection.
- Lastly, ree roadside assistance.
- Firstly, reload limits may be too small for some people.
- Secondly, no direct deposit of paycheck.
- Thirdly, no online bill payment.
- Fourthly, can’t be used as a replacement for a bank account.
- Three to five day wait if you load funds from a bank account.
- Finally, not available for sale in Arkansas and Vermont.
- Maximum balance at any time: $2,500.
- Maximum load in any 28-day period: $2,500.
- The Maximum load per day: $500.
- Minimum load: $25.
American Express Prepaid Card Fees
- Monthly fee: None.
- Reload fee: None.
- ATM fee: $2 each, the first one each month is free (ATM operator may charge a fee).
- Customer service: Free.
American Express Prepaid Card Review
Several prepaid credit cards are too expensive to maintain. They charge high monthly fees, reload fees or ATM fees, or all three. However, Amex’s latest prepaid card has virtually no fees. The only fee Amex charges is a $2 charge for ATM transactions – but the first one each month is free. That makes this card one of the lowest-priced prepaid cards on the market.
The card does have its drawbacks though. If you load the card with a bank account, you’ll have to wait three to five business days for the money to load. You can only load $2,500 to the card a month, and can only have a maximum of $2,500 on the card at any given time. You can’t load more than $500 to the card per day. That means you can’t direct deposit your paycheck, as many people do. There’s also no online bill payment, so you can’t use this card in place of a bank account.
But there are lots of other benefits that you don’t get with other prepaid cards, besides the low price. Anything you buy with the card is covered by Amex’s Purchase Protection plan. If your card is lost or stolen, Amex will transfer your remaining funds to a new card at no charge. And there’s no fee to talk to customer service; many other prepaid card companies charge you for that. There’s even a roadside assistance plan.
You can also load the card by buying a Green Dot MoneyPak, which is sold at many retailers. For a limited time, Amex will refund the MoneyPak fee, up to $4.95. You can order up to three cards, so it’s ideal for giving them to family members.