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AMEX Launch Prepaid Card With Target

AMEX Launch Prepaid Card With Target

American Express has joined forces with popular discount retail chain Target to introduce a prepaid debit card with no monthly maintenance fees.

The card does however, have ATM and loading fees connected to it.

The American Express for Target prepaid debit card can be obtained from approximately one thousand Target stores, where they must be loaded with funds at the cash register initially. The debit card can be used anywhere that American Express is expected, including online payments.

It can also be used to withdraw money from American Express compatible ATMs. The card was created to offer consumers another payment option and although the initial payment needs to be loaded at a Target store, subsequent funds can be reloaded at the store, over the phone or even online.

The American Express for Target prepaid debit card allows consumers to track their account usage online which provides the opportunity to set up alerts for low funds and account changes. Since the card is consumer funded, there are no monthly charges or interest charges like you might expect from a traditional credit card. There are small fees charged for reloading the card and for using the card at an ATM.

The charge for ATM use is $3 for the first use each month. The initial loading of the card carries a $3 fee and subsequent reloads in store are also charged at $3. However, reloading online or via telephone carries no reload charge. There is a maximum balance limit of $2,500 per card and each individual can only have two cards registered to them at any one time. The first reload must not exceed $500 according to the terms and conditions of the card.

The big difference between American Express for Target and other prepaid debit cards is that customers can enjoy all of the benefits that regular American Express members so including purchase protection and American Express Select Rewards. Senior Vice President and General Manager of Global Payment Options for American Express, Stefan Happ said,

We’re excited to partner with Target to provide consumers with a safe and secure everyday payment tool. This prepaid reloadable card is loaded with benefits synonymous with American Express such as Roadside Assistance, Purchase Protection and Global Assist. In addition, it delivers premium value to consumers, with no fees for monthly usage, balance inquiries, alerts or card replacement.

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