The fees used to activate or reload money in this card account are minimal since it doesn’t require or charge any activation or account refilling charges. It also offers direct deposit, but you must have an account for you to be able to reload your money.
It makes it less favorable among the people especially those who don’t have any bank account. While using this card for the first month, money pass ATM withdrawals are free of charge but later charge a fee of $2 for every withdrawal done over the non-money pass ATM.
This card application does not entail conducting credit check to determine the customer credit worth, and it doesn’t require any operation minimum balance. As a cardholder, you will not be charged any amount when you pay for your goods online.
One can also load the card online by using a credit card. It also allows setting up of automatic depositing using a credit card enabling its clients not to be logging in their accounts to reload cash. For those people who have linked bank accounts, American Express prepaid card allowed them to transfer their money from one account to the other easily. It also allows their owners to earn credit card rewards through which they can save lots of money by applying the Amex Sync offers.
With this card, there are no monthly reload charges in addition to the items purchased using the card being covered by Amex purchase protection. In case the card is stolen, the remaining amount in the account is transferred by Amex to your new card absolutely for free of charge.
Some of the drawbacks experienced using this card are that once you load your money, it usually takes up to five days for it to reflect in your account, hence causing usage delays. It also has reloaded limitation whereby the maximum amount you can deposit in a month is only $ 2,500. Some people might want to load more, but they become limited.
Also, you cannot load more than $ 500 per day; it can never exceed that amount. Such drawbacks limit users requiring more operation cost per day than the one allowed in the account.
View more information about the American Express Prepaid Card.