Not all prepaid “credit” cards are bad; take American Express’s newest prepaid card. Most prepaid cards get a bad reputation from charging a ton of fees, just look at our previous article entitled “Visa Prepaid Card from Wal-Mart” to see how many different fees I am talking about. American Express’s newest prepaid card decided it would be better to keep the fees to an absolute and almost bare minimum.
The American Express prepaid card doesn’t carry any fees to load money on to the card and you car purchase it online as well at no cost. It is accepted anywhere that American Express (AmEx) is accepted and it doesn’t carry and monthly fees. The only drawback that I can see is that there is only one ATM withdrawal per month, so if you think you’ll need to make multiple withdrawals, you may want to reconsider this card.
American Express is known for charging their merchants high fees to process the transactions. This is probably why you aren’t being charged through the nose and this can benefit you in the long run. As a final note, this is a great card for anyone who needs to carry money without carrying money, as long as you are going somewhere that American Express is accepted and as long as you don’t need to make a lot of ATM withdrawals.
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