News

American Express debuts prepaid cards

May 4, 2010

American Express is introducing a prepaid card called PASS, targeted to parents looking to give a card to teens.

According to The Philadelphia Inquirer, PASS cards can be used wherever American Express cards are accepted and work much like gift cards. Parents can monitor the spending on the cards online and have the ability to reload the card, deactivate it, or disable ATM access. It costs $3.95 a month and $1.50 per ATM withdrawal (not counting fees charged by the bank).

Starting Monday, American Express customers can buy the cards online. For everyone else, the cards will be available this summer.