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Released: June 14, 2011
American Express unveils prepaid debit card
Source: Blake Ellis, CNN Money
American Express announced Monday that it is introducing a prepaid debit card, marking what could be the start of a shift away from conventional charge cards for many consumers. Prepaid cards allow consumers to load a card with money and only spend that money. And the cards aren't attached to a bank account, so anyone can use them. In 2010, there were $65 billion worth of prepaid card transactions -- up 35% from $48 billion in 2009. Issuers of some prepaid cards charge fees when consumers activate their cards, load them with money or even call customer service. American Express will not charge any of those fees or charge customers to use the card online or in a store. Customers will, however, pay $2 for using the card at an ATM after an initial free transaction each month.Read Full Article: American Express unveils prepaid debit card
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