Prepaid Debit Card Reviews, Complaints, Etc

Tag: United States

Where Can I Get an American Express Serve Card (You Can Apply @ WalMart)?

Welcome to our site! Our editors have been covering the credit and debit card space for a total of 30+ years and we are proud to have been featured by the Wall Street Journal, CNN, etc. Your input is invaluable and we’d love to have your opinion as to whether the Chime Bank debit card is a good deal (see below) – this site is powered by you!

Related Visa Card to Compare to AmEx Serve (like Serve but with less fees):

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It’s a real debit card, not a prepaid debit card which usually have a lot more fees) and people with poor credit can apply too as there is no credit check. Chime can be managed entirely from your smartphone. No overdraft fees. No minimum balance. No monthly service fees. No transfer fees. Over 38,000 fee-free ATMs, plus 30,000+ cash-back locations.

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Please Note! This article was published in 2013 and is being keep for historical purposes. Please click here for our current review of the American Express (AmEx) Serve Card.

In October of 2012 American Express and Walmart teamed up to launch Bluebird, a low-fee card meant to attract people unhappy with traditional checking and debit account fees. On April 21^st of this year, Walmart and AmEx announced that they were joining forces again, this time to make the American Express Serve prepaid card available for sale at 4,100 of the retailer’s stores nationwide. The card will cost $1.95 and be sold at checkout lines and in Walmart MoneyCenters.

This announcement instantly gives AmEx an attractive bragging point in the increasingly competitive prepaid debit card industry. By making Serve available at thousands of Walmart stores, AmEx has has created the largest free cash reload network in America. In addition to Walmart, it is now possible for Serve customers to add cash to their Serve accounts for no charge at 19,500 locations, including CVS pharmacies and 7-Eleven locations.

Customers can now go to the cash register at any of those locations and add as little as $20 or as much as $500 to their Serve accounts. This ubiquity is important, says Madeline Aufseeser, a senior analyst at Aite Group. “American Express Serve is making it even more convenient for consumers to add cash to their accounts so they can use those funds to quickly and easily manage their personal finances,” she says.

This expansion of Serve is just the latest effort by AmEx to better serve the millions of so-called “unbanked” or “underbanked” Americans, who either don’t have a traditional bank account or are unhappy with what they do have. “By offering American Express Serve alongside Bluebird at Walmart, we’re expanding our portfolio of products to meet the needs of more Walmart shoppers,” says Dan Schulman, group president of Enterprise Growth at American Express. “Bluebird is a great option for the “unhappily banked” who are looking for a true alternative to the fees and hidden charges often associated with debit and checking. With Serve, our full service reloadable prepaid account, we can now provide the nearly 70 million Americans who are unbanked or underbanked a simple and affordable way to move and manage their money.”

To go along with its expansion of the availability of Serve cards, AmEx is also launching an advertising campaign to highlight the benefits of its signature prepaid product. The TV ads are shot in a documentary style and are meant to highlight the struggles regular Americans who are either ignored or underserved by the traditional banking system face to make simple financial transactions.

April 22, 2019
Chase Freedom Lifestyle Index Points to Consumer Confidence

Do you remember how you spent the summer? If how Americans spent their money is any indication, families across the nation stuck their collective noses into a lot of books, hit the road and generally tried to improve themselves. That’s according to the recently released third quarter Chase Freedom Lifestyle Index.

Released each quarter, the Chase Freedom Lifestyle Index is one of many tools available to measure consumer attitudes and behaviors. Unlike opinion polls, the Chase Freedom Lifestyle Index tracks actual spending by Chase cardholders and releases the data in its aggregate form. Given that Chase cardholders represent a broad cross section of Americans, the index can provide a window into consumer trends and reflect overall confidence in the economy.

If that’s the case, then this most recent iteration of the index paints a fairly rosy picture of consumer mindsets heading into the already revved up holiday season. For instance, the index found that consumers spent 13 percent more on books than they did during the same period last year and 18 percent more than in 2012. Spending on lessons and classes also saw a significant six percent uptick and outlays for sporting goods also rose by eight percent. Some of the increases in spending were also clearly seasonal. The amount spent on tolls rose by 35 percent compared to 2012 – up 17 percent compared to last year – and purchases of office supplies and consumer electronics were also up briskly, a reflection of preparing for an upcoming school year.

There were some weak areas of spending in the index. Whether it was a lack of good movies or too much good summer weather to blame, movie theater purchases were down by 25 percent. Also down compared to 2013 were toy purchases, which fell by 10 percent. And despite higher prices, grocery spending also was slightly down, dropping by one percent compared to 2013.

The release of the Chase Freedom Lifestyle Index came on the heels of the results of the Conference Board’s Consumer Confidence Index, which were revealed on October 28. Many analysts had expected the index to decline, in keeping with a sluggish September report. But the index rose from 89 in September to 94.5 in October. “A more favorable assessment of the current job market and business conditions contributed to the improvement in consumers’ view of the present situation,” said Lynn Franco, Director of Economic Indicators at the Conference Board. “Looking ahead, consumers have regained confidence in the short-term outlook for the economy and labor market, and are more optimistic about their future earnings potential. With the holiday season around the corner, this boost in confidence should be a welcome sign for retailers.”

November 10, 2014
Credit Card Breach Doesn’t Compel Action
The past year has seen an unprecedented level of attention devoted to the many problems that result from data theft. Countless news articles and opinion pieces have followed in the wake of the high profile theft of customer information at big name retailers such as Target, Neiman Marcus and, more recently, Home Depot. So what is the response to a credit card breach on the individual level? Much of the time it is simply this: just hope for the best.

That’s one of the main findings from a recent CardRatings.com survey of 2,000 Americans aged 25 and older. Among the Americans who were surveyed, only 25 percent believed they had fallen prey to a data breach. Of those who reported being a victim of data theft, the response was hardly uniform and often not the proper steps to take in order to protect their credit and finances. Here are the actions people took:
- 51 percent checked their credit card statement
- 45 percent checked their credit report
- 54 percent checked their bank account
- 38 percent stopped using their credit card
- 33 percent stopped using their debit card
- 24 percent signed up for credit monitoring
- 24 percent put a credit freeze in place
Actually reviewing one’s credit report – an essential step after a data breach – not only occurred less than half the time among survey respondents, younger and older people were least likely to do it. Only one-third of those between the ages of 25 and 34 and just 40 percent of those 65 and older checked their credit report.

The survey also revealed widespread ignorance of card security basics. Just over half of respondents could correctly identify that a credit card is safer to use than a debit card. Furthermore, only 20 percent of those asked could say with certainty whether or not an EMV chip, a technology that boosts card protection significantly, currently protected their payment card. Although not asked in the survey, it’s unlikely many respondents would have been able to note that prepaid debit cards offer more protection than credit or debit cards in the event of a data breach – identity thieves can only steal the amount of money that has been loaded onto the card.

“Given how widespread data breaches have become, every consumer in America is likely to be affected at some point. We simply can’t afford to stick our necks in the sand and hope the problem will go away,” says Curtis Arnold, editor-in-chief of CardRatings.com and founder of this site. “The bottom line is that we all need to get more involved and educated.”
September 13, 2014
American Express -Sponsored Movie Spent Premieres

Life outside the financial mainstream is getting the Hollywood treatment. On June 4^th, the American Express-sponsored documentary, Spent: Looking for Change, which profiles the challenges and frustrations of those Americans who lack traditional bank accounts and credit cards, premiered in Los Angeles and online.

Executive produced by Davis Guggenheim, who won an Academy Award for An Inconvenient Truth, and directed by Derek Doneen, Spent is available for free on a variety of websites, including SpentMovie.com as well as on the American Express YouTube channel. Simultaneous to its online availability, a screening of the film and a question and answer session with Guggenheim and Doneen took place at the Hammer Museum in Los Angeles.

The wide availability and zero cost to access Spent is a sharp contrast to the families and individuals who are profiled in the film. Lacking access to checking accounts and other mainstream financial services, the Americans highlighted in Spent are forced to pay high fees – at check cashing and payday loan outlets, for instance – and wait in long lines to do simple tasks like pay bills and cash paychecks. American Express estimates that about 25 percent of American households are not well-served by the current financial system and that those families spend an average of 10 percent of income on fees – about the amount the typical American family spends on groceries.

The film is narrated by Tyler Perry, who grew up in poverty in New Orleans and spent time living in his car as he worked to launch his career in TV and film. “I know about this issue first-hand and how expensive it is to not be a part of the mainstream financial system,” he says. “Growing up the way I did, there was no education about how important it was to be financially responsible. That’s why I felt compelled to participate in this film – to help educate others and advocate for better options.”

As a sponsor of the film, American Express is eager to highlight what it believes are its own superior options for the millions of people outside the financial mainstream. In particular, American Express is now selling both its ultra low-fee prepaid card, Serve, and itschecking account alternative account, Bluebird, at Walmart and other chain retail stores nationwide. With low (and sometimes no) fees, both products provide those who are unbanked, or simply unhappy with the available options, a new choice.

The film is part of a larger effort by American Express to not only shed light on the problems with the current financial system but to also promote change – including the development of new technologies and products that inexpensively meet the financial needs of everyone. “With the debut of Spent: Looking for Change, we hope to spark a national dialogue about re-imagining financial services as we know it today,” says Dan Schulman, who heads up the American Express Enterprise Growth unit. “Change is possible and we believe financial exclusion is a solvable problem, but it’s going to take lots of people working together, raising awareness, and investing in initiatives that help to create better, more affordable financial solutions for everyone.”

June 5, 2014
JPMorgan Launches Financial Solutions Lab

American Express just got a little competition in its efforts to appeal to those living outside the financial mainstream. On May 29^th, banking giant JPMorgan Chase & Co. announced that it has committed to invest $30 million to create the Financial Solutions Lab.

A collaboration with the Center for Financial Services Innovation, the new Financial Solutions Lab will tap the expertise of entrepreneurs, non-profits and academics to develop products and technologies to help people save more money and build better credit. The new venture is geared towards helping those who are not fully served by the current financial system. “Living outside the financial mainstream puts financial security further out of reach for one out of every four American households that rely on high-cost, non-bank services to manage their finances,” says Bruce McNamer, the CEO of the JPMorgan Chase Foundation. “The Financial Solutions Lab will bring together the best and the brightest to identify innovative solutions that help consumers increase savings, improve credit and build assets.”

Buttressing its decision to launch the Financial Solutions Lab, JPMorgan Chase and the University of North Carolina at Chapel Hill also released a white paper that illustrates the need for improved financial services. For instance, the paper notes that less than 10 percent of working American families are financially prepared for retirement while more than half do not have an adequate emergency fund. The research also shows how important savings can be as a vehicle for upward mobility. Indeed, 71 percent of kids born to low-income parents who managed to be big savers were able to move out of the bottom income quartile.

This new JPMorgan Chase initiative will, among other things, host competitions that encourage social entrepreneurs to devise ways to help encourage saving and credit building. In doing this, JPMorgan is echoing American Express’s well-publicized efforts to provide solutions to millions of so-called unbanked Americans. Besides its checking account alternative Bluebird and Serve prepaid cards, American Express sponsored a new documentary film, Spent, which shines a light on the difficulties and expense those who don’t have bank accounts or credit cards face to do simple tasks like pay bills and cash checks.

June 4, 2014
Accenture survey: Banks Face Big Threat

North American banks that don’t clue in that their competitors now include companies like PayPal, T-Mobile and even the US Postal Service could be facing big trouble. That’s the conclusion of a recent survey and analysis by the consulting companies Accenture titled, “The Digital Disruption in Banking: Demons, Demands, and Dividends.”

The Accenture survey, which was based on feedback from around 4,000 retail banking customers in the US and Canada, found that evolving technologies and changing consumer attitudes pose real dilemmas to traditional banks. Accenture found that although almost 40 percent of US customers have been with their current bank for a decade or more, a host of factors shows that now is not the time for banks to assume their customers aren’t looking for better options.

For instance, over one quarter of those surveyed by Accenture said they would consider a branchless digital bank if they opted to leave their current bank. Not surprisingly, the number of younger people who see no reason to visit a branch is high, with 39 percent of those between the ages of 18 and 34 saying they would consider all digital banking.

Perhaps even more worrying for traditional banks is the fact that almost three-quarters of US customers said they consider their relationship, such as it is, with their bank to be “transactional.” In other words, the bond between customers and banks is paper-thin, which makes two of Accenture’s other findings hardly surprising. More than half of the customers asked said they want their bank to proactively suggest products and services that can help them meet their unique financial needs. Half would also be interested in an analysis of their spending that was future focused and available in real time.

The Accenture survey also asked bank customers what companies they would consider as financial service providers. This is not merely an abstract question either, given that T-Mobile has launched a prepaid debit card and digital wallet and Walmart now has a partnership with American Express in which it sells the AmEx Serve prepaid card and the Bluebird checking account alternative. Topping the list of companies respondents would consider banking with – not all of them actually offer financial services – are Square, PayPal, T-Mobile, Costco, Apple and Google.

Being a consulting company, Accenture is also in the business of providing solutions to the problems big companies face. Their answer to the threat faced by big banks has three parts. It includes making the customer experience seamless, regardless of whether someone is making a transaction in a branch or digitally. The second part involves extending a bank’s so-called “ecosystem” by offering more services to customers. And finally, Accenture suggests banks offer personalized digital solutions to customers’ financial needs. None of these steps are easy, but responding to changes in how customers bank seems to be a challenge that won’t go away anytime soon.

May 29, 2014