Wednesday, June 17, 2015

American Express Prepaid Card Adding Monthly $4.95 Fee for Most

HT: JF via email

I originally wrote this post about Serve.  Within 2 minutes I took the post down when I realized my mistake.  Serve is not adding any monthly fees.  I read AMEX Prepaid Card in the email and my mind immediately went to Serve.  I hope I didn't scare anyone too much.  It was sloppy and I apologize.

American Express is adding a $4.95 monthly fee to the American Express Prepaid Card for anyone who isn't a resident of Arkansas, New York, Texas or Vermont.

Monthly fee starts October 15, 2015.  

This is not a big deal since they are basically useless.  If you have any money left, drain it now and then close the account.  If you don't, you can't have a negative balance so don't worry about it.

From their terms:

PLEASE NOTE: If your Available Balance is less than a $4.95 for a particular month, we will deduct the Available Balance on your Card and apply it toward the monthly fee. If you have no money available on your Card, or if you do not have enough money to cover the entire monthly fee for a particular month, your Card will not sustain a negative balance as a result of this monthly fee.