NEW YORK -- American Express is rolling out its first prepaid card aimed at the general market on Tuesday as it moves to stake a claim in the growing industry. The announcement marks a notable departure for the company, which is known for catering to a Wal-Mart Stores is taking another leap into the banking world, announcing on Monday a prepaid card and debit account with American Express that will give low-income consumers access to features like smartphone deposits. It is a surprising alliance between American Express' Bluebird prepaid card is flying high. Launched last year, Bluebird with direct deposit took the No. 1 spot in Consumer Reports’ first ever ranking of the country's best - and worst - prepaid cards. Also making the top five in a list of American Express announced Tuesday that its prepaid debit cards will now be backed by the Federal Deposit Insurance Corp., the latest indication that a market once shunned by established financial institutions is gaining ground. The use of reloadable Prepaid cards have entered the mainstream, many providing convenience and functionality that come close to that of checking accounts. Consumer Reports has rated 26 prepaid in four categories: value, convenience, safety and fee accessibility, and clarity. In what seems to be a further attempt to reach out to underbanked Americans, American Express is very excited about the launch of the new Prepaid Card, which has no monthly, recurring or maintenance fees. The underbanked population is a $200 billion market .
American Express, which is trying to expand beyond the affluent customers it normally lends to, is testing the sale of prepaid cards in some Wal-Mart stores. The New York-based lender is marketing the reloadable cards, which can be used wherever American American Express Targets New Card for Video Game Players (LowCards) In an effort to attract new and younger consumers, American Express Company (NYSE:AXP) has launched a line of prepaid cards in association with the online video game, League of Legends. The five best cards, as rated by Consumer Reports: • Bluebird with direct deposit, from American Express and Walmart • H&R Block Emerald Prepaid MasterCard • Green Dot • Approved Prepaid MasterCard with direct deposit, from Suze Orman • Approved Not all card issuers deposit customers' money in FDIC accounts, though. American Express launched an adult version of its reloadable prepaid card in June 2011, for example, and, as it discloses in the card's terms, "Any funds loaded on your card are not .
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