American Express shares dropped about 2% in midmorning trading the company is trying to expand its acceptance among small merchants and is also broadening into prepaid debit cards for consumers who normally wouldn't qualify for a traditional AmEx 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 NEW YORK (CNNMoney) -- 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 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 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 .
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 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. 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 has announced it's joining the fast-growing $65 billion prepaid card business. Aware that the industry is laden with fees and has its fair share of critics (including me), the company's marketing campaign is stressing how consumers will .
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