The Pass Card from American Express is a new prepaid open loop card that is designed for teens and young adults. The pass card is designed for young adults because the pass card acts exactly like a debit or credit card. However, you can only spend up to the balance remaining on the card. This way you will never be forced to pay overdraft fees.
When the balance on the card has been expended, the pass card is reloadable. As a parent you can put more funds on the card by logging into your account online or by calling American Express at 1-877-405-7277. This makes it the perfect card to teach your son or daughter financial responsibility. American Express even offers Financial Certification through their online Money 101 course.
How the Card Works
The American Express Pass Card works just like a debit or credit card. The owner can visit any ATM to withdrawal money ($1.50 fee) or spend the funds anywhere that American Express is accepted. It’s safer than cash because if the Pass Card is ever lost or stolen the funds can be recovered and you are not responsible for fraudulent purchases.
The balance of the pass card can be checked online or by phone at any time which is a nice convenient feature. Your teen has their own online login and account information where they can manage their funds. This is a great safe way to teach financial responsibility at a young age.
Specific Costs & Additional Details
The American Express Pass Card is subject to a $3.95 monthly fee (waived until October 1st, 2010) that is charged to the Pass Card funding source. There is also a $1.50 charge for every ATM usage.
- The Pass Card can be customized in one of four different colors and users can even add their own image.
- The Pass Card can be used to shop online or even internationally.
- Funds can be added instantly online or by phone.
- Each Pass Card comes with free roadside assistance and accident protection.
Now the question remains would you be interested in giving your teen or young adult an American Express Pass Card? What do you think its benefits are? Let me know what you think.
Click here for more information on the American Express Pass Card.
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