American Express today launched PASS, a prepaid reloadable Card parents give to teens and young adults, providing peace of mind to parents as a safer alternative to cash, credit and debit cards. PASS, which will be sold and marketed exclusively to adults, is currently available as a preview to American Express Cardmembers and will be available to the general public this summer.
"With PASS, teens don't have to carry large amounts of cash and there's no risk of overspending," said Alpesh Chokshi, president of American Express's Global Prepaid business. "While this might be driver's ed for the teen's wallet, parents are in the driver's seat with PASS. Online tools help manage an allowance, track spending and receive alerts when balances are low. As a result, parents have a better way to provide spending money and teens can be on a safer path toward financial independence."
A parent must purchase and register PASS online at www.americanexpress.com/pass. Funds can be loaded through an American Express® Credit or Charge Card. Loading through a savings or checking account will be available when PASS launches to the general public. PASS can be used virtually anywhere that accepts American Express Cards.
Online management tools provide controls and full transparency into how the Card is being used.
- View real-time transaction history and monitor spending.
- Receive email alerts about low funds or notifications when a transaction has occurred.
- Disable/enable ATM access.
- Inquire about Card balance 24 hours a day/7 days a week.
- Load funds for teen's immediate access, with loading up to $2,500.
- Schedule reloading of funds automatically.
Teens and young adults can also manage their account online, view real-time transaction history and set up text alerts to receive balance and transaction information.
Benefits and Cost:
- PASS has a monthly membership fee of $3.95, which is waived through June 30, 2010.
- There are no fees for activation, reloading, balance inquiries, alerts or Card replacement.
- The funds on the Card never expire.
- Option to customize the Card with an image upload for a one-time $9.95 fee.
- Parents can disable/enable ATM cash withdrawals. A fee of $1.50 applies for each withdrawal.
The membership fee entitles Cardmembers to valuable protections and benefits including:
- Roadside Assistance which provides dispatch services including towing, battery recharge, gas delivery, locksmith service and changing a flat tire.
- Purchase Protection against accidental damage or theft of eligible items for 90 days up to $1,000.
To help teens learn about budgeting and saving, PASS from American Express has partnered with Junior Achievement, the world's largest financial literacy organization. Details about the partnership will be available later this year. For more information about PASS, visit www.americanexpress.com/pass.
About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, twitter.com/americanexpress and youtube.com/americanexpress.