Available today, American Express announced Serve Cash Back, a new prepaid debit Account option that will earn Accountholders 1% cash back on purchases. Consumers who spend in line with the 2012 – 2013 U.S. Department of Labor national averages for gas, groceries, dining out, clothing, transportation and entertainment using the Serve Cash Back Card could potentially earn more than $400 annually(2) when earning 1% cash back.
“We know consumers are looking to stretch their budgets and get more from every dollar they spend,” said Stefan Happ, Chief Commercial Officer, Enterprise Growth, American Express. “With the American Express Serve Cash Back Card, we are defining a new standard in the prepaid industry and rewarding our customers where they’re already spending – on everyday items such as gas, groceries and clothing.”
Earning cash back will help customers put money aside towards future purchases. After earning cash back, customers will be able to log in to their Serve Account, view how much cash back they’ve earned, and elect to redeem that amount on their next purchase.
In addition to the 1% cash back benefit, customers will enjoy features of the flagship Serve product, including:
- Free Direct Deposit and the newly added ability to get your paycheck up to two days before payday(3)
- Free online bill pay
- Free withdrawals at over 24,000 MoneyPass® ATMs(4)
- American Express world-class 24/7 service
- Fraud Protection
- Access to Amex Offers (exclusive discounts from popular merchants)
The Serve Cash Back monthly fee is $5.95. There is no credit check, no hidden fees and no minimum balance. Customers can learn more about the Serve family of products, including the American Express Serve and the new American Express Serve Free Cash Reloads Card, and find the right product for them at www.serve.com.
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(2) Based on average spending estimates: Average annual spending on gasoline in 2013: $2,418; Average annual spending on groceries 2012-2013: $6,602; Average annual spending on dining out 2012-2013: $3,977; Average annual spending on apparel and services 2012-2013: $17,148; Average annual spending on transportation 2012-2013: $9,004; Average annual spending on entertainment 2012-2013: $2,482 . Total annual spending = $41,631 (Bureau of Labor Statistics US Department of Labor)
(3) Faster access compared to standard payday electronic deposit and subject to your employer submitting paycheck information to the bank before payday. Your employer may not submit paycheck information early.
(4) Transactions at non-MoneyPass® ATMs have a $2.50 American Express Serve fee. ATM operator fees may also apply. See serve.com/atm for details.