NEW YORK (8/21/15)--American Express this week launched a new prepaid debit account option that includes a reward component.
With Serve Cash Back, account holders can earn 1% cash back on purchases. The program includes free direct deposit, free ATM withdrawals through the MoneyPass ATM network and free online bill pay.
Account holders also may be eligible to receive their paychecks up to two days in advance of their scheduled payday.
“We know consumers are looking to stretch their budgets and get more from every dollar they spend,” said Stefan Happ, American Express chief commercial officer, in a release. “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.”
Customers will be able to view their purchases and cash rewards by logging in to their Serve account and elect to redeem that amount on their next purchase.
Serve Cash Back carries a monthly fee of $5.95. There is no credit check or minimum balance for the account.