October 17th, 2012
In a partnership with Walmart, American Express has launched a new prepaid debit card called Bluebird. It hopes to revolutionize the prepaid space, which is typically known for numerous high and hidden card fees.
Bluebird ? An Alternative to a Traditional Checking Account
Prepaid debit cards have gotten a bad rap. (Remember the Suze Orman card? Or the Kardashian card?) American Express and Walmart are trying to turn that around with Bluebird, which lets consumers take control of their finances:
- Cash deposit: With Bluebird, cardholders can deposit cash via direct deposit, transfers from a bank account, by adding cash at virtually any Walmart, or by depositing checks with the card?s mobile app.
- Free bill pay: Using Bluebird?s website or mobile app, members can pay their bills digitally, with no fee.
- Cash withdrawals: Bluebird members can withdraw cash at any ATM that accepts American Express cards or that?s included in the MoneyPass ATM Network.
- Family budgeting: Bluebird offers a feature called Sub-Accounts, which allows the account owner to create accounts for other people, like family members. The card member sets up the Sub-Accounts and can adjust settings for daily spending limits and ATM access. Each Sub-Account member receives his or her own Bluebird card.
So, what are the fees?
Bluebird comes with a few fees, but much less than the traditional prepaid debit card. It has no monthly or annual fee, which is refreshing. Here are the main fees cardholders can expect:
| Fee Type | Amount |
| Adding money from a debit card | $2 per transaction |
| Out-of-network ATM | $2 per withdrawal or decline (waived through 11/4/12) |
| MoneyPass Network ATM (for Bluebird cards NOT receiving direct deposit) | $2 per withdrawal or decline (waived through 11/4/12) |
Who should get Bluebird?
This card isn?t for the person looking to establish a credit history. Remember that prepaid cards aren?t credit cards. They won?t help you build your credit. (For a cash-backed card that does, try a secured credit card.)
This card is for unbanked consumers?folks who don?t have traditional bank accounts, either because they can?t get one or they prefer not to do business with a bank. There are approximately 10 million unbanked U.S. households, according to the FDIC, which is a huge market opportunity. And consumers can do just about everything with the Bluebird card that can be done with a traditional checking account and debit card. Plus, there?s no credit check when you apply for a Bluebird card.
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Source: http://blog.creditkarma.com/credit-cards/review-bluebird-by-american-express-a-better-prepaid-card/
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