American Express Launches PASS – Prepaid Reloadable Card for Teens
American Express yesterday 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 http://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.
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