Amex & Walmart Create Prepaid Debit Card for Low-Incomers
Introducing the "Bluebird"
American Express and Walmart are teaming up to offer prepaid debit cards to lower-income shoppers. Called Bluebird, the debit card is being targeted at customers who don’t have checking accounts, and will be accepted at any establishment that accepts Amex cards. It was developed partly as a response to customer complaints about growing fees for checking accounts and other banking services. Though admittedly an unlikely pairing since Amex has always cultivated an upscale image, it could be an effective one. “Any ‘brand damage’ that might injure them through association with lower-income consumers is more than offset by the access to the un-banked and under-banked they are offering,” said Adam Hanft of Hanft Projects, a consumer marketing and branding firm. The card will be available next week at Walmart stores and online. It requires no minimum monthly balance and has no fees for transactions or overdrafts. (NY Post)