American Express offers a variety of prepaid card options, including the Serve®, Serve® FREE Reloads, and Serve® Cash Back. Customers have more alternatives for managing their finances because any one of the three cards can be used in place of a traditional bank account.
This evaluation will concentrate primarily on the most basic version of the American Express Serve® card. If you're seeking to cut down on your monthly bank fees, this is your best bet because it's the only one that doesn't charge a fee as long as you make direct deposits.
Consider looking at alternate Serve card possibilities if you anticipate making much monthly cash reloads to your Serve account or if you believe you will earn more in cash back than the monthly charge.
Fundamentals
American Express Serve® cards allow you to load funds similar to a debit card associated with a checking account at a regular bank. With a prepaid debit card, you can only spend the money that you have loaded into the card.
If the funds on a debit card are depleted, they cannot be used for purchases until more money is added. Given that the Serve card bears the American Express logo, it may be used anywhere that accepts American Express.
It is included for you to have online access to your American Express Serve account, and you might just access it either through the American Express website or even a mobile application. With this account, you won't be able to visit a brick-and-mortar location to handle routine transactions, but you can do everything related to your account with only a few clicks of your mouse.
Unique Characteristics
Free Online Registration
American Express will ship you a new card when you register for it online; there will be no need for a credit check. Creating a new account online is free of charge.
Pre-Direct Deposit
With the American Express Serve account, you can access your funds up to two days before your regular pay date. All that needs to happen is for your company to provide the necessary banking information to process your paycheck early.
Free ATM Withdrawals
If you withdraw cash at more than 30,000 MoneyPass ATMs around the country, and do not worry about any additional fees from the American Express.
Free Bill Pay Online
If you have a Serve account, you may use the American Express Serve app or access your Serve account online to pay your bills. Setting up or utilizing an online bill payment service won't cost you anything.
Free Reserve Partition
Create a Reserve in your Serve account to save money and stick to your financial plan. Making deposits and withdrawals from your Reserve is entirely free.
Fees
Depending on how you use the account, various costs are connected with the American Express Serve® card. The costs are typically smaller than competing goods and may be avoided entirely with due diligence. An explanation of the various charges that may be applied to your account, along with the behaviours that may trigger these charges, are provided below.
The Benefits And Drawbacks
Have both good and bad sides to it. While the benefits exceed the drawbacks in this situation, you should consider a few things before deciding whether to sign up for a Serve account.
Pros
- Applying for the card online is free of charge.
- The usage of direct deposit is costless.
- If you have a direct deposit of $500 or more per month, there is no monthly cost.
- The use of over 30,000 MoneyPass ATMs is entirely free.
- An app that's a breeze to use
Cons
- Savings generate no interest.
- Amounts reloaded at non-MoneyPass ATMs or when travelling will incur fees.
- Unfavorable foreign transaction costs hamper international travel
- Mobile check capture costs must be paid within ten days.
- Not as commonly recognized as Visa or Mastercard abroad
Summary
The fees connected with using an American Express Serve® Reloadable Prepaid Debit Card are highly variable, as is made evident by reading the fine print. Obtaining and using a Serve card is hassle-free, and there are no associated costs.
A monthly direct deposit of $500 or more entitles you to apply for the card and begin using the funds for electronic bill payments.
You won't be charged a fee if you use just MoneyPass ATMs to withdraw funds. By removing the pricey aspects of the account, you may have a 100% free Serve experience.
