Like so many other families, we struggle with our budget. We've had a couple of rough months with unexpected bills popping up, things that needed fixed ASAP, etc - and I will be incredibly honest with y'all, there have been a couple of weeks where I have been holding my breath until the next payday. I'm always afraid that since I am cutting it so close in our checking account, that there will be a bill that goes through that I completely forgot about. The last thing I want to see when I am counting pennies is an overdraft fee! (cringe!)
The American Express Prepaid Card has no fees for purchasing the card online, monthly maintenance, activation, balance inquiries, alerts, card replacement, foreign currency conversion or loading via bank account. A lot of other pre-paid cards charge you for activation and balance inquiries over the phone, so I had always brushed aside the thought of using one. I don't want to pay a ton of money to use my money, thank you very much!
Another bright side is when you order an American Express Prepaid Card, there is no credit check or impact to your credit history even though they ask for your social security number. Our credit score is incredibly important to me (we are hoping to buy land soon), so I am watching for the slightest thing that could impact that score. Any check on it could hurt our chances of a great interest rate, so finding this out made me breath a little easier. If your credit score gives you panic attacks too, you'll probably be glad to know this.
Our grocery budget is our biggest money trap. I shop via sales for shelf staples, etc, but since we hit so many different stores overall - from the restaurant supply to the farmers market - sometimes I loose track of what we've spent. I am also AWFUL at counting what's in my shopping cart. I try to add it up in my head as I put it in the cart - but I am almost always off. It's my numbers dyslexia. I can't do the cash system because of this. (Me & numbers just do not mix!) So I thought to myself - would it be easier if instead of automatically reaching for our debit card, I used the American Express Prepaid Card instead? I've used gift prepaid cards before in the past, and they have always been easy to use. If I went over what was left on the card, I could always pay the rest of the balance with the debit card like what I had done before. The wheels were a'turning, I tell ya... lol
Setting up the card is super easy - you just fill out your information, choose your shipping choice (1st class shipping is free!), and add in your bank account to move the funds onto your card. You can get one free ATM withdrawal off the card each month (each one after that is $2), so even if you need to shop somewhere American Express is not accepted (sadly, I found out the hard way Grocery Outlet doesn't accept American Express - sigh!), you can still withdraw the amount you need for that purchase at a local ATM and pay in cash.
Your name is on the front of the card, just like any other credit or debit card, helping to stop unauthorized use. (Gamestop asked for my ID!) Since anyone over the age of 13 can have this card, it makes it a great choice to teach teens money budgeting. YOU make the choice as to how much money goes on the card, and when it's empty - it's empty. They are stuck until you reload money into the account again. Just a heads up, it takes about three business days for funds to be verified to the card, so don't wait until the last minute if you are planning a vacation or a big shopping trip! (by the way, if you want to block ATM use so your teen can't get cash to spend on things you don't know about - the option is available after you have received the card!) And all transactions are available for you to look at online, so you can see where your teen - or husband *cough* lol - is spending the money.
Are you interested in using the American Express Prepaid Card to help with your budgeting? To learn more, check out the American Express Prepaid Card website.
I wrote this review while participating in a blog tour by Mom Central Consulting on behalf of American Express and received a promotional item to thank me for taking the time to participate.
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