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American Express is rolling out Serve Cash Back, a new prepaid debit card that lets people earn 1% cash back on purchases, along with the usual benefits that come with this account including free direct deposit and online bill payment.
What does 1% cash back mean in terms of dollars and cents with this new card? When you do the math using recent U.S. Department of Labor national averages for groceries, restaurants, transportation, entertainment, clothing and gas, according to Amex, it means that cardholders could earn $400 or more back depending on their spending patterns.
This is seen by American Express as being a way to help people get more for their money. “We know consumers are looking to stretch their budgets and get more from every dollar they spend,” said Stefan Happ, chief commercial officer, Enterprise Growth, American Express. “With the American Express Serve Cash Back Card, we are defining a new standard in the prepaid industry and rewarding our customers where they’re already spending – on everyday items such as gas, groceries and clothing.”
How it works
With the Serve Cash Back card people start accumulating their cash back when they use the card. Once they are ready to use the cash back they've saved, they log into their account, check out how much they have accumulated, and then opt to use the whole amount or a portion to pay for their next purchase.
The cash back that people earn with this can cannot be redeemed for cash.
Additional card benefits
People who opt to get the American Express Serve Cash Back card also get access to other benefits including:
- Direct deposit is free
- Online bill payment is free
- Withdrawals can be made for free at 24,000 MoneyPass ATMs
- Access to special discounts and Amex offers from select merchants
- Amex customer service 24/7
- Fraud Protection
The fee for this prepaid card is $5.95 per month, but there is no minimum balance or credit check required.