Amex offers co-branded Wal-mart prepaid card … say, what?

Punch line: Wal-Mart and American Express take aim at the traditional credit card model to offer an alternative to lower-income consumers.

The new card will expand AmEx’s customer base while offering Wal-Mart another foray into financial services.

Blubird today, platinum tomorrow … I guess.

* * * * *
Excerpted from Reuters’, “Wal-Mart, Amex team up on card for lower-income shoppers”

Walmart_bluebird-card

Wal-Mart Stores Inc and American Express Co. have teamed up to provide financial services to customers who often do not have traditional bank accounts by offering a prepaid debit card called Bluebird.

The move will give American Express … a 4,000-store gateway to tens of millions of so-called “underbanked” households and … Walmart will get to extend its mantra of “every day low prices” to yet another sphere and come closer to achieving its years-long goal of offering banking services.

The Bluebird will allow for deposits by smartphone and mobile bill paying, with no minimum balance or monthly, annual or overdraft fees, the companies said on Monday.

“Bluebird is our solution to help consumers who currently may be poorly served by traditional banking products,” said Dan Schulman of American Express. “In an era where it is increasingly ‘expensive to be poor,’ we have worked with Wal-Mart to create a financial services product that rights many of the wrongs that plague the market today.”

Edit by JDC

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