American Express has unveiled the new Serve Cash Back prepaid debit account option that will help accountholders secure 1% cash back on purchases.
The new offering will not require a credit check or minimum balance, and will have a monthly fee of $5.95.
After earning cash back, customers can log in to their Serve Account to see the amount of cash back earned, and choose to redeem the amount on their next purchase.
Apart from the cash back feature, the product will facilitate free direct deposit, free online bill pay, free withdrawals at over 24,000 MoneyPass ATMs, access to offers of American Express such as exclusive discounts from select merchants, in addition to ensuring fraud protection.
American Express’ Enterprise Growth chief commercial officer Stefan Happ said: "We know consumers are looking to stretch their budgets and get more from every dollar they spend.
"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."
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