Wal-Mart, Amex launch low-priced debit card
October 9 , 2012
Wal-Mart and American Express have teamed to offer a prepaid debit card called Bluebird in a bid to target lower-income shoppers who may not have bank accounts.
The move will provide American Express with access to tens of millions of so-called "underbanked" households.
At the same time, Walmart will be a step closer to achieving its goal of offering banking services.
The Bluebird will be available next week. It is similar to a checking account but without minimum balance requirements or monthly or annual fees.
Adding money will be free, unlike other cards, known as prepaid debit cards or reloadable cards.
The cards will also be accepted anywhere that accepts American Express cards.