The card is available online, but the company has revealed plans to also roll it out in drug stores and other retailers as well over the next few months.
The card has an initial load fee of USD 3 and another USD 3 fee per ATM withdrawal each month, the first withdrawal being free of charge. In addition, cardholders will be able to review their account history online and receive email and text alerts when their funds are low.
In 2010, consumers have loaded USD 41 billion on prepaid cards, up from USD 29 billion in the 2009 and USD 19 billion in 2008, according to Mercator Advisory Group, a research and advisory services company.
The new prepaid card has been initially introduced as part of a pilot in almost 100 Target stores and afterwards made available in over 1000 stores.
In recent news, American Express has revealed plans to invest USD 100 million to fund early stage digital commerce startups
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