I spent the close of 2015 traveling and did not get around to closing out my REDBird card’s and moving back to Serve until last week. Haven’t even loaded 3 of 4 and, bam, they put the hit on most everyone more established (except of course Dan, he seems to be first to a deal and last out).
I have no access to Walmart so was already on the fence about the denuded online load options for new Serve cards. So much work for small ball.
For those interested, I did just load $200 fine from one of my new accounts.
Questions as this plays out:
- For those just starting out, will there be a ‘safe’ amount of activity?
- Will those shut down be able to get new Amex prepaid cards sometime in the future?
- Can Amex charge a monthly fee on an account with zero balance? Would be nice to sit on my new accounts that never had activity.
Really, the question to ask is: Did anyone not in manufactured spend ever open a Bluebird, Serve or REDBird?
I get the feeling there’s a spreadsheet at Amex that shows the average account holder loaded $5,000/month and bill paid the same. Compared to alternatives, these are great products for the unbanked. I wonder if they’ll survive in the market without their unintended customers.