What is the Bluebird Card?
It is a new way to pay using a prepaid card that can help manage and control our money. This is a partnership between American Express and Wal-Mart. Strange bedfellows?
The Bluebird Card can be an alternative to a checking account with no minimum balance, and no monthly fees, no annual fees and no overdraft fees. There will be a fee for using an out of network ATM for customers who don’t use direct deposit.
None of my readers get dinged for ATM fees right? If yes you do, send me a private message. We need to talk.
Walmart cites a Bretton Woods study that shows consumers now pay an average of $259 per year for a basic checking account and says “that cost is rising due to higher minimum balance requirements and a growing list of fees being added to these services.”
The Bluebird Card will come with some cool features such as the ability to deposit a check by taking a picture of it with your smartphone. The card will also offer fraud protection if it is lost or stolen. You can set up sub-accounts for family members or others, giving them access to certain funds and not the whole account. Perfect for spendy teens!
I like to use prepaid cards when I buy online and don’t want to use my “regular” checking account. They are also great for offers that will auto-renew if you forget to cancel them.
The Bluebird will be available next week at www.bluebird.com and at more than 4,000 Walmart stores. Let’s see how this turns out.
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