An American Express representative sent me a notification about the new American Express Serve Cash Back prepaid debit account that offers 1% cash back on all of your in-store and online card purchases.
This card was released on August 19, 2015, and it is now available for new applicants if you want to open an account today.
Just visit Serve.com, where you’ll see the new Serve Cash Back offer as well as the Serve FREE Reloads option and the standard American Express Serve card.
You’ll get 1% cash back for every $1 that you spend with your Serve Cash Back card when you shop in-store and online.
The 1% cash back will be added to your Serve account after your purchase, and it can be redeemed toward your next purchase on your Serve card.
There is no credit check to get the Serve Cash Back card and no minimum balance requirement, but there is a $5.95 monthly fee.
Here’s the press release that I received:
New American Express Serve Prepaid Debit Account Earns Rewards
American Express Serve Cash Back is the Only Prepaid Debit Account with 1% Cash Back on Purchases(1).
NEW YORK (August 19, 2015) – Available today, American Express announced Serve Cash Back, a new prepaid debit Account option that will earn Accountholders 1% cash back on purchases. Consumers who spend in line with the 2012 – 2013 U.S. Department of Labor national averages for gas, groceries, dining out, clothing, transportation and entertainment using the Serve Cash Back Card could potentially earn more than $400 annually(2) when earning 1% cash back.
“We know consumers are looking to stretch their budgets and get more from every dollar they spend,” said Stefan Happ, Chief Commercial Officer, Enterprise Growth, American Express. “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.”
Earning cash back will help customers put money aside towards future purchases. After earning cash back, customers will be able to log in to their Serve Account, view how much cash back they’ve earned, and elect to redeem that amount on their next purchase.
In addition to the 1% cash back benefit, customers will enjoy features of the flagship Serve product, including:
- Free Direct Deposit and the newly added ability to get your paycheck up to two days before payday(3)
- Free online bill pay
- Free withdrawals at over 24,000 MoneyPass ATMs(4)
- American Express world-class 24/7 service
- Fraud Protection
- Access to Amex Offers (exclusive discounts from popular merchants)
The Serve Cash Back monthly fee is $5.95. There is no credit check, no hidden fees and no minimum balance. Customers can learn more about the Serve family of products, including the American Express Serve and the new American Express Serve Free Cash Reloads Card, and find the right product for them at www.serve.com.
1. Earn 1% Cash Back on purchases (less returns/credits) rounded to the nearest dollar, added to your Account after you use your Card. Rounding purchases to the nearest dollar means that you won’t earn a fraction of a penny in Cash Back. For example, a purchase of $0.01-$0.49 rounds to $0.00 (you don’t earn Cash Back), a purchase of $0.50-$0.99 rounds to $1.00 (you earn $0.01 Cash Back), and so on. The Serve Cash Back Card is the only prepaid Card/account with 1% Cash Back on purchases, not limited to select merchants or select purchases. Cash Back is typically applied to your Account promptly after your purchase, but could take up to 60 days. Cash Back can be redeemed and used only for future purchases made with your Card and cannot be redeemed for cash or otherwise exchanged for value. Subaccounts are not eligible to earn Cash Back. ATM transactions, fees and Serve Online Bill Pay are not purchases and do not earn Cash Back.
2. Based on average spending estimates: Average annual spending on gasoline in 2013: $2,418; Average annual spending on groceries 2012-2013: $6,602; Average annual spending on dining out 2012-2013: $3,977; Average annual spending on apparel and services 2012-2013: $17,148; Average annual spending on transportation 2012-2013: $9,004; Average annual spending on entertainment 2012-2013: $2,482 . Total annual spending = $41,631 (Bureau of Labor Statistics US Department of Labor).
3. Faster access compared to standard payday electronic deposit and subject to your employer submitting paycheck information to the bank before payday. Your employer may not submit paycheck information early.
4. Transactions at non-MoneyPass ATMs have a $2.50 American Express Serve fee. ATM operator fees may also apply. See serve.com/atm for details.
Remember that Serve Cards are Eligible for Sync Offers from American Express as well, so you can earn extra statement credits to your account on qualifying purchases.