What About Prepaid Debit Cards?

A Twitter listener asks what Dave thinks about the new prepaid American Express debit card. Dave has a strong opinion on this topic.

QUESTION: A Twitter listener asks what Dave thinks about the new prepaid American Express debit card. Dave has a strong opinion on this topic.

ANSWER: American Express sucks. Those are my thoughts. I wouldn’t do business with them if they gave me money. Not a chance.

I don’t understand the reason for a prepaid debit card. A prepaid debit card is you open a checking account, put money in the checking account, and you have a debit card. It’s prepaid. Why would you need to load a card? I don’t have a big objection to a prepaid debit card, but I wouldn’t do business with AmEx if they were the last company on the planet.