Target to carry American Express prepaid card

Category: Merchant Processing Industry

Shoppers at Target stores will soon get the chance to pick up a brand-new item when browsing through the aisles of the stores - credit cards.

In a statement, American Express announced that a selection of prepaid cards would be available in Target stores exclusively. The cards will work much in the same way as debit cards and money can be added on when needed. Consumers will be charged $3 to load money onto the cards online and the same fee each time they withdraw money from an ATM.

The leadership of American Express said they were thrilled to sign the partnership deal.

"We're excited to partner with Target to provide consumers with a safe and secure everyday payment tool," said Stefan Happ, senior vice president and general manager of American Express' Global Payment Options. "This prepaid reloadable card is loaded with benefits synonymous with American Express such as Roadside Assistance, Purchase Protection and Global Assist."

The merchant services company made other news in recent weeks by signing other deals. Agence-France Presse reports that the Bank of China signed an agreement with the company to give customers the chance to sign up for its Bank of China Private Bank American Express Card.