As some of you may remember, I’ve been evaluating the American Express Prepaid card. With $2,000 dollars loaded on the card, I expected to be on the way to my fashion champagne wishes and caviar dreams. I have been looking for something I absolutely love, a true luxury item that I normally couldn’t afford or wouldn’t normally throw caution to the winds to purchase. I truly expected to run over to the Chanel boutique like a drunken sailor on leave and use my card allotment on a big splurge. But that is not what happened. I have splurged on a gorgeous Chanel item, but I got a deal on it ($265.00 purchase price), and I have plenty of funds left to buy other things.
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| Pictured: My new true love, a classic Chanel sweater, purchased with my prepaid card. |
Although this is a sponsored post, I am relaying my honest experiences here with the card. The card has had an unexpected effect on me. Because it is loaded with a specific amount, I found I am budgeting very carefully. I like being able to use the American Express online tools to check the amount on my card and know where I am at. For some reason, I have been more careful with using the money on this card, than I am making charges on my credit card. Knowing that the card only has a certain amount on it, and that it will run out, has made me much more cautious with my spending.
The psychological effect of setting limits.
The dollar limit on the card is having a pychological effect on me and is making me fashionably frugal. I have activated text alerts on the card so that I will know when I am running low on funds and when a purchase has gone through. With the text messaging feature, I can ask the American Express prepaid service to tell me the balance on the card. That’s a great feature when you are out shopping, especially with Black Friday sales right around the corner. The siren’s call of a sale can be enticing, but with the prepaid card, you know you have a financial limit and you can check you card balance anytime on your phone to see how you are doing.
Everyone can use the American Express Prepaid Card.
Another benefit that I like about the card, is that card is for everyone, not just the wealthy. It’s a fact that in this “great recession” some people can’t get credit cards anymore. There are people who no longer have checking accounts, or if they do, they have no incoming cash to fill the account with. This robs people that are already going through tough times of having a card to use as security when they shop for basic essentials. How many times when ordering something on the phone, or even trying to get a drug prescription at the pharmacy, is a credit card needed? You can’t hold a room at a hotel if you are traveling without a credit card to use as a security deposit. You can’t purchase a plane ticket without a valid credit card number. With the holidays coming, many people will be traveling to see friends or relatives, and they need a card to make travel plans. If they have been denied credit, or if their cards are maxed out, it could be life saver to have a friend or family member give them a prepaid American Express card during this holiday time. With an American Express card, they will get to use the full amount loaded on the card. No fees are deducted. Just remember to start early with ordering the card, so you have ample time to get funds transferred to it for gifting. As I learned, there can be technical gotchas whenever you use an Internet portal. So factor in some extra time for that. I am thinking of ordering a card for my little niece to use for her Christmas shopping. I think it will be a valuable lesson for her in managing money.
My fashion future with the American Express prepaid card
Because I got such a great price on my black Chanel sweater (with white Camellia flower woven into the knit) I still have plenty of funds left for the upcoming annual festival of shopping known as: Black Friday/ Cyber Monday. I am going to sit tight on the remainder of my funds, and look for more deals during the upcoming sales. I would like to get another Chanel piece and some real gem jewelry. I might even try to bid online at the upcoming Elizabeth Taylor jewelry auction just for the thrill of it with my prepaid card. How cool would that be?
I don’t know where the rest of my American Express prepaid card shopping journey will take me, but stay tuned as I will be reporting in after Black Friday/Cyber Monday on my finds. I plan to check out Sequels Boutique in Beverly Hills and Adore in Cary, NC for designer treasures. I will also go over to The Way We Wore on LaBrea to see if they have any vintage Irene Lentz treasures. With my prepaid card, the opportunities are limitless as long as I stay within my budget, and in a way, that’s the real luxury.
Since 2008, Mary Hall has been the author of 
2 Comments
I definitely agree that pre-paid cards can be a great way to give money as a gift in a classy way. However, the drawback is that you usually have to pay to put money on the card. So you want to give $20 and end up paying closer to $25 or $26. It's not that much, but it is a bit silly to pay to give less than you pay. Also, just for clarification, if you need a prepaid card for hotels or other security-concerned services, they usually will not let you use a prepaid card.
NB, thanks for commenting.
I unsed my pre-paid card as a test run at the Biltmore Hotel in Los Angeles last weekend, and had no issues with it. It looks like a regular American Express card and was accepted as such.
Also, what you say about fees on the card is true of Visa and Mastercard gift cards, but it is NOT true of American Express. With American Express, you do get the full value of the card.
You do have to load it with your own money though, and that does take time and planning.