There are many people that have been victims of Amex credit card fraud. One victim who contacted the ITRC, was instructed to place the fee onto an Amex prepaid card in order to qualify for a government loan; this scam also came from a Facebook friend s online account. The Amex prepaid card was used by the victim and her personal information was stolen. She is still receiving debt collection calls and will be unable to work for some time. This is one of the prepaid cards that has been the victim of fraudulent activity.
The scam artist may have used Amex' name in the email to register the prepaid Amex card as payment for services rendered. It should also have come as a surprise to her that she would not receive an email after she registered. Amex continues to sell prepaid cards to people looking for ways to earn miles; this is nothing but another scheme to get their hard earned money from them. Amex offers the following rewards to people that have their accounts opened with them; reward points, gift certificates and the chance to earn miles towards future free airline tickets.
The only reason that you should consider opening an account with Amex is to receive these incentives. Amex can send you a monthly deposit through direct deposit, but this is not an option when using Amex prepaid debit cards. Amex also requires that you have a checking account in good standing before they will provide any incentive. This alone should prevent any person from trying to use prepaid credit cards to obtain free airline tickets.
Another big reason why you should stay away from prepaid debit cards is due to the security breach that occurred with Amex. A hacker had access to the database of the direct deposit and was able to steal the information that was contained within it. This caused quite a stir because all of the money that was going into your account was not subject to any investigation. This means that if you happen to be the victim of such a crime you are not entitled to any compensation.
The next issue that you need to be aware of is the fact that Amex does not have an opt out facility for their prepaid debit cards. When you apply for any type of credit card, you have the option to choose whether or not you want to include an opt out. Amex does not have this option because they feel that it would not be safe for you to complete a transaction if you were not sure that the information being provided by you was secure. Therefore, they have decided to implement this feature on their credit card application process. Unfortunately, this does not mean that you cannot be denied if you request an opt out; you just have to ask again.
One of the other problems that some users of prepaid cards have had with them is that they can be used for longer loads than they were designed for. There is a specific limit set forth by Amex each month and they will apply to all of their gift cards. If you try to exceed that limit and you pay your bill late, then you are going to hit that limit and have to wait until you get your next payment in to request an extension. If you continue to use your Amex prepaid card for more than six months at a time you can be subject to being blocked from using their services again.
The last potential problem with Amex is that they are not affiliated with MasterCard. This can pose a security risk to you. Amex has a zero percent rate which means that they charge a higher than normal fee for their gift cards. This can lead to a lot of spending and a higher than average interest rate. It is important for you to realize that if you do use your Amex prepaid cards for anything else than emergency purchases, that they are considered a charge card and will be reported to the credit agencies.
One last potential problem with using your Amex prepaid card for purchases is the fact that they will not allow you to use your Prepaid Card online. There are several stores online that offer cash back or other rewards programs that can help you save money if you use your Amex gift cards. If you are not able to get cash back or rewards from these types of stores, you may find yourself paying a large price for something that you did not intend to purchase in the first place. There are also websites online that do allow you to withdraw your Amex prepaid cards from your bank. If you have access to this type of funding source, it can help you to save money if you do use your Prepaid Cards on your purchases.
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