American Express PASS

I have had a long love affair with American Express. Never mind that my love affair with Mac Daddy started there when we worked together. I wrote a paper about the American Express brand in graduate school that got accolades from a published, well regarded branding consultant who actually works with the blue box folks in New York. I said something about it setting the gold standard of branding. I was a happy American Express employee and continue to be a loyal customer and shareholder. Even when the brand has disappointed us (like in a real clusterf*#@ of a hotel snafu when we flew from Raleigh to LA with two young kids – I shudder to think of that experience, a real low point in this love affair.), a letter to the right people fixed the problem and compensated us for the mega hassle. American Express has been good to us and good for us.

When I got the opportunity to try the new PASS card I was eager to oblige. My early career started at American Express, and I owe my savings savvy to the company. I was fortunate to start contributing to a 401k at an early age, with a fantastic company match. I had a pension when most companies were folding employee retirement benefits. I had outstanding health care and generous lifestyle benefits. I had access to a wealth of financial support and knowledge and I credit American Express for making me a responsible financial steward. I floundered a bit in college, but luckily those mistakes didn’t haunt me long term. Being at American Express taught me how to budget, save, and spend responsibly. For me, the company is about financial services and financial citizenship; it’s more than a credit card company. And this is Ilina talking here, not the corporate blue box woman I was years ago.

The new PASS card is similar to a product we had knocked around back in the day. It’s a prepaid, loadable card designed for college kids to conveniently and safely have money without carrying a lot of cash. Using PASS should be a catalyst for communication and conversations between parents and their kids about responsible budgeting, money, and financing. This conversation needs to happen proactively, not once your kid calls home in a serious bind. PASS has built-in controls so that both parents and teens can manage spending responsibly. There is no risk of overdraft fees or impact to the Cardmember’s credit. That’s huge, people. (Amended: Note that there is a monthly $3.95 fee that covers purchase protection and roadside assistance. That fee is waived until October 1, 2011. There is also a $1.50 per ATM withdrawal. Thanks to the commenter to pointed this out to me! Mac Daddy hates that I always ignore fees and fine print. Lesson learned!)

Check it out. And just for reading, I’ll let you in on a little secret and some cold hard, virtual cash. If you want to try out the PASS Card, just load it with $25, and American Express will give you $25 on top of that if you use the promotion code, SS25, when you order!  The SS25 code/offer expires April 15, 2011. Click here to order. Let me know what you think!

In full compliance with FTC guidelines, I gotta tell you that I was compensated for trying the PASS card, but was not limited to what I could write. All opinions are my own.