Target Teams Up With American Express for Prepaid Cards

by Mercator Advisory Group 0

Target is offering a co-branded prepaid card with American Express, according to a story in the Minneapolis/St. Paul Business Journal. The company has offered its own in-store credit and debit cards, and now is reaching out into a broad financial services world.

Target said in an e-mailed statement that it’s selling the cards in a test at 100 stores in four cities: Chicago, Denver, Miami and Washington, D.C. The company said there is no projected end date.

The move shows how Target is joining a number of retailers, including Target and Kroger, to offer financial services in a retail environment. As free checking disappears and more consumers look for alternatives to banks, retailers may become the new financial services industry.

Read the story at: http://www.bizjournals.com/twincities/news/2011/05/02/target-running-prepaid-card-test-amex.html