American Express launches Target prepaid card

New York City -- American Express announced Tuesday that it has launched Target prepaid cards featuring email and text alerts.

The cards, sold exclusively at Target stores, work like debit cards and can be reloaded with cash, and are usually marketed to lower-income consumers who don't have credit cards or checking accounts. Fees on cards can range widely depending on the issuer.

The new prepaid card has just two fees: $3 to load money on the card and $3 per ATM withdrawal after the first free withdrawal each month. There is no fee to reload money onto the card by phone or online.

Amex said cardholders will also be able to check their account histories online and receive email and text alerts when funds are low.

The card was initially launched in a pilot with about 100 Target stores in February and became more widely available in about 1,000 Target stores in recent weeks.