American Express Co. will offer its reloadable prepaid cards on Walgreen Co. shelves by the end of the week, according to an Amex spokeswoman.
Amex has moved aggressively into the prepaid card market with a card that has almost no fees. The cards allow Amex to appeal to an audience that might not normally consider its credit cards. In past interviews, Amex group president of enterprise growth Dan Schulman, who runs the company's prepaid operations, has said that good prepaid customers could eventually be offered more traditional card products.
The Walgreens will place Amex's prepaid cards in 7,200 new brick and mortar stores. The cards are already available online and at other retailers, such as Target, Office Depot and Barnes and Noble campus bookstores.
The announcement was made Wednesday during Amex's Financial Community Meeting, the spokeswoman said in an email. Currently, about 1.6 million customers use the cards.