American Express Membership Rewards - Opinions on Travel Fund Card

Amex is advertising the prepaid Travel Funds card that appears to be used at ATM that accept Amex as well as merchants. Can be loaded from $300-2700 including foreign currency. Until end of year $15.00 fee waived. $2.50 per transaction.

Would this be a good way to get cash overseas? Would it be better than paying for large purchases with credit card?

What are advantages/disadvantes of this?

Thanks for your thoughts.

As a a side note, I only found 500 CO miles available with purchase, no other airlines.

The best way to get cash overseas is to use your ATM card as an ATM card. Generally, overseas banks do not charge ATM surcharge fees like we do in the USA. There is generally no charge over the wholesale exchange rate when using an ATM card overseas.

That $2.50 per transaction charge makes this thing a terrible deal for consumers, particularly since they have the use of your funds.

Anyway, just my opinion.

-David

Thank you. I did not know there was no ATM charge overseas. Not knowing how it worked, I have never even taken an ATM card with me. I have always used traveller's cheques and credit cards. When using an ATM machine is the amount you want requested input as local currency? And are instructions in English?

Forgive me, my lack of knowledge.

Yes, there are instructions in English and you get the money in local currency.

Robin