American Express PASS card for children: sold only to adults

American Express launched a new product that helps parents prevent their offsprings from overspending on the plastic cards. The company announced the launch of PASS card that parents can give their teens and young adults as a safer alternative to cash, credit and debit cards.

PASS will be sold and marketed exclusively to adults, and is currently available as a preview to American Express Cardmembers and will be available to the general public this summer.

"With PASS, teens don't have to carry large amounts of cash and there's no risk of overspending," said Alpesh Chokshi, president of American Express's Global Prepaid business. "While this might be driver's ed for the teen's wallet, parents are in the driver's seat with PASS. Online tools help manage an allowance, track spending and receive alerts when balances are low. As a result, parents have a better way to provide spending money and teens can be on a safer path toward financial independence."

Parents can purchase and register PASS online at http://www.americanexpress.com/pass. Funds can be loaded through an American Express® Credit or Charge Card. Loading through a savings or checking account will be available when PASS launches to the general public. PASS can be used virtually anywhere that accepts American Express Cards.