American Express Launches the Travelfunds Card

American Express
has launched the TravelFunds® Card, a unique prepaid, reloadable travel card designed to bring true peace of mind to travelers worldwide. Available in three currencies, the TravelFunds Card can be used globally at the millions of merchants that welcome the American Express® Card, as well as at ATMs worldwide that accept American Express Cards. Today’s announcement marks a significant expansion of the company’s portfolio of prepaid products.

“Today’s travelers have an increasing number of worries when it comes to protecting their travel funds and valuables. In addition to concerns about loss and theft, more and more people are also worried about becoming a victim of identity theft,” said Valerie Soranno Keating, President, American Express Global Travelers Cheques and Prepaid Services Group. “Yet, despite these concerns, Americans spend more than $100 billion in cash annually when they travel. When that money is lost or stolen, it’s gone forever.”

The TravelFunds Card brings travelers a level of safety and convenience that no other payment method provides, such as the ability to obtain a refund on a 24-hour basis if the card is ever lost or stolen. Moreover, unlike a debit card, the TravelFunds Card is not linked to a bank account, providing further protection from financial theft and loss.

In addition to potential debit card theft and loss when traveling, consumers also have growing concerns over identity theft, which has affected more than 27 million Americans in the last five years, including nearly 10 million in the last year alone, according to a recent Federal Trade Commission Report.

“With so many potential risks, consumers are looking for a product like the TravelFunds Card that can provide a safety-net when they travel.” said Randall Beard, Vice President Global Marketing, American Express Global Travelers Cheques and Prepaid Services Group. “Because the TravelFunds Card is not linked to their personal bank accounts, consumers can leave their worries behind and spend their vacation on vacation.”