Cochinoman tech, sushi, poker
A while ago, I tried to open an Ally online bank account, but it was so excruciatingly difficult, I gave up. So when I saw the TV ad for the American Express + Wallmart Bluebird account, I decided to give it a try.
Although they never come out and use the words “secured credit card,” basically, that’s what this is. You deposit money into your account and control it with iPhone and Android apps, as well as an online account. You can direct deposit your paycheck, pay bills, and generally move your money around. You also get a secured American Express credit card which can be used the same way as a regular AmEx card.
The best part of this was how easy it was to open an account. Basically, you just need your name, address, phone, an email account and SSN. Yes, that’s it. If you get a package from Wallmart, it comes with a temporary card. If you open your account online, you will have to wait a couple of weeks to get your card in the mail.
Once your account is open, you can setup your account for different ways to deposit money into your account. Although, your account doesn’t earn any interest, it also doesn’t cost anything. In fact, not only is there no annual fee, there’s no overdraft fees, no minimum balance fees, and no card replacement fees. Basically, this account can replace a checking account if you don’t mind doing all your business in the cloud.
