American Express is looking to offer a debit card that will reach a whole new generation of consumers — the kind that grew up playing video games. According to the NY Times, the credit/debit card company will announce on Wednesday a sponsorship program with Riot Games, the developer of League of Legends.
The new line of prepaid debit cards will feature images and characters from League of Legends and will allow cardholders to earn Riot Points, in-game currency used to purchase characters, alternative outfits (known as skins), and other in-game extras.
Consumers will reportedly receive 1,000 points upon signing up for the card and an additional 1,000 points after loading $20 onto it. Additional points can be earned for the first 10 purchases made with the card, and 10,000 points are awarded the first time a card is linked to a direct deposit account. Additional points can be earned for every dollar spent after that. Best of all, the card requires no credit check, activation fee, or minimum balance; instead, it is loaded with your own money and used in lieu of cash purchases.
American Express is looking to expand traditional reach beyond the mass affluent," according to Stefan Happ, general manager for online and mobile at American Express in the U.S. What better way to expand then with the help of a game that boasts 32 million players worldwide? League of Legends was recently hailed as the world's most popular game and currently attracts one billion hours of gameplay a month.
A 30-second video explaining the prepaid card's benefits along with digital banner ads will begin appearing on the League of Legends Championship Series website on Wednesday when American Express will roll out a new website for the card and formally announce it.
Prepaid debit cards are a wonderful way to introduce young adults to the consumer world — in terms of teaching responsible spending. Rather than giving them a credit card that can rack up debt, you (the parent) can control how much money is placed onto the card. Let's say you only want them to have $20, simply load $20 onto the card and that's all they have to spend. There was no mention of any sort of overspending fee, though I imagine that will be in the small print come Wednesday.
As an avid League of Legends player this card definitely appeals to me, which I believe is exactly what American Express was hoping for. Get rewarded with the game I love to play by making everyday purchases I'd be buying anyway? Yes, please.
Does the American Express prepaid League of Legends debit card interest you?
