NEW YORK (AP) -- American Express Co. will begin selling its gift cards in U.S. post offices in June, the company said Monday.
The company will sell $25, $50 and variable loan cards that can have up to $100 loaded on in more than 1,800 post offices as part of a pilot program. The cards, which have no fee other than a purchase price ranging between $3..95 and $5.95, can be used at stores and restaurants in the U.S. that accept American Express, and online.
"As the company looks to move beyond traditional charge and credit products, expanding our distribution network to new and innovative locations like post offices is key to accelerating the company's growth in new payments and digital platforms," said Alpesh Chokshi, president of Global Payment Options for Amex, in a statement.
A U.S. Postal Service spokeswoman said Amex gift cards are the first to be sold in post offices. The program is open to other companies.
U.S. consumers spent about $92 billion using gift cards last year, according to research from the business consultant TowerGroup. Use of gift cards with logos from MasterCard, Visa, Discover and American Express accounted for about $33 billion.