Walmart announced that it will now be offering a new low cost bank card, according to reports.

Walmart and American Express joined forces to create a prepaid card called Bluebird, available in more than 4,000 Walmart stores and online.

The Bluebird card is the latest in a string of low-cost prepaid cards created for consumers who want alternatives tochecking accounts.

Big names, including Chase and Comerica recently launched prepaid rechargeable cards, too.
Money can be deposited directly or loaded on the cards, making them an alternative to a checking account.

As for the Bluebird card, the rates are more reasonable than some of the other card offers.
Gerri Detweiler said the Bluebird rates are low and could make the card useful for someone who wants a prepaid card to make purchases online or avoid checking account fees.

"This is definitely competitive," Detweiler said.
The program is based on a pilot program launched late last year.
Daniel Eckert, vice president of financial services for Walmart U.S., said in a statement
that customers are tired of a complex maze of do's and don’ts to avoid current account fees.

Bluebird cards can be used at Walmart and other places that accept American Express.
Users will also be able to deposit funds to the card through a mobile application that captures a check. The cards could also be linked to a checking or savings account or a debit card.

More features will be added in Bluebird in the first quarter of 2013, including more ways to deposit money and check writing capabilities.