Amex bank cards are nice, BUT they’re not for everybody. Here are the Top 7 Reasons why it is best to AVOID American Express bank cards & be sure you’re making the best card alternative for YOU. Click “Show More” to see Ad Disclosure.
📲 MAXREWARDS – Manage bank cards & rewards!
Get Gold degree free of charge with PROMO CODE = markr
💳👉VIEW CREDIT CARD OFFERS!
🛍 RAKUTEN – Earn Cash Back!
‼️ GET FREE STOCKS FROM WEBULL while you open an account & deposit $100:
REASON #1: YOU’RE A BEGINNER TO CREDIT
– Amex doesn’t supply true newbie bank cards.
– No pupil bank cards & no secured bank cards.
– One “semi-exception” = Blue from American Express, however this nonetheless seemingly requires earlier credit score historical past and never value getting.
Recommend constructing your credit score historical past and your credit score rating earlier than making use of with Amex. Start with one other financial institution, esp. if you have already got a checking account or financial savings account (would possibly assist w/ a bank card approval from the identical financial institution).
Then for Amex, I’d personally be ok with…
– Credit History = 6+ months
– Credit Score = High 600s or higher
REASON #2: YOU DON’T LIKE ANNUAL FEES
American Express presently has 17 private playing cards (excluding the Serve card), and 11 of these have annual charges – or 65% of their lineup.
American Express additionally has 14 enterprise playing cards, and 9 of these have annual charges – or 64% of their lineup.
REASON #3: YOU DON’T WANT TO WORK, THINK, OR STRATEGIZE TO GET VALUE
Some Amex playing cards have a number of issues to keep in mind, from overlapping rewards classes, to guidelines & restrictions, and numerous credit & advantages that happen at totally different instances of the yr.
Examples…
– The Amex Green Card earns 3X on Travel (together with flights), however the Amex Gold Card earns 3X solely on flights, whereas the Amex Platinum Card earns 5X solely on flights
– The Amex Gold Card additionally earns 4X on groceries at U.S. Supermarkets (not worldwide), and solely on the primary $25K spent in that class per yr.
– The Amex Platinum Card earns 5X on motels, however solely once they’re pay as you go and bought by way of the Amex Travel Portal.
– All 3 playing cards have annual credit, however they’re completely totally different & issued at numerous intervals all year long (rather a lot to preserve observe of).
REASON #4: YOU DON’T WANT TO PLAY GAMES WITH WELCOME OFFERS
Amex is thought to present totally different welcome gives to totally different individuals based mostly on browser historical past.
Pro Tip: Do 1 of the next…
1. FIRST, clear browser historical past & cache, THEN go to Amex’s web site, or…
2. FIRST, open a personal / incognito window or tab in your internet browser, THEN go to Amex’s web site
– It’s beneficial to do that if utilizing a referral or affiliate hyperlink, too.
REASON #5: YOU WANT TO BUILD A STRONG CASH BACK SETUP WITH 1 CARD ISSUER
– Amex solely has 3 money again bank cards on the private facet.
– The Amex Cash Magnet Card earns 1.5% money again on all purchases, however there are many 2% money again playing cards accessible from different issuers with no annual payment.
– The Amex Blue Cash Everyday Card is an effective card with no annual payment
– The Amex Blue Cash Preferred Card is an effective card with a $95 annual payment
– Consider getting 1 of the two Blue Cash playing cards if the spend classes suit your wants, then pair it with different money again playing cards from different issuers which have extra choices & cowl totally different rewards classes.
REASON #6: YOU SHOP AT PLACES THAT DON’T ACCEPT AMERICAN EXPRESS CARDS
– Although 99% of U.S. retailers who settle for bank cards additionally take American Express, that’s nonetheless not 100%.
– Amex acceptance charges overseas should still trigger points in sure areas
REASON #7: YOU WANT A SIMPLE REWARDS PROGRAM WITH STRONG VALUE FOR ALL REDEMPTIONS
Amex playing cards that earn Membership Rewards factors have totally different redemption values based mostly on what you’re redeeming for, which frequently causes a number of confusion and disappointment for individuals who aren’t frequent vacationers.
– Cash Back (by way of assertion credit score): 0.6¢ per level
– Pay With Points (at checkout): All 0.7¢ every (exceptions = NYC Cabs at 1.0¢ and Ticketmaster at 0.5¢)
– Gift Cards (digital & bodily): 0.5¢, 0.7¢, 0.8¢, or 1.0¢ relying on card
– Travel (Portal): See beneath…
– Flights = 1.0¢
– Upgrade with Points = 1.0¢
– Hotels (normal, pay as you go) = 0.7¢
– Hotels (FHR, pay as you go) = 1.0¢
– Hotels (THC, pay as you go) = 1.0¢
– Car Rentals (pay as you go) = 0.7¢
– Vacations = 0.7¢
– Travel (switch companions): Varies
Disclosure: This web site is a part of an affiliate gross sales community and receives compensation for sending site visitors to associate websites, reminiscent of CreditCards.com. This compensation might affect how and the place hyperlinks seem on this web site. This web site doesn’t embody all monetary firms or all accessible monetary gives. The content material on this video is correct as of the posting date. Some of the gives talked about might now not be accessible. Mark Reese will not be a monetary advisor.
#americanexpress #amexcreditcards #amexplatinum
source
