The American Express credit card has several benefits. While it requires a good credit score of between 670 and 850 to qualify, they also offer rewards points and no balance transfer fees. Additionally, they are accepted at more than 10 million merchant locations in the U.S. If you’re in the market for a new credit card, an Amex card is a great option. Read on to find out more. If you’re considering applying for an Amex card, make sure you know the facts first.
Amex cards require a credit score of 670 to 850
While it’s true that most American Express credit cards require a credit score of 670 or higher to qualify, some vendors will grant accounts to applicants with lower scores. These vendors don’t release the exact range for each card they offer, but in general, a credit score of six hundred to eight hundred will improve your chances of approval. For example, a six-score card may require a score in the mid-to-upper six-digit range, whereas a 780+ credit score is deemed to be a fifteen.
Although some American Express credit cards require a high credit score, many companies still require that applicants maintain good credit to qualify for their products. Having a high credit score is essential for most types of credit cards, so be sure to review all the eligibility requirements before applying for a card. It may be helpful to check with your local credit bureaus to see what they recommend for those with low scores.
They offer rewards points
If you’re thinking about applying for a credit card and are wondering whether or not you should use an American Express card, you might be surprised to find out that it has many benefits. While all credit cards offer rewards points, American Express membership rewards points are more valuable if you use them for specific purchases, such as gift cards or airline miles. Other benefits of this credit card include extended warranties on purchases, financial management tools, and travel insurance. There is an annual fee, but you can offset this with the other benefits that come with this card.
One way to maximize the rewards points from your American Express card is to refer friends to the program. For example, you can earn 1 point for every dollar spent at certain U.S. retailers, shipping providers, and software companies. However, it’s important to note that American Express doesn’t have a traditional online bonus mall that you can access through the website. Instead, you can find individual offers that offer extra points for a limited time.
They don’t offer balance transfers
In the year 2020, American Express stopped offering balance transfers on their credit cards. The company cites its need to manage risk and lower probable losses when customers amass debt and pass away. Its strategy made balance transfers less desirable and harder to find, so it isn’t surprising that issuers have reacted by removing the feature from their cards. However, most issuers have now resumed balance transfer offers.
Despite the lack of balance transfer feature on its credit cards, you can still get a lower APR with the help of balance transfer credit cards. Using an American Express card to transfer a balance from another issuer can help you pay off your debt faster. However, you must initiate the balance transfer process from the other issuer. Make sure to read the fine print and avoid collecting more debt on your credit card.
They are accepted by over 10 million U.S. merchants
Historically, American Express cards have charged no interest and required a minimum monthly payment. However, if a balance is not paid, American Express will close the account and send a collection agency after the unpaid balance. In contrast to other credit card companies, American Express has a very different business model. Instead of hooking merchants with a high-interest credit card, it makes money by charging high merchant fees. Since this strategy has proved to be ineffective, the company has decreased its merchant fee to its lowest level in nearly two decades.
More U.S. merchants are accepting American Express cards. In fact, as of the end of 2019, over 10.6 million U.S. merchants accept American Express cards. Despite the decline in U.S. merchant acceptance, American Express has achieved virtual parity with MasterCard and Visa. The company is now adding merchants in foreign countries as well. In the meantime, merchants are seeing a significant increase in consumer spending with American Express cards.
They offer statement credits
If you have an American Express credit card, you might have noticed that your credit statement sometimes contains a statement credit. This is money the credit card issuer credits to your account when you make a purchase, and is not counted toward the minimum payment amount. These credits may be issued for a variety of reasons, such as returned purchases, rewards, or even cash back. A statement credit can be a valuable way to pay off your credit card balance.
Some of these offers can be useful if you use your credit card to buy something online, or if you purchase something from an American Express merchant. To take advantage of this offer, you must enroll in a specific channel, which you can access through Amex Offers. Typically, this is an American Express website. However, it does not mean that all merchants will offer the offers. Be aware that American Express cards have specific enrollment quotas.
They don’t offer cash back
There are a few reasons an American Express card won’t give you cash back. Those reasons are largely due to American Express’s long history of serving high net worth consumers with excellent credit scores. Those reasons are a great fit for a card that rewards dining. The Blue Cash Everyday(r) Card from American Express is a great option for those who cook at home and rarely go out to eat. However, if you frequently eat out, you may be better served with another cash back credit card.
Other benefits of an American Express cashback credit card include no annual limit and free return shipping on eligible purchases. You can even earn points for traveling and shopping with the card. You can use these points to get discounts on certain travel packages. Although cashback programs don’t exist on every American Express card, they can help you save money. Some of them have a cashback limit, while others don’t. If you’re unsure which card is best for you, check out DoNotPay.com.