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Choosing the Best American Express Card
American Express commenced operations in 1850. Since then, they have grown to become one of the largest credit card companies with an active presence in over 130 countries. Due to the success credit cards have seen in the U.S market, consumers residing within the continental states have access to an unprecedented number of cards to choose from.
This article will help you select which American Express cards is good for you. Either for business or personal purposes, you can apply these tips according to your situation for the best result.
Know What You Want
Before choosing an American Express card, you need to know your credit score — that is if you don't already know what it is.
- Business or Personal Use
Small and medium scale business owners should go for a business card, and other persons should go for a personal/consumer card.
- Choose the card reward that suits you
If you're the traveling type, you might want a credit card that'll help you discount future travel. Some American Cards will reward consumers who frequent designated airlines, hotels and restaurants worldwide.
- Choose a preferred credit limit
Your credit card should cover at least a month of purchasing. A budget or record of past purchases could help you choose how much you require to cover your expenses over a period.
Other things to watch for
- Availability of Additional Cards
- Pre-set Spending limits
Apply for a card within your range
Credit card experts always advise consumers to apply for credit card offers created for persons within their range. Having good credit and applying for a credit card designed for those with excellent credit may come with more card rewards but isn't always the best decision in the long run. This is due to the fact that even when the card application is accepted, APR to be incurred on purchases and other applicable transactions will be higher than that issued to those having excellent credit and potentially those having good credit but who applied for a similar card created for that range.
Taking time to compare cards could be difficult without a little patience. To help persons like you who'd follow tips in this article, the American Express site lets you compare a little more than 5 credit cards at once. Comparing cards simultaneously increases your changes of choosing the best American Express card as you're more likely to take note of details otherwise unforeseen when reviewing the details on a card-by-card basis.
Read the Fine Print
Yes, the part of the card selection process is overlooked by majority of card applicants. Before applying for a credit card (whether it's an AMEX card or not) it's very important to go over the details. Reading the fine print will let you in on specific card details that are left undisclosed on the home page.
Interest rates applicable after a default payment and what interest is charged after making a late payment could be seen in the card agreement. Credit card members are often required to make a payment at the end of each billing cycle. If payments will service only the lowest rate balances until paid in full before any money is paid towards higher rate balances, you might want to check how much interest is charged as the higher interest balance revolves.
Card companies will charge a fee whenever you exceed the credit limit whether intentionally or not. Applicable interest may also rise in such situations. Exchange rate loading fees are often applied and may not appear on your account statement.
Some card issuers will charge fees otherwise known as hidden fees on certain transactions. Though legal, these fees will be deducted whether or not the card member is aware of having incurred such fees.
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Credit Card FAQ
- Are The Laws Capping Credit Card Interest Rates?
- How Transferring Credit Card Balances Can Affect Your Credit Score?
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- What Is the Highest Credit Card Interest Rate Allowed by Law?
- How Do I Transfer a Credit Card Balance?
- More at: Credit Card FAQ
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American Express Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author's alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express.