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Credit cards are becoming more and more part of everyday life. It's good if there are companies that not only issue a cashless means of payment, but also offer products that, in addition to the payment function, also offer a wide range of special services and insurance - such as American Express. The US company, also known as Amex for short, is a global provider of financial and travel services. In addition to credit cards, the New York City-based card provider's portfolio also includes travelers checks, insurance, and banking and investment services.
One of the cheapest cards is the Amex Blue Card - it is the card for beginners and is in the first yearfor free. At the other end is the Centurion Card, which American Express only issues to selected customers. However, American Express credit cards are not as widely accepted in European retail as the other two industry giants, Mastercard or VISA.
Contents
- What sets American Express apart from other providers
- The history of the American Express credit card
- The credit card company in the financial crisis
- The security mechanisms of the Amex credit cards
- Additional security when traveling and shopping
- American Express credit cards
- Cooperation with other companies
- Membership Rewards - the bonus program from American Express
- Travel service and insurance at Amex
What sets American Express apart from other providers
The special thing about American Express is the wide range of products: customers of thecredit card providerare pleased about a global support service, extensive insurance benefits, a travel booking service and a worldwide replacement card issuance - a new card is usually issued within 24 hours.
In the CHECK24 credit card comparison, consumers can see which credit card best suits their own needs and how the scope of services compares to products from other providers.
The history of the American Express credit card
Anyone looking for the most historic credit card company will sooner or later come across American Express. The provider can look back on the longest company history by far. While companies like VISA or Mastercard were only founded in the 20th century, the history of Amex began as early as 1850 - but at that time it was still active as an express delivery service. The American entrepreneurs and founding fathers of American Express, Henry Wells, William George Fargo and John Butterfield, had not yet included financial services in their range at the time. But Amex continued to develop and included the first traveler's checks in the portfolio 40 years after it was founded. Only in 1958 was the firstCredit cardissued.
With the takeover of the new business area, American Express' profits also grew steadily. In 1986, for the first time in its history, Amex generated a surplus of more than one billion dollars. In 2008, the group was named the most valuable credit card brand in the world by the market research institute Millward Brown - in the overall ranking, American Express made it to 20th place among the most valuable brands. Two years later, Amex bought the well-known bonus points program "PAYBACK" from the Munich company Loyalty Partner.
The credit card company in the financial crisis
Unlike competing companies such as VISA or Mastercard, which sell their cards through partner banks, American Express issues the credit cards itself. Therefore, the company was hit hard by the financial crisis - in the course of the crisis, many loans that Amex had on its own books burst. However, the risk of the industry leader VISA and number two Mastercard is borne by the banks that issue the cards.
In order to facilitate access to capital, the group had itself converted to a commercial bank in 2010 in an urgent procedure. American Express can thus be refinanced cheaply over the long term via the US Federal Reserve.
The security mechanisms of the Amex credit cards
American Express has some safeguards in place to protect consumers from criminal attacks. For example, the company has an early warning system that becomes active when transactions are suspected of being fraudulent and informs the responsible employees. In this way, problem situations can be clarified and possible consequential damage prevented. American Express can then take various immediate measures, such as having the amount in question credited to the customer's account at short notice. He will also receive a replacement card with a new card number.
Customer accounts are monitored at American Express using the company's own security system. As soon as there are discrepancies in transactions, the system reacts and Amex immediately gets in touch with the person concerned. The lawful use of the credit card must then be confirmed by means of security questions - in this way, misuse can already be prevented at the dealer.
Additional security when traveling and shopping
If the credit card is stolen or lost abroad, customers call American Express and an emergency replacement card will be delivered within 24 hours. American Express doesn't leave its customers out in the rain even if they lose their luggage or passport: if the customer loses their wallet, Amex will help with a hotel check-in, and an emergency cash advance will also be made if necessary. If you lose your luggage, you can get help from American Express' Global Assist service - it will help to find the missing items. A lawyer, an interpreter or an English-speaking doctor can also be found. Even prescription drugs can be obtained in this way or urgent messages can be forwarded.
Several American Express credit cards also offer purchase protection: Products paid for with the card are protected against theft or accidental damage for 90 days. In addition, customers with some cards benefit from an extended return period - the goods can be returned up to 90 days after the return period granted by the retailer.
American Express credit cards
American Express not only gives consumers a credit card - the products also cover the special wishes and needs of individual customers. Depending on the target group, the cards therefore differ in their services and the scope of insurance. Whether private or business customer - Amex offers payment solutions for both target groups. The private customer area offers the greatest variety: With the American Express Card, the owner benefits from the bonus points system, worldwide transport accident insurance, purchase insurance in the event of theft and protection in the event of delays in flights and luggage, lost luggage and missed connecting flights. The additional card is free.
Special cards such as the Gold Card have a larger range of services. With the credit card, consumers benefit from additional services in the areas of travel and insurance. With the Platinum Card, for example, cardholders can enjoy exclusive tickets and events from various areas. Other insurances are included. The lowest annual fee is due for the Blue Card. Your scope of services is therefore not that extensive - insurance is not part of it. Amercian Express also has the Centurion Card ready for a selected customer base - in order to obtain it, owners of an American Express card have to generate a very high six-figure turnover over the years.
Cooperation with other companies
In addition, American Express enters into partnerships with companies. Together they issue credit cards that promise benefits for selected areas of interest. The PAYBACK American Express card is primarily aimed at consumers who want to collect additional points when shopping and benefit from bonuses. Offers related to travel, restaurants, shopping and other areas are also included. BMW is also one of the credit card provider's partners. Together they issue the BMW Premium Card Carbon, the BMW Premium Card Gold and the BMW Premium Card Silver. The Amex portfolio also includes the Sixt Card, the Sixt Gold Card and the Mini Excitement Card.
Membership Rewards - the bonus program from American Express
With Membership Rewards, Amex has developed its own bonus program for its customers. Credit card holders are credited with points for every purchase made with the card. Participation in the program is free for Gold Card, Platinum Card and Centurion Card holders. For the classic American Express Card and the Blue Card, on the other hand, an annual fee is due. Amex credits one bonus point for every euro spent. There is no time frame in which the points must be redeemed - so the points cannot expire.
Customers can redeem the bonus points for various awards. You can choose from a variety of extras such as concert tickets, electronic items, trips or helicopter flights. If the points collected are not enough, the desired product can also be purchased for an additional charge. The credit card provider also offers bonus points for recruiting friends. The points will be credited to the friend or acquaintance two months after the card is issued.
Travel service and insurance at Amex
American Express is not just a credit card provider - even travel, whether business or private, and insurance are brokered by the company. The company cooperates with numerous insurance companies and other specialists. In the travel area, customers can pay with their card or redeem the bonus points they have collected. They also benefit from many discounts. In addition, travel insurances such as travel cancellation protection or luggage insurance as well as travelers checks are offered.
The insurance portfolio of American Express is also extensive: The areas of health and care (including dentures, senior citizen protection, family protection), travel and lifestyle (including travel insurance, insurance for athletes), legal protection and studies (including student protection abroad) are covered with the products.
FAQs
American Express (Amex) Credit Card Comparison | CHECK24? ›
Unlike traditional credit cards, American Express cards do not have a regular APR or charge interest, as all balances must be paid in full each month. However, the Gold card does offer cardmembers the flexibility to pay for purchases of $100 or more over time at a set interest rate.
How does American Express compare to other credit cards? ›Unlike traditional credit cards, American Express cards do not have a regular APR or charge interest, as all balances must be paid in full each month. However, the Gold card does offer cardmembers the flexibility to pay for purchases of $100 or more over time at a set interest rate.
What's the easiest Amex to get approved for? ›The easiest Amex cards to get are ones with a lower minimum spending requirement for rewards, as well as a low annual fee or no annual fee. Examples include the Blue Cash Everyday Card from American Express and the American Express Cash Magnet Card.
Is Amex hard to get approved for? ›American Express approval odds are best for people with at least good credit (700+). Cardholders should also have enough annual income to pay the card's annual fee (if there is one) and the entire balance in full, when applicable. Minimal debt and steady employment are also important.
Can I get an Amex card with a 650 credit score? ›Although American Express doesn't specify any minimum credit score requirements, you'll need good credit (or better) to qualify, which means a FICO score of at least 670. A premium Amex card — say, the American Express Gold Card — likely requires a “very good” FICO score, somewhere in the range of 740 and above.
What is so great about having an American Express card? ›American Express is known for having a large selection of rewards cards, from travel to cash back to cards that are co-branded with merchants. Certain Amex cards have some of the biggest bonuses on the market, too. They're targeted toward people with high credit scores.
What is the disadvantage of American Express card? ›Disadvantages of AmEx cards
One disadvantage of AmEx cards is that they charge both the seller and the buyer for processing a transaction. Since they do not rely on financial companies, such as Rupay, Mastercard or Visa, and have their own payment network, they charge additional fees on the transactions.
Comparison: Credit Score Approval Requirements
Because Visa is offered by so many more card issuers than American Express, there are more types of Visa cards, so it's typically easier to get approved for a Visa card with a lower credit score than an American Express card.
For American Express, the data available currently indicates it pulls from all three bureaus, but primarily uses Experian's reporting in its decision making.
What income do you need for Amex Platinum? ›Person Income/Business Income
Before applying for the Amex Platinum, we recommend that your annual income be at least $50,000. The Amex Business Platinum card gives you more wiggle room because you can still qualify for an Amex small business card even if you have a low business income or are just starting.
Why do most people not accept Amex? ›
The different fees often make or break a deal for a merchant. This is why many merchants, especially small businesses, don't accept American Express. American Express' interchange fee is just too high. Providers like Visa and Mastercard charge between 1.15% and 2.5%, while Amex charges merchants between 1.43% and 3.3%.
How much income do you need for Amex Gold? ›American Express doesn't disclose a minimum income requirement for the Gold Card or any of the best American Express credit cards for travel. It's best to apply when you know you can afford the $250 annual fee (See Rates & Fees) and the monthly balance and can satisfy the welcome bonus spending requirements.
Does Amex do a hard pull if denied? ›In most cases, you'll receive a hard credit pull whether you're approved for a card or rejected (although American Express has been known not to perform a hard pull for existing customers when it declines them for a new card).
What is the usual credit limit for Amex? ›Also, the CREDIT card has a limit, which is called the “credit limit”. At American Express, the minimum credit limit is $1,000. In general, a limit of $10,000 will be the one granted to you based on your record. You may very well have a higher limit like $20-30,000.
What is the lowest Amex card? ›The Amex EveryDay® Credit Card is the more basic, $0-annual-fee version of its premium cousin, the The Amex EveryDay® Preferred Credit Card from American Express.
Does Amex go by FICO score? ›Other American Express cards will usually require even higher scores. According to the score ranges from FICO, that means American Express applicants typically have at least a 670 score: Exceptional. 800 and above.
Why is American Express better than other cards? ›American Express credit cards also have an assortment of lucrative welcome offers, introductory 0% APR offers, and luxury travel benefits. As a result, American Express cards are often considered to be among the most prestigious credit cards on the market. Plus, they are designed for people with good credit or better.
Is it better to have a Visa or American Express? ›Visa cards can also be a better option for frequent travelers, since cards in the Visa network are more widely accepted abroad. For someone who values prestige and rewards from a credit card, an Amex card could be the way to go.
Are American Express cards worth it? ›Yes, an American Express card is worth it for people with good or excellent credit scores who want to earn rewards on U.S. purchases that they'll pay for in full by the due date every month. Amex cards may also be good for their introductory low-interest period in addition to rewards.
Why is American Express better than Visa or Mastercard? ›For example, American Express cards are accepted in more than 160 countries worldwide, which lags behind Visa and Mastercard that are both accepted in more than 200 countries. While it's easier to find places in countries like Canada or Australia that accept American Express, it is harder across Europe and Asia.