Amex credit cards are great, BUT they’re not for everyone. Here are the Top 7 Reasons why you should AVOID American Express credit cards & make sure you’re making the right card choice for YOU. Click “Show More” to see Ad Disclosure.
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REASON #1: YOU’RE A BEGINNER TO CREDIT
- Amex doesn’t offer true beginner credit cards.
- No student credit cards & no secured credit cards.
- One “semi-exception” = Blue from American Express, but this still likely requires previous credit history and not worth getting.
Recommend building your credit history and your credit score before applying with Amex. Start with another bank, esp. if you already have a checking account or savings account (might help w/ a credit card approval from the same bank).
Then for Amex, I’d personally feel good about…
- Credit History = 6+ months
- Credit Score = High 600s or better
REASON #2: YOU DON’T LIKE ANNUAL FEES
American Express currently has 17 personal cards (excluding the Serve card), and 11 of those have annual fees – or 65% of their lineup.
American Express also has 14 business cards, and 9 of those have annual fees - or 64% of their lineup.
REASON #3: YOU DON’T WANT TO WORK, THINK, OR STRATEGIZE TO GET VALUE
Some Amex cards have a lot of things to remember, from overlapping rewards categories, to rules & restrictions, and various credits & benefits that occur at different times of the year.
Examples…
- The Amex Green Card earns 3X on Travel (including flights), but the Amex Gold Card earns 3X only on flights, while the Amex Platinum Card earns 5X only on flights
- The Amex Gold Card also earns 4X on groceries at U.S. Supermarkets (not worldwide), and only on the first $25K spent in that category per year.
- The Amex Platinum Card earns 5X on hotels, but only when they’re prepaid and purchased via the Amex Travel Portal.
- All 3 cards have annual credits, but they’re totally different & issued at various intervals throughout the year (a lot to keep track of).
REASON #4: YOU DON’T WANT TO PLAY GAMES WITH WELCOME OFFERS
Amex is known to show different welcome offers to different people based on browser history.
Pro Tip: Do 1 of the following…
1. FIRST, clear browser history & cache, THEN go to Amex’s site, or…
2. FIRST, open a private / incognito window or tab in your web browser, THEN go to Amex’s site
- It’s recommended to do this if using a referral or affiliate link, too.
REASON #5: YOU WANT TO BUILD A STRONG CASH BACK SETUP WITH 1 CARD ISSUER
- Amex only has 3 cash back credit cards on the personal side.
- The Amex Cash Magnet Card earns 1.5% cash back on all purchases, but there are plenty of 2% cash back cards available from other issuers with no annual fee.
- The Amex Blue Cash Everyday Card is a good card with no annual fee
- The Amex Blue Cash Preferred Card is a good card with a $95 annual fee
- Consider getting 1 of the 2 Blue Cash cards if the spend categories fit your needs, then pair it with other cash back cards from other issuers that have more options & cover different rewards categories.
REASON #6: YOU SHOP AT PLACES THAT DON’T ACCEPT AMERICAN EXPRESS CARDS
- Although 99% of U.S. merchants who accept credit cards also take American Express, that’s still not 100%.
- Amex acceptance rates abroad may still cause issues in certain areas
REASON #7: YOU WANT A SIMPLE REWARDS PROGRAM WITH STRONG VALUE FOR ALL REDEMPTIONS
Amex cards that earn Membership Rewards points have different redemption values based on what you’re redeeming for, which often causes a lot of confusion and disappointment for people who aren’t frequent travelers.
- Cash Back (via statement credit): 0.6¢ per point
- Pay With Points (at checkout): All 0.7¢ each (exceptions = NYC Cabs at 1.0¢ and Ticketmaster at 0.5¢)
- Gift Cards (digital & physical): 0.5¢, 0.7¢, 0.8¢, or 1.0¢ depending on card
- Travel (Portal): See below…
- Flights = 1.0¢
- Upgrade with Points = 1.0¢
- Hotels (standard, prepaid) = 0.7¢
- Hotels (FHR, prepaid) = 1.0¢
- Hotels (THC, prepaid) = 1.0¢
- Car Rentals (prepaid) = 0.7¢
- Vacations = 0.7¢
- Travel (transfer partners): Varies
Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
#americanexpress #amexcreditcards #amexplatinum
7 Reasons to AVOID American Express Cards
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