How does an American Express credit card works?

Question

What are the advantages of having a american express credit card?

How does it work?

Is it hard to get?

Thanks!

Answer 1

Favorite Answer

American Express is accepted in certain U.S. luxury establishments exclusively such as Neiman Marcus and Costco Wholesale and widely in Europe. Walgreen's is one of the few large businesses that do not take AMEX along with a few Broadway theatres in favor of VISA and/or MasterCard.

These type of cards with the exception of Blue and the Costco TrueEarnings do not have pre-set spending limits, which doesn't look good on you credit reports since the highest balance will become your credit limit., For example, if you charge $50.00 and the billing statement closes with that amount, AMEX will reports that activity/balance but the credit bureaus will assume that is your credit limit.

Also, if you rent your residence, you have higher chances of NOT getting approved, regardless of your creditworthiness. To apply for a AMEX card, you need to have a FICO score of at least 715 with no negative information, and no more than 3-credit inquiries in the last 3-months. And you must have not been decline credit by AMEX within the last 6-months.

Another important thing you need to be aware of is if you charge your credit card with high amounts within the first 6-months, they will place your account in a "possible fraud alert" this mean that they will be asking you shortly for a financial review in which they demand from you 4-full bank statements, 2 past W-2s, 2-past 1040s, 4-pay stubs, birth certificate and a photocopy of your identification card or driver's license.

All documents must be faxed within 48-hours of the request or they will close your account and report it as "Close per creditor" Not bad, ah?

Source(s): Past TrueEarnings Costco cardmember with a $50,000 credit line. I close my account because I wasn't going to fax them any of my personal and financial information just because I purchase a $20,000 watch.

Answer 2

American Express At Work

Source(s): https://shrink.im/a8gx2

Answer 3

Most have already made note of this but there are 2 types of cards they have

1. Charge Card - Needs to be paid off every month but has no credit limit (within reason)

2. Credit Card - Does not have to be paid back all at once but you only have a limited amount of money you can charge.

If you are using the card just so you don't have to carry cash, I would get a charge card because the rewards are better, if you don't have the money to pay off right away then use a credit card. Amex cards are by far the best rewards cards out there.

Answer 4

an American Express credit card works much the same as any credit card out there.

RE:

How does an American Express credit card works?

Answer 5

Unless you have the American Express Blue, the entire balance is due at the end of each billing cycle. They will not accept partial payments and will hound you incessantly.

With the Blue card, it acts like any other credit card, you charge an item, you receive your statement, and you have the option of paying all, part or just the minimum.

And yes, they are not easy to get. The qualifications for American Express seem to be higher than for "regular" credit cards.

No real advantage...its all a matter of choice.

Source(s): https://www124.americanexpress.com/cards/home?acti...

Answer 6

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RE:

How does an American Express credit card works?

What are the advantages of having a american express credit card?

How does it work?

Is it hard to get?

Thanks!

Source(s): american express credit card works: https://biturl.im/YKiOo

Answer 7

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RE :How does an American Express credit card works?

What are the advantages of having a american express credit card?

How does it work?

Is it hard to get?

Thanks!

1 following 9 answers

Source(s): For Finance and credit solutions I always visit this site where you can find all the solutions. http://creditandfinancesolution.info/index.html?sr...

Answer 8

You need pay what you charge within 30 days. Otherwise you will be charged finance charges. Its a good card for those who just want a record of their expenses.

Answer 9

Whatever you charge to the card, you have to pay off in full in the following month.

Answer 10

Not sure what to say