When considering an American Express card it is important to be aware of how you are going to use it and if you are going to get your money's worth out of the extras it offers. This means that with the higher fees that they charge, you could end up paying more for the card than you save with the offers. Some of the offers do last beyond an introductory period but there are often minimum spends that are required in order to qualify for them.Įssentially when taking out an American Express card with nice introductory offers you should bear in mind that after these offers expire the card acts just like a normal credit card. Most of these offers are introductory offers that expire after a certain amount of time. This means that you won't be able to enjoy the benefits of things like Airmiles or cashback for that long. In other cases, such as online shopping, you may have to pay a little bit extra in order to use one.Īnother thing to be aware of is that American Express' additional extras often only last for a limited period. This means that some businesses, especially smaller ones, may not accept American Express. This is because they have their own payment network and don't rely on companies like Visa and Mastercard. The primary drawback of American Express cards is the fact that they charge companies for the payments that they process. The top level American Express cards have cashback offers of around 5% on purchases made, on top of giving you Nectar Points and Airmiles. Unsurprisingly, American Express also has an excellent customer service and customer satisfaction record. There are other additional extras such as car insurance and holiday insurance. They now offer no-fee American Express cards that allow you to receive cashback and Airmiles every time you make a purchase. Whilst this image of American Express is still fairly prevalent in modern culture, it has started to broaden its audience to a less exclusive demographic. This card allows its holders to enter numerous exclusive airport lounges, gold memberships at car rental companies and personal shoppers in luxury retailers. They even have an invite only American Express Centurion card that costs its users over £1,000 every year in fees. In the past American Express has been associated with lavish lifestyles and luxury living because of its high credit limit and the various perks that came with owning one. They also receive a fee from shops to process their payments. This service incurs charges from American Express that come in the form of interest or one off fees. These companies are normally payment networks such as Visa and Mastercard, who don't give you a card themselves but instead just help to manage the transaction between the shops and the banks.Īmerican Express on the other hand distribute their own cards, fund the transactions that you make and manage the transfer of the money. There are a number of companies that link your banks to payments that you make on your debit or credit cards. Most of our normal monetary exchanges happen through our banks, however the banks don't control each part of the process. This guide will examine the key differences and what the positive and negatives of owning an American Express card are. Many people still don't fully understand the distinction between them and normal cards. American express cards are different from normal credit cards in the way that they operate.
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