What I like about American Express
Credit score requirements for American Express cards
The credit score requirement will depend on which card you're applying for. However, Amex tends to offer more cards recommended for good to excellent credit than other issuers, with few credit cards for people with a limited credit history.Â
For good credit, you'll generally need a credit score of 670 or higher. If your credit score is lower, you can improve your credit score with responsible use of your current accounts.
As a tradeoff for the high credit requirements, many Amex credit cards offer premium perks above and beyond rewards, such as annual statement credits and travel benefits.Â
Amex compared with other issuers
American Express, like Discover, operates as both a credit card issuer and credit card payment network. Visa and Mastercard, on the other hand, are only processors, which means the two companies facilitate payments rather than issue credit cards.Â
Instead, Visa and Mastercard team with banks including Bank of America and Capital One to issue credit cards. Visa and Mastercard will approve transactions, while the issuing bank will decide whether you qualify for a credit card.
The main difference between card processors such as American Express, Visa and Mastercard is where the cards are accepted. The main difference between issuers such as Capital One or Bank of America is qualification requirements.
Comparatively, American Express has the lowest merchant acceptance rate due to higher merchant transaction fees, and it also tends to have the highest credit requirements for new applicants.
How many American Express cards can you have?
You can have a total of up to five American Express consumer and business credit cards at once. However, this doesn't apply to cards like The Platinum Card® from American Express, which must be paid off in full each month.
Is Amex the right choice for you?
American Express offers credit cards for every type of consumer, so long as you have the appropriate credit score. Some of the best credit cards are issued by American Express, including the Blue Cash Preferred® Card from American Express and The Platinum Card, which provides the widest access to airport lounges of any credit card.
However, the issuer does fall short in terms of no-annual-fee options. That's not to say there aren't any worthwhile choices (there's the Blue Cash Everyday® Card from American Express, for example), but you'll likely need to pay an annual fee to access the best that the issuer has to offer.
If you do opt for a credit card with an annual fee, check to see how much value you will get from the card's rewards and perks. If you're able to earn enough rewards to cover the cost, or if the card offers annual travel credits you're able to utilize regularly, it could make sense to apply.
How to Apply for an American Express card
Follow these steps to apply for an American Express card:
- Choose the credit card that best fits your lifestyle and spending habits.
- Apply securely on the credit card issuer's website. You'll need financial and personal identifying information, including your name, date of birth, address, Social Security number, income and monthly rent or mortgage payment.
- You should hear back instantly on the issuer's decision. Or, it may reach out to you for clarification or more information.
FAQs
American Express credit card annual fees range from $0 to upward of $695 annually. A higher annual fee usually yields better card perks, but is only worth it if you use the card enough.
No, some Amex cards don’t have an annual fee, like the Blue Cash Everyday, Hilton Honors Card and Delta SkyMiles Blue.
Which card is easiest to get will depend on your credit. The better your credit, the more likely you are to be approved for a credit card.
You can cancel an American Express card by contacting the issuer. However, canceling a credit card is often not the best move as it can have repercussions for your credit.
