Insights: AMERICAN EXPRESS

These insights can help you navigate the features and policies of American Express, enabling you to make informed decisions and maximize the benefits of your card membership.

 

  1. Wait for Attractive Sign-Up Offers: If you don’t currently hold an American Express card, consider waiting for a compelling sign-up bonus. The company often provides substantial incentives to new customers. Once you become a cardholder, such lucrative offers may become less frequent.
  2. Adhere to Application Rules: American Express has specific application guidelines: you’re limited to one approved credit card every five days and two approved credit cards every 90 days. These restrictions apply solely to credit cards, not charge cards.
  3. Annual Fee Refund Policy: If you cancel your card within one billing cycle after the annual fee posts, American Express will refund the fee. However, downgrading to a card with a lower annual fee may still result in a prorated refund.
  4. Credit Limit Increase Potential: Cardholders can request a credit limit increase of up to three times the original amount. This can be beneficial for managing credit utilization and may positively impact your credit score.
  5. No Official Matching of Higher Bonuses: If you apply for a card and later discover a better sign-up bonus, American Express doesn’t have an official policy to match it. However, they may offer ‘goodwill’ points upon request.
  6. Expedited Card Replacement: In cases of lost or stolen cards, American Express will expedite shipping for replacements. Premium cards, like the Platinum Card®, often receive automatic expedited shipping for new applications. For other cards, you can request this service, though it’s not guaranteed.
  7. Combined Hard Inquiries: When applying for multiple American Express cards on the same day, the hard inquiries on your credit report are typically combined into a single inquiry. Note that you’re limited to one credit card application per day, but you can include charge cards in your applications.
  8. Reconsideration Calls Can Be Beneficial: If your application is declined, contacting American Express’s reconsideration line can be advantageous. They may approve your application after discussing your situation.
  9. Option to Downgrade High Annual Fee Cards: If you have a card with a high annual fee that no longer suits your needs, consider downgrading to a no-annual-fee card, such as the AmEx EveryDay® Credit Card. This allows you to maintain your account history without the hefty fee.
  10. Amex Offers Program: American Express provides targeted offers through the Amex Offers program, which can include statement credits or bonus points for shopping, dining, and other activities. Regularly check your account to take advantage of these deals.
  11. Referral Bonuses: As a cardholder, you can earn referral bonuses by inviting friends or family to apply for American Express cards. If they are approved, you may receive bonus points or cash back, depending on your card’s rewards program.
  12. Return Protection: For eligible purchases, if a merchant won’t accept a return within 90 days, American Express may refund the full purchase price, up to a certain amount per item and per year, depending on your card’s terms.