This is a card that I've been wanting to have. At first, I was hesitant about applying for this card, thinking that you would need around an 800 FICO score, but one night, my friend convinced me that I would most likely be approved, and yes, I DID ! It's a great card to have if you travel a lot, make big purchases, or just like having it to impress and make a statement during a 'business' lunch. I'm 19 years old, and not too many people around my age have it. Hoping to keep it in good standing, and be upgraded/invited to a PLATINUM!
2007-04-09 15:57:35 · 7 answers · asked by John B Harris 3 1 in Business & Finance ➔ Credit
American Express, or AMEX, is one of the most recognisable names in the financial world. What many customers who have MasterCard or Visa credit cards in their wallet are interested in, is what is the difference between these two companies and American Express. Well the difference is quite simple.
MasterCard and Visa are both simply payment methods. They allow locations to accept payment using their system. They do not however, issue any credit cards of their own. For this they rely on their partnerships with thousands of banks worldwide who will issue credit cards, provide the credit necessary, and charge clients interest and give them rewards. None of your credit card bill goes to Visa or MasterCard. It all goes to the bank that provided the card. This bank also sets your interest rate, gives you rewards, offers you zero per cent balance transfers, the works.
Visa and MasterCard make their money by charging the retailer a fee for using their payment system, and also sometimes by charging your bank for issuing the card. None of this effects you directly however.
American Express is a very different arrangement. Not only do they have their own payment system, but they also issue their cards directly to customers. So they are running the whole show. If a card says American Express on it, you know instantly who issued it, what payments system it utilises and everything else about the card. Apply online for a best american express credit card at: http://www.credit-card-gallery.com/American_Express.html
2007-04-09 21:18:18 · answer #1 · answered by farran abat 3 · 0⤊ 0⤋
Dont get caught up in credit cards. I have a American Express Gold and a AMEX clear. They are nice cards but the charge cards and credit cards can be dangerous if you spend beyond your means. I am pretty conservative when it comes to spending and putting things on the card, I mainly use my cards for gas and food. I always make sure to pay it down fast and pay more then the min. payment.
2007-04-09 23:02:24 · answer #2 · answered by null 2 · 1⤊ 0⤋
Good for you! Love Amex too... have the corporate card, purchasing card, the blue card, and the Gold card. Their reward program is great.
However, AMEX is not always a 'great' card to have when traveling. I travel all over the world and in the US, and unfortunately AMEX is not the 'worlds' preferred card... Visa and Master are.
Maybe.. one day AMEX will be accepted all over the world.
Use your card wisely and pay off your charges in the same month. Be 'bad' debt free and keep your financial freedom.
http://blog.myspace.com/s2k4me - Women and money - Invest in "YOU".
2007-04-09 23:14:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
American express is not bk friendly. so not everyone can get one. :-) they are an impressive card to have. keep it in good standing. you need to join a credit forum group like creditboards.com and get educated on credit scores and credit cards in general. your credit score is very very important and can mean you being able to buy a house in the future. banks like high limits and low balances so pay off your card in full everymonth and american express will continue to increase your limit with your great credit responsibleness. another great card to get is chase. stay away from capital one orchard household merrick providian and the such. and only get cards that your going to use
2007-04-09 23:25:20 · answer #4 · answered by sandmom1 2 · 0⤊ 0⤋
Just make damn sure you never spend more on that card than you can afford to pay off, in full, the following month.
Treat them well, they'll treat you well.
2007-04-10 01:25:07 · answer #5 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
That is a good start and will help you in the future!
Good Luck!
2007-04-09 23:02:01 · answer #6 · answered by Miss Know It All 6 · 0⤊ 0⤋
Use it wisely.
2007-04-09 23:10:27 · answer #7 · answered by TedEx 7 · 0⤊ 0⤋