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Which American Express Charge Card is Right for You
Hey guys, credit shufoo here. Today we are going to compare American Express's three charge cards, the green card, gold card and platinum card. So, first of all, what is a charge card? Well basically, it is card that you can make purchases with like a credit card. But, you have to pay off the balance in full each month, because you pay the balance in full. There's no interest rate, if you do pay late, you risk getting your account shut down although Amex does have some flexibility. If you call up and talk to them directly and now, the feature of a charge card is that there is no preset spending limit you are allowed to spend. Whatever you can reasonably pay off. This doesn't mean you can go crazy, they will still block your card, if you spend too much.
I have heard that, the spending limit is around three times your highest balance over a six month period although. It is not explained this clearly on a nexus website. But, some people have found this aspect of charge cards frustrating since there are sometimes uncertainty over how much they can charge the card.
However you can call Amex ahead of time to tell them, you will be making some big purchases or going through a period of heavy spending like a vacation. If you wanted to buy a large item, for example, spend twenty thousand dollars on new car, then you may need to provide proof that you have the funds to pay it off, such as a savings account statement. But, that might make sense for you. If you want to earn a lot of American Express Membership Rewards points.
Anyway, let's compare the three cards. So, just as we start, it's probably obvious. But, I'll say, it anyway the green card is the most basic, the gold is in the middle and the platinum is the most prestigious. There is of course the Centurion above platinum, but that's invitation only and we won't be comparing that today. Now all these cards have annual fees, since Amex won't be making money off interest payments. They make their money on the annual fees and the merchant fees, the small percentage they charge the seller. When you buy things with your card, the annual fee for the green card is ninety five dollars and the gold card is 160 or 195. For the premiere rewards version, both these are waive for the first year, the annual fee for the platinum is 450 and it's not waive for the first year.
Now, let's have a look at some of the travel benefits, all three cards give you car rental insurance, roadside assistance baggage insurance. Access to Amex, is global assist helpline. The gold card throws in access to Alex's hotel collection and their personalized travel service which is basically a phone number. You can call to a concierge who will help you make travel arrangements, book, hotels, etc. Anywhere in the world to be honest though with the development of the Internet for booking hotels and flights especially with smart phones and transport apps, like uber. That have global coverage. This perk isn't nearly as valuable as it would have been ten years ago, the gold card also has no foreign transaction fees and the premiere rewards version gives you a one hundred dollar airline fee credit.
Now, let's look at the Platinum this card, is really packed with travel perks access to over 1,000 airport lounges, including Amex is signature Centurion lounges Hilton and SPG Hotel gold status a $200 credit for airline fees, such as checked bags, etc. A credit for Global Entry or TSA pre valued at $100 Car Rental upgrades competitive rates at Amex is fine. Hotels and resorts collection a special Platinum Travel hot-line and access to bongo WiFi hot-spots.
Now, let's look at the shopping benefits. All three cards, include accident protection for items within the first 90 days, after purchase with the cart. This is limited to $1,000 per item and 50,000 dollars per year return protection. When a merchant won't take an item back the green card limits. This to u.s. purchases only all three, also give you access to Amex offers that you can store on your card and use the discounts, etc. But, the Platinum Card again provides a lot more, you get access to the Platinum concierge who can help you book tickets for Broadway shows, buy gifts even help you get reservations at restaurants, that are already fully booked and good seats at sports games, that may already be sold out they are basically. There to help you with any request 24 hours a day as a platinum card holder, you also get access to special invitation only. Events Amex just signed Pharrell Williams on as a artistic director for the Platinum Card and this is one aspect of the card service, that he will most likely be working on.
Now, let's look at point earning. all these cards and Membership Rewards points, that can be transferred to multiple hotel and airline partners, or use to book through annex travel. The green card earns, one point per dollar on regular purchases and two points when booking travel through Amex; The gold card earns, one point on everything and two points on flights booked with Airlines and at US restaurants; The premier rewards gold earns slightly better three points on airfare purchase directly from Airlines, two points at u.s. gas stations restaurants and supermarkets; The Platinum Card earns, one point on everything and five points per dollar when booking flights directly with Airlines or through Amex travel.
Now, for the sign-up bonuses, the green card offers no sign-up bonus. In fact, on the website, it just says start your journey with green cute. The gold card only offers a public sign-up bonus for the premiere rewards version. The current public offer is twenty five thousand points, but there have been targeted offers that are a lot higher the Platinum's public sign-up bonus is forty thousand points at the moment. So, what do I think about these three cards? Well personally, the only one, I would be interested in is the Platinum Card. Both other cards have competitors that offer arguably better value. For example, it is debatable, how much more tangible benefits, the green card offers then even Amex is own everyday credit card especially considering the everyday, credit card doesn't have an annual fee the gold card has stiff competition from chases Sapphire Preferred which also offers great earning opportunities for transferable points, at a ninety five dollar annual fee, quite a bit cheaper than the gold card. Only the Platinum Card offers a bundle of perks that aren't really offered together by any other card.
I am of course talking about the Platinum's travel benefits, so that's my recommendation stick with credit cards that are comparable to the green and gold. But, when you do research that higher level Platinum is worth considering. However, for some people who don't trust themselves with a credit card and want to be forced to pay each month, a charge card could be a good option. If you want to know more about the Amex platinum, you can check out the two videos on screen in just a moment as always.
I'm the credit Shifu. Please subscribe, if you're new leave your thoughts in the comments below and we'll see you next time with more interesting credit card tips and tricks. Bye!