It came in the mail and you just had to stare at it for a while. Your first real credit card. Not a debit card or one of those pre-paid or deposit-secured cards. The real thing. Shiny, new and ready for swiping. Transunion, the credit reporting agency, estimates that the average person carries about $5,000 in credit card debt....
Receive 25,000 Membership Rewards® points when you spend $2,000 in your first 3 months of Card membership.
Enjoy the benefits of distinction
Annual Membership Fee is $450.
If you are identified as a current American Express® Cardmember, you may not be eligible for this welcome bonus offer. This offer is also not available to applicants who have had this product within the last 12 months or any Consumer ZYNC®, Green or Gold Card account within the last 90 days.
See card issuer's website for details about terms and conditions of offer.
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- Excellent reputation and customer care
- Excellent point rewards program, especially for frequent travellers
- Free access to exclusive lounges for several major airlines in airports around the world
- The best perks in the industry, especially for world travellers
- No foreign currency transaction fee, unlike other American Express cards
- Can’t carry a balance from month to month
- $450 dollar annual fee
The Simple Dollar’s Review
Like the American Express® Premier Rewards Gold Card, this card is for the elite. The $450 annual fee and excellent credit requirements almost ensure only those who are employed in lucrative professions or living glamorous lives of travel will be carrying this card. But for those who are so lucky, the yearly fee for this card pales in comparison to the excellent perks. These include complimentary wine and hors d’oeuvres in the exclusive airport club lounges of several major airlines, a $200 statement credit towards baggage fees and in-flight purchases, 24-hour travel agent and concierge service, and no foreign transaction fees. If you’re a world traveller, this card lets you circle the globe in style.
And let’s not forget the points. You earn one point for every dollar you spend, two when you book flights through American Express Travel, and three for limousines booked through the Platinum Travel Service. Not to mention the 25,000 bonus points for spending $2,000 during your first three months of owning the card. All points are redeemed through the American Express Membership Rewards website or over the phone, where you’ll find tons of options, from numerous airlines and hotels to merchandise and gift cards.
Yet even with all this good news, this card is not for everyone and certainly not for average consumers. The most important thing to keep in mind is that it is a “charge card” and not a credit card, meaning you must pay your entire balance in full each month. You use the card for convenience, points, and all the great benefits. If you are a frequent world traveller with an excellent credit score and high-end lifestyle, this card was designed for you.
Before you finalize that credit card application, stop to read the fine print. Remember, credit card companies are businesses first and foremost. No matter how customer-friendly they are, their prime objective is to make a profit. Part of the way they do that is through fees. Does your credit card charge any fees you don’t know about? The answer may...