American Express (2024)

FAQs

Is American Express a difficult card to get? ›

Is it hard to get an American Express card? Yes, it's hard to get an American Express card because you will need a good or excellent credit score for approval, along with enough income for monthly bill payments. American Express cards are generally considered some of the most exclusive credit cards on the market.

In most cases, you need at least good credit to get approved for an American Express card, which FICO typically defines as a score of 670 or higher. Other banks also issue American Express cards.

American Express credit card approval odds are best for people with a good or excellent credit score of 700+, an annual income of $50,000+, and relatively little debt. Applicants will also need to be 18+ years old with a U.S. mailing address and an SSN or ITIN to get a American Express credit card.

It has to do with how credit card companies charge us. American Express charges a higher interchange fee. to its merchants like us, and that's the fee that we pay to accept.

You will generally need a good or excellent credit score between 670 and 850 to qualify for most American Express credit cards. However, the issuer doesn't list a minimum credit score for most of its products.

Due to higher transaction fees than other cards, some merchants won't accept Amex cards. You can't get an Amex card without at least a good (670 or higher) credit score. Annual fees for Amex cards can be high. You must pay the balance on Amex charge cards in full each month, so you can't use them to “borrow” money.

The easiest American Express cards to get are those that require a minimum of good credit for approval as opposed to excellent credit only. The Blue Cash Everyday® Card from American Express and the American Express Cash Magnet® Card are two of the easiest Amex cards to get because they only require good credit.

If the full balance due is not paid, the cardholder has to pay additional fees: interest on the balance due… which is very high (around 20%). Also, the CREDIT card has a limit, which is called the “credit limit”. At American Express, the minimum credit limit is $1,000.

The American Express minimum payment is the highest of: The interest charged on your statement, plus 1% of your new balance (excluding any overlimit amount, penalty fees, interest charges, or other plan balances). 2% of the new balance, excluding any overlimit amount, penalty fees, or other balances.

Where is American Express not accepted? One major retailer that doesn't accept American Express is Costco. Additionally, some small businesses may not accept American Express, since it tends to charge merchants higher fees than other major payment networks, like Visa and Mastercard.

Why do companies not like American Express? ›

The different fees often make or break a deal for a merchant. This is why many merchants, especially small businesses, don't accept American Express. American Express' interchange fee is just too high. Providers like Visa and Mastercard charge between 1.15% and 2.5%, while Amex charges merchants between 1.43% and 3.3%.

Amazon Pay accepts credit and debit cards. Credit cards currently accepted include Visa, Mastercard, Discover, American Express, Diners Club, and JCB.

There is anecdotal evidence of applicants with scores as low as the mid-600s being approved, but that's rare. Even for the American Express® Green Card, a more beginner-focused travel card, a score of 670 or higher is probably necessary.

A credit score of 700 or higher (at least good credit) is required. Applicants must be at least 18 years old. A valid Social Security number is required. Or, if you don't have a credit history in the U.S. but you have a credit card or loan in certain countries, you might be able to get approved without a SSN.

Is an Amex card harder to get than Visa? It can be harder to qualify for an Amex card than a Visa card if you have poor credit.

The benefits of American Express credit cards include several types of travel insurance, return protection, and purchase protection. These benefits are mostly found on the top-tier American Express cards, though many more American Express cards have rental car insurance and extended warranty.