What are the negatives of American Express?
What are the negatives of American Express? The downsides of American Express cards can include their annual fees. The Platinum Card® from American Express has a very high annual fee of $695 (Rates & Fees), and even the American Express® Gold Card has an annual fee of $250 (Rates & Fees). Another downside is the once-in-a-lifetime policy for welcome bonuses.
Do I have to pay my Amex off every month?
You have the option to carry a balance each billing cycle, though a minimum amount is due. Payment is required in full each month in order to avoid late/penalty fees.
Is it worth getting an American Express card UK?
As others have said, there isn't an enormous benefit to having an Amex card in the UK. The acceptance rate (the chance you'll find a merchant who will take your card for payment) is lower than Visa and Mastercard. Having said that, there are some good deals to be had with Amex.
Why is Amex not accepted in UK?
Because American Express charges companies big fees. And retailers would sooner not give away so much of their profit to a card company, especially when almost everyone in the UK who has Amex also has some other way to pay so it's not like retailers lose the sale over it generally.
Is American Express more prestigious than Visa?
American Express and Visa are both major credit card networks, but they're certainly not the same. Using an American Express card, or Amex card, can imply a certain level of prestige and exclusivity. Amex cards often earn big rewards and, in some cases, come with ultra-high annual fees.
Is 3 credit cards too many?
If your goal is to get or maintain a good credit score, two to three credit card accounts, in addition to other types of credit, are generally recommended. This combination may help you improve your credit mix. Lenders and creditors like to see a wide variety of credit types on your credit report.