Who is American Express biggest competitor?
Who is American Express biggest competitor? The Bottom Line American Express's main direct credit card competitors are Mastercard, Visa, and Discover. While Mastercard and Visa have a different business model than American Express, they all compete in the credit card space.
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.
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.