What benefits can I get with an American Express credit card?
Here are some of the key perks you can get when you have an Amex card on hand:
- Rewards points
American Express reward credit cards have some of the most competitive earn rates on the market. Depending on the card you choose, you could earn Qantas Points, Velocity Points or American Express Membership Rewards points when you pay for eligible purchases with an Amex.
- Complimentary insurance
Some American Express cards offer complimentary insurance for travel, purchase protection, smartphone screen protection, refund protection and extended warranty coverage.
- Amex Connect
If you have an Australian-issued American Express card, this service gives you the opportunity to enjoy exclusive offers on shopping and experiences.
- Concierge service
Premium American Express cards give you access to a personal concierge that can help you with restaurant bookings, accommodation options and travel or gift recommendations.
- Contactless and mobile payments
Contactless technology allows you to tap your American Express card to make payments at the checkout. These cards are also compatible with major mobile payment apps including Apple Pay, Android Pay and Samsung Pay. These apps allow you to use your smartphone to make payments.
- Fraud protection.
Amex offers a range of security features including round-the-clock account security, emergency card replacement and a Fraud Protection Guarantee that ensures you won’t pay for fraudulent transactions if they occur. You can also sign up for instant alerts about new account activity to help keep track of transactions.
What else do I need to consider when using an Amex credit card?
Make sure you check these details before you use your Amex for payments.
Some businesses that accept American Express may apply a surcharge for your payment. This is usually between 2-3% of the total transaction amount, so make sure you factor in the cost before pulling out your plastic.
- Interest rates
Remember to consider the interest rate for your Amex credit card and remember that it will apply if you carry a balance for your payments.
- Annual fee
While there are a few American Express cards with no annual fee, most have a yearly charge that could be anywhere from $79 to $1,200.
- Cash advances
If you get cash, buy gift cards or make another type of cash advance transaction on your Amex card, you’ll pay a cash advance fee and be charged the cash advance interest rate from the time of the transaction. These transactions don’t earn Amex reward points, so it’s best to avoid them if you want to keep your account costs to a minimum.
While some credit card providers classify gambling transactions as cash advances, they are prohibited on Australian-issued Amex credit card. This means that you may not always be able to pay with Amex at pubs, clubs or other venues that offer gambling services.
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