Differences Between Visa, Mastercard, and American Express
Visa and Mastercard are only payment networks. The companies do not provide cards but help in managing transactions between shops and banks. However, American Express is both a payment network and a card issuer. The company issues its own cards and manages the transactions being made. Visa and Mastercard are more widely recognized in several countries than Amex. Visa cards are said to be the most popular cards in the world and the largest payment network in the United States. However, Amex is famous for issuing the best business credit cards and also the best cards for foodies and frugal families.
American Express Cards
American Express issues and processes charge cards, prepaid cards, and credit cards. Amex cards are available to corporate consumers, small businesses, and individuals across the United States and around the world.
American Express cards offer rewards points, travel perks and cash back, and travel perks. American Express cards are quite different from normal credit cards such as Visa and Mastercard in operation
Types of American Express Cards
Below are the types of American Express cards with different intro offers, annual fees, rewards rates, and recommended credits.
- The Platinum Card
It has an intro offer of earning 100,000 points, an annual fee of $695, reward rates of 5x points, and recommended credit of 670-850.
- The Gold Card
It has an intro offer of earning 60,000 points, an annual fee of $250, reward rates between 3-4x points, and recommended credit of 670-850.
- Blue Cash Preferred Card
It has an intro offer of earning $300, $0 introductory annual fee for the first year (then $95), rewards rates of 1-6% cashback, and recommended credit of 670-850.
4) Blue Cash Everyday Card
It has an intro offer of earning $200, a $0 annual fee, rewards rates of 1-3% cashback, and recommended credit of 670-850.
- The Business Platinum Card
It has an intro offer of earning 120,000 points, a $695 annual fee, rewards rates of 1-5x points, and recommended credit of 670-850.
- The Business Gold Card
It has an intro offer of earning 70,000 points, a $295 annual fee, rewards rates of 1-4x points, and recommended credit of 670-850
- Hilton Honors Amex Card
It has an intro offer of earning 100,000 points, a $0 annual fee, rewards rates of 3-7x points, and recommended credit of 670-850
- Hilton Honors Amex Surpass Card
It has an intro offer of earning 130,000 points, a $95 annual fee, rewards rates of 3-12x points, and recommended credit of 670-850
- Delta SkyMiles Gold Amex Card
It has an intro offer of earning 40,000 miles, a $0 introductory annual fee (then $99), rewards rates of 1-2x points, and recommended credit of 670-850.
- Marriott Bonvoy Brilliant Amex Card
It has an intro offer of earning 75,000 points, a $450 annual fee, rewards rates of 2-6x points, and recommended credit of 670-850
- The Blue Business Plus Credit Card
It has an intro offer of earning 15,000 points, a $0 annual fee, rewards rates of 1-2x points, and recommended credit of 670-850
- Delta SkyMiles Platinum Amex Card
It has an intro offer of earning 50,000 miles, a $250 annual fee, rewards rates of 1-3x points, and recommended credit of 670-850
- Delay SkyMiles Gold Business Amex Card
It has an intro offer of earning 50,000 miles, a $0 introductory annual fee (then $99), rewards rates of 1-2x points, and recommended credit of 670-850.
Categories of American Express Cards
American Express issues personal, corporate, and business prepaid, charge, and credit cards in broad categories as follows:
- Cash Back
With the American Express cash-back consumer credit card, you can earn between 1% to 6% from purchases. Moreover, you will need to pay an annual fee for cards with higher-earning rewards
Business
Travel
Travel charge cards and credit cards earn rewards that can be redeemed for flights, travel, and hotel stays. American Express travel credit card that offers more rewards and perks comes with high annual fees, about $695.
American Express is accepted at about 10.6 million merchant locations in the United States and over 160 countries and territories abroad. American Express is accepted in countries such as Australia, India, Canada, the United Kingdom, and Singapore. Countries that do not accept American Express include Sudan, Iran, Cuba, Syria, and South Sudan.
In countries that accept American Express, you might find some stores that do not accept American Express. Hence, it is advisable to also have a Visa or Mastercard.
Amex card allows its holders to enter numerous gold memberships at car rental companies, exclusive airport lounges, and personal shoppers in luxury retailers.
Amex offers no-fee American Express cards that allow its holders to receive Airmiles and cashbacks every time they make a purchase.
Amex provides holiday insurance and car insurance.
Amex has excellent customer service and also an excellent customer satisfaction record.
Amex charges companies for the transactions that they process because the company has its own payment network and does not rely on payment network companies like Visa and Mastercard.
Amex offers such as cash backs and Airmiles only last for a limited period because they are introductory offers.
When Amex card offers expire, the card automatically becomes like a normal credit card. With the higher fees that AMEX charges, the cardholder can end up paying more for the card.
8) American Express charges merchants between 2.5% and 3.5%, which makes it difficult for smaller businesses.
Though American Express is not more popular than Visa or MasterCard, it is widely known for its reward offers. It has various types of cards such as with different categories including travel, business, and cashback.
- Why is it hard to get an American Express card?
This is because you will need to have the American Express credit score requirement of 700 or above. Hence, you will work hard to get this score by
- Who can get an American Express card?
An Amex card is good for people who have excellent credit scores and who want to earn rewards on purchases. Amex card is also good for people who also want an introductory low-interest period.
