If you’re looking for a credit card with a lot of rewards and perks, an American Express credit card may work for you.
The American Express credit card range can offer big benefits to people who spend a lot by credit card, plus those who travel both domestically and internationally.
In Australia, American Express has partnered with several banks, airlines and retailer David Jones to create 12 individual credit cards, each offering different advantages.
American Express credit cards are also referred to as Amex cards, for short.
What rewards and perks do American Express credit cards offer?
The list of perks includes:
- Membership rewards
- Travel credit
- Frequent flyer points for Qantas and Velocity
- Airport lounge access
- Complimentary travel insurance
- Gift vouchers
- Ability to use points to pay charges on your statement
RateCity has a full list of benefits offered by each individual Amex card.
Are American Express credit cards right for you?
Here are some things to consider before you get an American Express credit card:
- How much will you be spending on your American Express card? To get the most out of the benefits, a minimum spend may be required. For example, several Amex cards state that you need to put at least $1,500 of purchases on the card in the first three months to receive bonus membership points.
- Will you use the benefits and rewards offered? Travel benefits and membership rewards are the big drawcards of several American Express cards. However, if you have no intention to travel, and the rewards offered are for shops and services you don’t use, an Amex may not be the best option.
- Is the annual fee worth it? Although they do offer some cards with no annual fee, out of all the credit cards monitored by RateCity, American Express cards have some of the most expensive annual fees. Check to see if the benefits you’ll receive outweigh the fees you’ll be charged.
- Is the interest rate competitive? If you don’t pay off your credit card balance in full each month, it could be worth choosing a card with a lower interest rate, even if it offers fewer perks.
RateCity has a credit card comparison tool that helps you see what card could work best for you.
Can you use an American express credit card anywhere?
American Express is accepted in many places around Australia. However, some businesses, especially smaller ones, will not accept Amex cards or may ask you to pay a surcharge.
How can I apply for an American Express credit card?
To qualify for an Amex card, there are specific requirements that vary between the cards offered.
Most require the following:
- At least 18 years
- Australian citizenship or permanent residency
- A personal or household gross (pre-tax) annual income of $65,000 or more
- No history of bad debt or payment defaults
The following documents will also usually be required:
- A copy of your driver’s licence
- A copy of your passport or Medicare card
- Proof of income – recent payslips, or an ATO tax statement or a letter of employment
- Employer or accountant contact details
If your application is approved, you will usually receive your new American Express credit card in the mail within five to 10 business days.