American Express, popularly known as Amex, is a multinational financial services company headquartered in New York City. The main products of Amex are credit cards, charge cards and traveller’s cheques. In India, Amex only provides credit card and charge cards. Both premium credit cards and affordable cards are offered by Amex to match the needs of all customer segments. Travel benefits, rewards and cashbacks, healthcare benefits, airport lounge access and dining discount are some privileges offered by Amex credit cards.
Types of Amex Credit Cards
Given below is a list of credit cards offered by American Express in India-
1- The American Express Membership Rewards® Credit Card- Designed to offer more rewards to its users, this credit card lets you earn as you spend and redeem the reward points against an exciting range of gift vouchers and merchandise. It also offers 20% discount at partner restaurants across the country.
2- American Express Gold Card- This is a charge card by Amex and it does not have any pre-defined credit limit. Bonus reward points can be availed on payment of joining fee and renewal fee. Users can also enjoy travel benefits and 20% discount on dining at select restaurants of India.
3- American Express Platinum ReserveSM Credit Card- It is yet another rewarding credit card by Amex and comes for an annual fee of Rs. 5,000 only. It also offers luxury hotel booking benefits and discounted flight tickets against the reward points earned.
4- The American Express Platinum Travel Credit Card- This is a travel-centric credit card by Amex and offers milestone benefits. Complimentary priority pass membership and dining discount are some additional privileges you can enjoy on this card.
5- The Everyday Spend American Express® Gold Credit Card- As the name suggests, this card is good for everyday spending and accelerated rewards on shopping with select brands.
Perks of Amex Credit Cards
Credit cards by American Express are loaded with different types of features and benefits. Here we will talk about some common privileges offered on most of Amex cards-
Lounge Access- On almost every Amex credit card, you would get a specific number of complimentary lounge access in a year. It may give you access to domestic airport lounges or international lounges depending on the agreement. Premium cards also give you Priority Pass Membership which enables access to leading airport lounges.
Dining Discount- With Amex credit cards, you can also enjoy 15-20 percent discount when you dine at select restaurants across the country. Leading restaurants are covered under the program.
Hotel Booking Privileges- On some of Amex Credit Cards, especially those with travel-centric benefits, users can enjoy privileged hotel bookings. These privileges may come in the form of direct discounts or membership privileges at select hotel brands.
Rewards and Air Mile Earnings- All Amex credit cards let the users earn rewards every time they use their card. Some spending categories may earn you higher rewards than other. On travel-centric cards, air miles are accrued. Rewards can be redeemed against a wide range of vouchers and merchandise. Air miles can be utilized to book flight tickets.
Insurance- Amex credit cards also offer zero lost card liability cover that secures you against card loss/theft. Travel insurance, health insurance, motor insurance and personal accident insurance are some other types of insurances.
Chip and Pin Technology
In order to make any card transaction, American Express has a special safety feature namely Chip and PIN. It provides a safe and secure environment for any card transactions thus saving the cardholders from any sort of fraud or malpractice. The card-holders are provided with a specific PIN that authorizes card transactions, thereby making the card safe for use. Further, the card uses an enclosed microchip to encipher the personal data provided by the card-holders resulting in a detailed and factual deposition of a Card. Through this facility it becomes very difficult to duplicate the stored personal data on the card thus protecting it from being misused if stolen.
American Express Credit Card Interest Rates
Interest Rates are charged on the money left and not on the whole borrowed money. The card holder can calculate the total interest on a credit card through Annual Percentage Rate (APR). A credit card’s APR helps the customer know what should be payable by him monthly. Card holders can compare credit cards on the basis of APRs, as different cards have varied APRs, and then choose the one that benefits them the most. American Express has two types of transaction fee, see below:
- Interest Rates on charge cards: No interest is levied on charge cards as the card-holder has no left over the balance at the starting of any month. The entire balance on the charge card gets deducted from the card-holder’s bank account.
- Interest Rates on Credit Cards: Interest rates on credit cards are different for different people. The cardholder can opt for a card having the lowest APR in order to get additional benefits such as Reward Points or Loyalty Programs. As of now, the PAYBACK and the Jet Privilege Miles credit Card are gaining popularity and suit almost every individual.
American Express also offers online services to its customers wherein they can do a variety of things with just one click of the mouse. The payments can be made from anywhere around the world through a Paperless Statement thus making the transaction secure and swift. The key aspects of American Express’ online services are as follows:
- Present balance can be checked anytime, anywhere.
- Managing of rewards is made simple through an easy registration process.
- The transactions have no amount of paperwork involved.
- Details like email addresses and password are changeable as per the customers convenience.
Types of Insurance
American Express offers a wide range of insurance related services to card-holders with offers that are custom made by ICICI Lombard. The insurance products are as follows:
- Travel Insurance- American Express provides extensive and flexible travel insurance plans based on the needs and requirements of the card-holders. It provides coverage up to 85 years of age payable instantly and only for the total number of days travelled.
- Motor Insurance- It gives coverage to the vehicles owned by the card holders in case of accidents. It does not need any kind of paperwork and is a digitally signed plan. It also provides roadside assistance to its customers.
- Health Insurance- It covers all health-related problems of the card holders as well as their close ones. It takes into account all the medical related needs of the card holders and provide them with a best made-to-order plan based on their requirements.
- Personal Accidental Insurance- The card holder has the liberty of opting for a far-reaching personal accidental plan that would safeguard them on every step at the time of any personal accidents. It provides coverage of Rs. 2 crores up to the age of 65 years and no medical check-ups are needed. It also has an easy and swift claim facility.