Is American Express (Amex) card worth it?

22 Mar 2023 By PAYCEC

Whether or not an American Express (Amex) card is worth it depends on various factors, such as your spending habits, lifestyle, and financial goals. Here are some factors to consider:

  • Rewards program: Amex offers a variety of rewards programs, including cashback, points, and miles. If you frequently spend in categories that earn high rewards, you may be able to earn rewards and offset the annual fee.
  • Annual fee: Because of it, you'll want to ensure the benefits are worth it. If you can take advantage of the rewards, benefits, and services coming with the card, the fee may be worth it.
  • Additional benefits: American Express cards come with added benefits, such as travel perks, purchase protection, and airport lounge access. If you can take advantage of these benefits, they may add significant value to your card.
  • Customer service: Amex is known for its high-quality customer service, which can be a valuable perk if you encounter any issues with your account or card.

The American Express card is worthwhile having as long as the money saved by using it exceeds or cancels out any annual fees. Of course, what other credit card issuers provide also affects whether a specific Amex card is the best overall choice. Amex competes more fiercely in some markets than others.

Amex cards, for instance, are not the best for establishing credit, and the majority aren't suitable for financing new purchases or balance transfers. Nevertheless, many American Express cards offer excellent benefits for food-related costs, and the Membership Rewards program makes nearly all Amex cards suitable for travel.

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