The American Express Company, or simply AMEX, is an international company based in 200 Vesey Street, New York City. The company has grown rapidly over the last decade and its stock has become a popular choice for investors worldwide.
The business was originally founded in 1850 in San Francisco, California, as an international company that specialized in travel cards for merchants. Over the years, however, the company expanded its interests to include other products. These include airline cards, credit cards, and retail cards.
Unlike many companies, AMEX charges no annual credit cardholder fee. The credit card it offers is issued by American Express Travel, a division of American Express Group of Companies.
As with any credit or debit card, you will be required to deposit funds into your account at least once a month. You can withdraw money from your card at any time with only a small fee and you must have a sufficient balance to cover the charges. The money on your card is not taxable or transferable. You can use your card to make purchases at any participating merchant. However, you cannot transfer purchases between your card and your bank accounts.
It is important to remember that when you use your credit card at a participating merchant, AMEX will deduct the amount of your charge from your bank account. This is true even if you do not swipe your card. In order to avoid the fees and charges of this type of credit card, do not use your card for purchases that do not involve travel. Be careful that you do not exceed your monthly credit limit on your card.
There are fees associated with the credit card and annual percentage rate that are applied to the cash advances you make. You must always pay these fees in time in order to avoid paying a penalty fee. You may be able to reduce the interest and late fees that are assessed on your account by making payments on time. To prevent over-limit charges, AMEX offers a grace period of up to twenty-four weeks after you begin using your card.
Some cash advances are considered a high risk investment due to the potential for losing your money. Cash advances should be paid off within thirty days to reduce your risk. If they are not paid, then you are charged a late fee and interest. Be aware that even with a twenty percent credit card interest rate, this type of APR can become quite high.
You should check with your bank to determine what fees you are currently paying on your credit card and if there is a fee associated with each of those charges. Often times you can consolidate the different balances and other fees into one account, reducing the monthly fee and interest. By doing this you will be able to pay off the entire card faster.
As with most credit cards, AMEX charges a fee for each debit or credit transaction. If you choose to go with a credit card with no annual percentage rate, then you are also going to pay an extra fee for each . . . . . . ATM use. When you have a higher percentage APR than your bank charges, you will be charged additional fees for any overdraft fee that is incurred.