Amex Platinum Credit Card

The American Express Platinum credit card is just one of the many offered by their company.  In this article we are going to review the credit card to help you decide if it is worthy of you obtaining it.  First, with the Amex Platinum credit card you will not have any introductory rates.  They do allow for balance transfers to occur, but you will be charged the standard interest rate.  The standard interest rate on the card is 18.9 percent.

The interest rate like most credit cards is variable which means it can change based on a number of factors.  The 18.9 percent is the lowest rate they typically offer, which means that you could actually have a higher rate once the card application has been accepted.  American Express does have the universal default in which a slight change to your credit score can have the interest rate changing.

Cash withdrawals are going to be the standard interest rate of 27.9 percent.  To use this card for cash advances or withdrawals you would be charged a very high price.  This card will have a payment schedule as well.  You will first pay off any of the purchases, then cash withdrawals, and then the balance transfers.  They do not allow you to pay off your larger debt first unless it is the purchases you have made.

With this card you have the option of 56 days for zero percent interest.  This is only attained once you have started to use the card and you have paid off any balance in full and on time.  The American Express Platinum doesn’t have an annual fee associated with the card.

There is another benefit beside no annual fee that may interest you in obtaining this card.  They offer cash back on certain purchases made with the card.  Depending on the purchases you can earn up to five percent cash back.  It will also be determined by the partners American Express is currently working with.  To earn cash back you have to have a certain balance.  In other words you must collect a certain amount of cash back before you can redeem it for some other purpose.  There are also discounts offered with American Express Platinum like their other cards.  These discounts will vary and are not always available.

Overall this card has a high interest rate for the purchases and balance transfers.  Other cards through American Express or other companies have 2 to 3 percent lower on their interest rates.  The five percent cash back is higher than other cards, which means you can accrue it a little quicker than other cards.  When choosing a credit card it is best to go with the card that will help you out the most.  This card can hinder your overall purpose of paying down your debts or getting important things for your home unless you pay the balance off in full every month.  American Express does have a very helpful support team for all your questions.

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