American Express is one multifunctional corporation that issues credit cards. Does American express have secured credit cards? That's what we'll be seeing today.
Credit cards allow you to borrow money from the company that issued your card. Credit cards are one of the most widely used payment methods on the planet. Debit cards, prepaid cards, and gift cards are among the others.
The sole difference between credit cards and other types of cards is that you don't need money in your account to use one.
A secured credit card is one of the two types of credit cards available from different financial institutions (the other is unsecured credit card). The card allows you to make a cash deposit as a form of security.
The issuer must ensure that there is a way to recover their funds if you fail to respect your agreement to repay your debt at the conclusion of the billing cycle because the card is typically provided to people with no credit history or a bad credit history.
In this article, we will be answering the question, "does American Express have secured credit cards?"
Table of Contents
What is American Express?
American Express, abbreviated as Amex, is a giant company based in the United States that specializes in payment card services.
Its headquarters are located at 200 Vesey Street in New York's Battery Park City. American Express was founded in 1850 and is a component of the Dow Jones Industrial Average.
The organization offers a variety of products, including credit cards, savings accounts, and CD accounts. So its no wonder if customers often ask; does American express have secured credit cards.
How Do I Open an American Express Account?
You must to create an account with American Express before using their services. Typically, consumers open American Express accounts to register for the company's credit cards.
You should go to the American Express register page to create an online account. You'll also need to go to the platform's website to get started if you wish to link a card to an existing online presence.
Furthermore, if you are an Additional Card Member and need to create an online account, you will need the date of birth of the Basic Card Member as well as your personal information.
Only your card data are accessible after you register. Once you've arrived at the registration page, enter your 15-digit card number and four-digit card ID, then hit confirm.
What Services Does American Express Offer?
American Express offers many services some of which are as follows;
Savings Accounts
AmEx provides high-yield savings accounts to help you save money for the future. There are no minimum balance requirements for this account.
There are no fees associated with the account, and you have access to customer service 24 hours a day, seven days a week. High-interest savings accounts allow you to put more money aside for whatever you choose to save.
It's an FDIC-insured savings account, so you can rest assured that your money is safe at all times. You can earn up to 0.65% annual percentage yield (APY).
Certificates of Deposit (CDs)
You can earn up to 2.40 percent annual percentage yield (APY) on a Certificate of Deposit (CD). For a guaranteed return, all you have to do is choose from a variety of CD terms ranging from one to five years.
Insurance
The Card Insurance Benefit Center can provide you with insurance services. You can go to the insurance center for a variety of reasons, including the ones listed below.
- Check your cover & know about your Card Insurance Benefits
- Download your Insurance Certificate
- Search for legitimate Medical providers
- Understand the claim process
- Claim online
Travel
AmEx provides travel services, such as booking nice hotels for you when you travel. Every year, on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings made via American Express Travel, you can receive a $200 Hotel Credit in statement credits.
If you pay with your personal Platinum Card®, you can do so. When you go to the AmEx travel portal, you can look at a variety of hotels.
Aside from the aforementioned services, the company offers a variety of items. The following are some of them.
- Credit Cards
- Business Credit Cards
- Corporate Programs
- Prepaid Cards
- Gift Cards
Does American Express Have Secured Credit Cards?
Customers with good and excellent credit scores can apply for American Express credit cards. Unfortunately, American Express does not have secured credit cards to help you build or rebuild your credit.
Instead, look into a secured credit card from one of the largest banks or a credit union, which frequently have no annual fee and low interest rates.
Only unsecured credit cards are available through American Express.
Because your scores are the deciding elements, there is no need to put down a security deposit to get them.
Secured credit cards, as previously said, require you to deposit specific amounts of money into your account. The money you put down serves as a security deposit for the money you borrow.
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Who Offers Secured Credit Cards?
Since American Express does not provide secured credit cards, you might be interested in finding out who does. Some of the secured credit cards available today are listed below.
Citi® Secured Mastercard®
There is no welcome bonus with this card, but there are no annual fees. You should consider getting the card if you are new to credit. It has a regular annual percentage rate of 23.24 percent (Variable).
Discover it® Secured Credit Card
There are no annual fees with this card. It has a Variable Annual Percentage Rate (APR) of 23.24 percent. Because it is a secured credit card, you can receive it even if you have no credit history.
Navy FCU nRewards® Secured Credit Card
You can apply for the card if your credit score is between 0 and 649. It has a Regular APR of 18 percent variable and does not require annual fees. For every dollar spent, you can get 1X points.
US Bank Cash+® Visa® Secured Card
You don't have to pay an annual fee, and you can get the card even if you have bad or no credit. The Regular APR is a variable of 26.74 percent.
First Progress Platinum Select Mastercard®
You can apply for the card even if you have no credit or bad credit. It carries an APR of 14.24 percent (Variable). It costs $39.00 each year. Unfortunately, there is no welcome bonus with this card.
Apart from secured credit cards, we also have unsecured credit cards for people with bad credit. The issuers of these cards provide rapid credit card approval with no deposit for people with bad credit. You can also use the cards to improve your score.
Which Are the American Express Unsecured Credit Cards?
Because AmEx only issues unsecured credit cards, you must be familiar with them in order to apply for one.
The Platinum Card®
The card comes with a $695 annual fee. When applying for the card, you have the option of selecting your own design.
As soon as you start using the card, you can earn 100,000 Membership Rewards Points.
The bonus is only valid if you spend $6,000 or more on your card in the first six months of card membership.
The card also grants you access to more than ten Centurion® Lounges and 1,300 airport lounges.
American Express® Gold Card
When you first use your card, you will be charged a $250 annual fee.
When you spend at least $4,000 on purchases on your new Card in the first six months of card membership, you can earn 60,000 Membership Rewards® Points.
You can earn 4X points at restaurants across the world and obtain a variable APR of 16.74 percent to 23.74 percent on qualifying charges.
Within 30 seconds, you can see if you qualify.
Blue Cash Preferred® Card
The card offers a 12-month 0% introductory rate on purchases alone, not debt transfers. The card comes with a $0 introductory annual fee for the first year.
After that, you'll have to pay $95 a year. After spending $3,000 on purchases in the first six months of card membership, you can get $300 cashback.
Statement credits are used to receive the payback. You'll also get a 6% cashback at U.S. supermarkets, a 6% cashback on select U.S. streaming subscriptions, and a 3% payback on transport purchases if you use the card.
Amex EveryDay® Credit Card
There are no annual fees with this card. When you spend $2,000 on your new card within the first six months of membership, you can receive 10,000 Membership Rewards® Points.
You can earn 2X points and up to $6K in purchases at U.S. supermarkets. In less than 30 seconds, you may see if you qualify.
Does American Express Allow Balance Transfers?
Credit cards that allow you to transfer your existing debt from another card to this one are known as balance transfer cards.
The fundamental goal of balance transfers is to make it easier for you to repay your debts.
However, because the service does not handle American Express credit card debt transfers, you will be unable to do so.
The 0% promotional period for 12 months for purchases only, not balance transfers, is the only deal you may obtain with your card.
The promotion is valid with both the American Express Blue Cash Preferred® Card and the American Express Blue Cash Everyday® Card.
How Many Credit Scores Do You Need for An American Express Credit Card?
American Express credit cards, as previously stated, are unsecured. That means you'll need credit scores in order to obtain them.
Your credit score is a numerical representation of your creditworthiness. The higher your credit scores, the more likely you are to repay loans and lines of credit. As a result, financial institutions are more likely to approve your applications.
The credit score criterion for American Express is 700 or higher. That means your credit score should be decent to outstanding.
Final Thoughts
The American Express Company, based at 200 Vesey Street in the Battery Park City area of Lower Manhattan in New York City, is an American multinational corporation specializing in payment card services.
The company was created in 1850 and is one of the Dow Jones Industrial Average's 30 components.
You can also get other services from the service provider, such as savings and CD accounts.
The savings accounts are high-yielding, with an annual percentage yield of up to 0.65%. American Express doesn't have secured credit cards. They offer only unsecured credit cards.