The American Express interest rate is 13.99% (V) to 24.74% (V), depending on creditworthiness and the specific American Express credit card. Some American Express cards also offer a 0% introductory interest rate, lasting for a specified number of months. The EveryDay, Blue Cash EveryDay, and Cash Magnet cards offer 0% interest for 15 months on purchases. With the Blue Cash Preferred and EveryDay Preferred cards, you can make purchases for 12 months at 0% interest.
An American Express card with a 0% interest rate allows you to finance big-ticket purchases for several months without the costly interest charges.
Business owners have four American Express 0% interest rate credit cards at their disposal. The Blue Business Plus Credit Card from American Express is the best of the lot with a 0% interest rate for 12 months on Purchases. The Blue Business Cash card also gives you 0% interest for 12 months on purchases only.
You will need good to excellent credit to qualify for an American Express credit card with a 0% interest rate. That’s a credit score from 700 to 749 (good) and 750+ (excellent). American Express will also review your payment history, employment, income, your level of debt, and other factors. If you’re applying for a business credit card, your personal credit history will play a significant role in the evaluation process.
At the moment, no American Express-issued credit card offers an introductory 0% APR for balance transfers.… read full answer
Keep in mind, though, that these 0% APR deals change frequently. These are the longest 0% interest periods available on Amex currently, but this could change, so it’s a good idea to double-check before you apply for a card.
The Amex EveryDay APR is 0% for the first 15 months your account is open. After that, it could be anywhere between 12.99% - 23.99% (V). The exact number will depend on your creditworthiness, and will be determined when you open your account. You won’t have to pay any interest on purchases if you always pay off your balance by the due date, 25 days after the end of billing cycle.… read full answer
The purchase APR is the most widely applicable rate, but purchases aren’t the only transactions Amex charges interest on. I’ll go through the rest below.
Here are all the different types of Amex EveryDay APR:
Introductory Purchase APR: 0% for 15 months.
Regular APR: 12.99% - 23.99% (V), based on creditworthiness. Your purchases will accrue interest at this rate once the 15 months introductory period is over.
Cash Advance APR: 25.24% (V). Interest starts accumulating as soon as you withdraw your cash. And there’s a fee of 5% (min $10) for each cash advance transaction.
Penalty APR: 29.24%. The penalty APR can be applied once you miss a payment or have a payment returned. You can get it withdrawn by making six consecutive payments on time.
Plan It Fee: The Amex Plan It feature allows you to pay off large purchases into monthly payments for a fixed monthly fee rather than the purchase APR. You won’t pay fees for the 15 months introductory APR period. After that, the monthly fee along with the number of purchases and plans you can combine and their duration will vary based on factors such as creditworthiness, purchase amount(s) and your account history.
The Amex EveryDay APR you get will depend on the transaction you’re making, when you’re making it, and your creditworthiness. Amex EveryDay offers 10,000 points after spending $1,000 in the first 3 months. And it earns 2 points per $1 spent on travel booked through amextravel.com and at supermarkets (up to $6,000 per year), and 1 point per $1 spent on all other purchases so it’s best used as an everyday spending-rewards card.
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