The The Amex EveryDay® Credit Card from American Express 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 credit worthiness, 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 due date, 25 days after the end of billing cycle.
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:
Cash Advance: 25.24% (V). Interest starts accumulating as soon as you withdraw your cash. And there’s a fee of 5% (min $10) of the transaction, whichever is higher.
Penalty: 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 You can get it withdrawn by making six consecutive payments on time.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 lets you split up large purchases into monthly payments for a fixed monthly fee rather than the purchase APR. You’ll pay $0 in fees for the first 15 months after opening your account. After that, the monthly fee is up to 1.33%% of the purchase.
The The Amex EveryDay® Credit Card from American Express APR you get will depend on the transaction you’re making, when you’re making it, and your credit worthiness. It’s worth noting that other cards offer both longer intro periods and lower finance charges. For example, the Citi® Diamond Preferred® Card interest-free period for purchases is 18 months, and the Discover it® Cash Back purchase APR starts at 12.99%. With two points per dollar at supermarkets and a 10,000 pointst signup bonus, the The Amex EveryDay® Credit Card from American Express is best used for earning rewards.
The Amex EveryDay® Credit Card from American Express
The most expensive credit card is the Centurion® Card from American Express (also called the Amex "Black Card"), because it has an initiation fee of up to $10,000 and a $5000 annual fee. But considering that you have to be invited to even apply for this card - and you have to spend (and pay off) hundreds of thousands of dollars annually on Amex credit cards to get an invitation - most of us probably won’t have to worry about how expensive this charge card is.… read full answer
Some credit cards with high annual fees end up being worth it because of extra rewards or travel perks, if you can use those perks frequently enough. Considering that the specific terms and benefits of the Amex Black Card aren’t easy to verify, it’s hard to know if a $5000 annual fee is worth it. But people with credit cards that are seen or marketed as status symbols, such as the Amex Black Card and the Mastercard® Gold Card, are likely paying more for the inferred status than they are for a good credit card.
That said, expensive credit cards don’t only end up in the hands of high-rollers, and annual fees aren’t the only metric to measure how expensive a card is. “Expensive” means different things to different people, and people with bad credit are often the ones who end up paying more for a credit card. They pay in the form of monthly, one-time, and annual fees, with few or no ongoing rewards to make those fees worth it. Generally, these fee-laden credit cards for bad credit also come with high regular interest rates. So those who carry a balance on an unsecured card for bad credit will pay dearly for the privilege.
For example, the First Access VISA® Credit Card has a one-time fee of $95*, a $75 1st yr, $48 after* that annual fee, and a monthly fee: None 1st year, $6.25 after*. And its regular APR is 34.99%*. For someone who doesn’t make a lot of money, that’s pretty expensive, even if they’re not carrying a balance from month to month.
If you have bad credit, you’re far better off putting down a deposit on a secured credit card with rewards - Discover it® Secured Credit Card, for example - than trying to get an unsecured card for bad credit. And for everyone else, always make sure to consider what credit card fees buy you, relative to the best no annual fee offers, to see whether the added benefit (if any) is worth it in light of your spending and payment habits.
The Amex EveryDay credit score requirement is 700 or above. In other words, you need good credit – at a minimum – to get the Amex EveryDay Card. Some people think good credit starts with a score of 660, and it may work out that way in some situations, but people with a 700+ credit score have way higher approval odds for credit cards that require good credit or better. … read full answer
A majority of American consumers (55%) have good or excellent credit. But if you don’t fall into that range, don’t stress. There are steps you can take to improve your credit and several alternative offers to investigate in the meantime.
Here’s the scoop on Amex EveryDay credit scores:
For a realistic chance at getting the Amex EveryDay Card, you need good or excellent credit. That means a credit score of 700 or above.
If you don’t have the credit score needed for Amex EveryDay, you can still get a credit card. It won’t be an Amex because all American Express credit cards require at least good credit for approval. But there are plenty of options for people with fair, limited or bad credit from other credit card companies.
Your credit score isn’t the only thing that will affect your ability to get Amex EveryDay. How much money you make and how much you already owe will be particularly important.
So you can consider the Amex EveryDay Card’s credit score requirement to be 700+. But if you don’t meet the grade, there are other rewards cards with easier approval requirements. And if your credit really needs rebuilding, a secured card is the way to go.
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