What Credit Score do you need for American Express Card

American Express is a payment company that issues credit cards, gift cards, rewards, business services, travel, personal savings, and many more. The company also works with numerous financial companies to issue debit, credit, and prepaid cards. Other similar companies include Visa, MasterCard, and Discover. Today I will mainly discuss the American Express credit cards. But what credit score do you need for American express? You will be able to learn about this shortly, so stay around.

Credit scores refer to the creditworthiness of an individual. In short, it shows the capability of a person to pay a given loan. Different people have different capabilities to pay loans meaning they have different creditworthiness and thus different payment capabilities. Usually, your past payments and usage of loans determine your scores. If you defaulted on loans, paid debts late, or used your credit cards irresponsibly, then you likely have poor scores.

Since American Express cards are regular credit cards like others, you must have the required scores to get them. That is why this composition seeks to explain the needed scores so that if you plan to apply for a card, you can be sure to get one. We all know that credit cards do not require scores; the secured ones are mainly for building credit.

Who calculates credit scores?

Credit bureaus calculate credit scores. These are agencies entrusted by the government to keep information about the payment patterns of borrowers. The bureaus also calculate the credit scores, whereby borrowers can access them at a fee.

We have three bureaus in the country. They include Experian, TransUnion, and Equifax. Financial companies usually make hard inquiries from the bureaus when applying for a credit card or a loan. American Express does the same when you apply for a credit card.

You can get approved for a credit card with no credit scores if you apply for a secured credit card. Therefore, it is not always a must you have scores to get one.

What credit cards can I get from American Express?

what credit score is needed for american express

There are various cards that you can get from the company. They include the following.

i) The platinum

The credit card allows you to earn 100,000 Membership Rewards® Points when you spend $6,000 on purchases on a new card in your first six months of Card Membership. Again, the card allows you to earn 10x points on qualifying purchases on your new card at restaurants worldwide, plus when you Shop Small in the U.S. That applies up to $25,000 in combined purchases in your first six months of Membership.

The annual fee is $695, while its APR for Pay Over Time Feature is 15.99% to 22.99% which is variable APR on eligible charges.

ii) American Express® Gold Card

The card charges you an annual fee of up to $250. It gives you 75,000 Membership Rewards® Points when you spend $4,000 on purchases on the new Card in your first six months of getting the card.

The card charges 15.99% to 22.99% APR which is variable on eligible charges.

iii) Blue Cash Preferred® Card

The card gives you a 6% cash back reward when you purchase in the US supermarkets. It has an annual fee of $0 as an intro fee for the first year, then $ 95. There are 15 more credit cards that you can get from the company as long as you meet the score requirements.

What credit score do you need for American Express?

There is a credit score requirement for each creditor for a specific loan. The credit score is needed for American Express of 700 or above, depending on the credit card you are applying for. Therefore, the cards are mainly for people with good to excellent scores. 

You may also qualify for a card if you have slightly lower scores than 700. These can be 650-680. American Express themselves offer credit scores, and as long as you have been using their credit cards, you can get free credit scores. American Express uses the VantageScore® 3.0 score by TransUnion®.

It is important to note that American Express pulls hard inquiries because it issues unsecured credit cards. For secured ones, an issuer will not require credit scores.

Does American Express issue debit cards?

American Express issues a prepaid debit card by the name American Express® Serve. The card requires no minimum balance, no credit check, and has no hidden fees.

Moreover, you will be able to enjoy free direct deposit plus free withdrawals at over 24,000 MoneyPass® ATMs across the country. Again, there are over 45,000 locations where you can add cash to your card to enjoy sending and receiving money between Serve holders 24/7. The account also allows you to enjoy free bill pay.

Creating the prepaid card account is usually online, and you can do so using a mobile phone, tablet, or computer.

What is the difference between unsecured and secured credit cards?

The primary difference between secured and unsecured credit cards is that secured credit cards require a security deposit to get them while unsecured ones require scores. Another difference is that secured credit cards charge a lower interest rate than unsecured ones for bad credit.

Moreover, secured credit cards are suitable for people with no borrowing history, while unsecured ones require you to have credit scores. Again, secured credit card issuers do not make hard inquiries. In contrast, unsecured ones and more so those issuing good-excellent credit scores must pull a hard inquiry to determine your ability to pay a loan.

However, secured and unsecured credit cards are similar in that they;

  • Allow users to purchase items and services online and at physical places.
  • Charge interest rates on the borrowed amounts.
  • Report your usage to the credit bureaus.
  • Increase your overall debts.

Which is the best credit card to build credit?

A secured credit card is suitable for building credit since it charges friendly interest rates. The only challenge is the security deposit, but since the deposit is still your money available later on, there is no need to worry about it.

The question is, how long does It take to build credit with a secured credit card? The duration you can build credit with a secured credit card varies from one person to another. Usually, your payment patterns normally speak louder when growing your scores. If you repay your debts early enough, you stand a better chance to increase your scores faster.

After using your secured card, it usually takes 1-2 months to grow some credit scores. Sometimes it can go up to 6 months for one to realize a substantial increase in their overall credit scores.

To grow your credit scores quickly, you can concentrate on the following.

  • Pay your debts early. If you have unpaid debts, make sure you clear them all.
  • Dispute wrong information with credit bureaus. These are erroneous reporting by creditors as well as identity theft.
  • Keep your credit card active.
  • Maintain a low credit utilization ratio.

Are American Express cards secure?

AmEx cards usually are secure due to various security features that have been put on the platform. First of all, the communication between card users and AmEx servers is end-to-end encrypted to ensure no third parties can come in between, such as hackers, to get your details.

American Express also has an advanced fraud protection program that offers online safety protection and fraud alerts to ensure your money is safe. Also, you are always free to report any fraud to American Express at 1-800-528-4800, which is a toll-free number, or log into your account and chat with the customer care live.

If you lose your AmEx card, you can report your lost card online and get an emergency card replacement by calling 1-336-393-1111 or chatting with customer care online. The replacement card arrives within two business days.

The Smart authentication technology also works behind the scenes, protecting you against fraudsters while shopping online by checking if it’s you making a purchase. They do so by sending a text, email, or push notification to your phone that you should enter in the space provided.

Above all, you can set up fraud alerts to always know if there is any fraudulent activity in your account.

What should one do if they misplace their AmEx card?

Whether it is an AmEx card or from another issuer, the first step you should take when you lose your card is to lock it so that no one can use it for any purchases. After that, you can report the case to American Express. They will assist you in getting a new card and disable the lost one altogether.

Bottom line

American Express is a financial company that issues credit cards, gift cards, rewards, business services, travel, personal savings, and many more. There are various credit cards that one can get from the company as long as you have a good-excellent credit score. AmEx cards are secure and prevent you from potential fraud online using various protection layers. You can always report a lost card to get an emergency replacement card.