Tuesday, March 21, 2023

Which Amex Card Is Easiest To Get

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Will The Rejection Of Your Credit Card Application Affect Your Credit Score

Which AMEX Card Should You Get First?

Generally, the rejection of your application for a credit card will not directly impact your CIBIL score. Your CIBIL score is largely affected by default in payments and an unstable income source. You can always reapply for a new card once you have understood the reasons why your credit card application was rejected the first time and rectify the same. This can be done by paying off all dues.

Best Student Credit Card

The academic year tends to be front-loaded with expenses: Text books, lab supplies and, if youre living off-residence, housewares and the cost of setting up utilities. This is where a rewards card comes in handy, especially with a great welcome bonus of 5% cash back on purchases on your first three statements. After the bonus period, youll still earn 3% cash back on groceries, 1% on recurring bill payments, and 0.5% on everything else. Fortunately for busy students, this straightforward card doesnt have a complicated points system or tiered earn ratesit just provides simple cash back.

  • Annual fee: $0
  • Welcome offer: Get up to 5% cash back for the first 3 months; introductory 1.99% interest rate on balance transfers for 9 months with 1% transfer fee; plus apply now to get a $50 cash back bonus when you spend over $6,000 in the first year .
  • Earn rate: 3% cash back on groceries; 1% on recurring bill payments; 0.5% on everything else
  • Additional benefits: Extended insurance on purchases made with the card; up to 25% off rentals at eligible Alamo and National Car rental agencies

The Amex Everyday Preferred Credit Card From American Express: Best For Everyday Spending

Welcome offer: 15,000 Membership Rewards points after you use your new card to make $1,000 in purchases within the first three months.

Earning rate: 3 points per dollar spent at U.S. supermarkets , 2x points per dollar spent at U.S. gas stations, 1 points per dollar spent everywhere else. If you make 30 or more purchases in a billing period, youll earn 50% more points on those purchases.

Annual fee: $95

Why we chose it: This card can get you into the Membership Rewards program without breaking the bank with a high annual fee. Its also great if you dont travel that frequently. You dont get the significant perks of the;Amex Platinum;or;Amex Gold;but you can still access some solid category bonuses for everyday spending. If you do use it as your primary card, you should make a point of hitting 30 transactions a month to earn the 50% earning bonus.

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Check Your Credit Score

Although American Express doesnt specify any minimum , youll need good credit to qualify, which means a FICO score of at least 670. A premium Amex card say, the American Express Gold Card likely requires a very good FICO score, somewhere in the range of 740 and above.

If its been a while since you last took a peek, be sure to check your credit score and, if needed, take steps to improve it.

Tip: Be realistic. If you knowingly apply for a card whose credit score requirements you dont meet, chances are good that youll have a new hard inquiry added to your report but no new card to show for it.

Consider Getting Another Amex Credit Card First


If you are concerned about your credit score, you might consider getting another American Express credit card first. This can be a wise move if you dont own a credit card already. Your approval odds increase if you can responsibly manage a credit card.

The Amex Platinum is one of the most prestigious travel credit cards you can own. The Amex Platinum metal credit card is not only thick, but it comes with tremendous travel benefits and a nice welcome bonus.

Trying for an American Express credit card lets you establish a relationship with Amex. Plus, it can make it easier to add the Amex Platinum Card to your wallet in the near future. Several of the best no annual fee travel credit cards are offered by American Express.

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Top Cash Back Credit Cards

Keep Your Card Balances Low

Amounts owed is the second most important component of your FICO score. This element encompasses several factors, but your overall debt isnt as important as your or the percentage of credit youre using relative to the total amount of credit available to you.

Keeping your card balances low not only lowers your credit utilization ratio but also reduces the interest charges you pay a win-win.

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Icici Bank Allows Payment Of Credit Card Dues Via Imobile Pay

ICICI Bank on Monday announced that it has enabled its customers to pay and manage dues of credit cards of any bank instantly using the ‘iMobile Pay’ app. In a release, the lender stated that customers can add credit cards of any bank to the app and use it to pay and manage their dues. The new facility offers improved convenience to customers by providing a one-stop solution for managing all cards with ease. Some other benefits offered by ICICI bank include setting of bill payment reminders, viewing payment history of all cards, sharing payment confirmation through WhatsApp, and managing/changing due dates as per the billing cycle.

07 September 2021

How Credit Card Rewards Work

Why NOW Is the Best Time to Get AMEX Cards

Types of rewards

Many of the best credit cards give you rewards for your spending. Rewards come in two basic flavors:

  • Cash back. You can use cash back to directly reduce your balance. In some cases, you can have your cash back deposited in a bank account or sent to you as a check.

  • Points or miles. Points and miles can be redeemed for travel, gift cards, merchandise or other things. You may also have the option of redeeming points for credit on your statement, just like cash back.

» MORE:Cash back vs. travel â how to choose credit card rewards

The card issuer sets the rewards rate that applies on your card. There are two basic kinds of rewards structures:

  • Flat rate. You get the same rewards rate on all spending done with the card, regardless of what you spend money on. You might get 2 points per dollar on all purchases, or 1.5% cash back on everything.

  • Bonus rewards. You earn a base rate on all spending and then higher rates in certain categories â 5% cash back at gas stations, for example, or 3 points per dollar spent on travel. Bonus rewards are awarded based on where you buy something, not what you buy. Every merchant is assigned a category code; if your card pays bonus rewards at grocery stores, for instance, you’ll earn those rewards any time you pay at a merchant with a category code that identifies it as a supermarket or grocery store.

Tracking your rewards

The rewards process

The rewards process works like this:

  • You make a purchase with your credit card.

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    Chase Credit Card Application Rules

    Having a specific credit score doesnt equal automatic approval. Chase reviews each card application on a case-by-case basis. You and your spouse may both have identical credit scores but its possible Chase approve one application and deny the other.

    These are some of the card application rules to consider before trying for a Southwest credit card.

    Td Aeroplan Visa Infinite*

    If you tend to fly Air Canada when you can, then the TD Aeroplan Visa Infinite could be the credit card for you. This Visa gives you, and up to eight guests flying on the same itinerary, free checked bags on your Air Canada flights. And when booking, as an Aeroplan credit cardholder, you get preferred pricing , too.;

    We bet you want to know about the newly revamped Aeroplan plan, too: The earn rate for the card is 1.5 Aeroplan points per $1 spent on gas and groceries. And 1 Aeroplan point per $1 spent on all other purchases. This is a respectable earn rate, since groceries and gas are typically what people spend the most of their money on. You also get great travel insurance, mobile device insurance, purchase security, extended warranty and a Nexus rebate of up to $125.

    • Annual fee: $139
    • Welcome bonus: Earn up to $1,250 in value in the first year: 10,000 Aeroplan points on your first purchase with the card, another 15,000 more when you spend $1,000 in first 90 days, and more. Must apply by December 5, 2021. Quebec residents, .
    • Earn rate: 1.5 Aeroplan points per $1 spent on gas and groceries, 1 Aeroplan point per $1 spent on everything else
    • Our favourite features: Free checked bags and Buddy Pass with Air Canada
    • Additional benefits: Travel insurance, mobile device insurance, up to $125 Nexus rebate every 48 months

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    For Flat Rate: Td First Class Travel Visa Infinite Card*

    Some people want to earn points when they travel, as well as on an ongoing basis. If this sounds like you, then the TD First Class Travel Visa Infinite Card is our top choice. You can rack up TD Rewards points throughout the year and then easily make a redemption through Expedia for TD. With this card, youll get 3 points per $1 spent on all your everyday purchases and 9 points per $1 spent when you make online purchases through Expedia for TD. That means youre earning a 1.5% and 4.5% return respectively in travel points. Expedia For TD is just like the regular Expedia platform, so youll have no problem finding ways to redeem your points.

    With the annual fee of $120 rebated for the first year and a welcome bonus of up to 100,000 pointswhich has a travel value of up to $670 $500 when you book travel purchases through ExpediaForTD.comthis is one of the best travel credit card offers available right now.

    Amex Credit Cards That Earn Cash Back

    New Amex cardholders get more time for welcome offer ...

    Even though they dont offer opportunities to maximize your rewards with airline and hotel transfer partners, cash-back cards do offer a consistent return and simple earning and redemption structures. During the current pandemic, these cards are even more valuable for those who want to save money on monthly expenses while they arent traveling. Heres an overview of two American Express cards that fit into this category.

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    How Credit Cards Work

    The idea behind credit cards is simple: When you use a credit card, you are borrowing money to pay for something. Later on, you must repay what your borrowed. If you take time to pay it back , you’ll be charged interest. The whole credit cards industry rests on this basic premise.

    A basic credit card transaction works like this:

  • You use your card. When it comes time to pay for something, you use your card at the cash register by running it through a card reader .

  • The purchase is authorized. The card reader contacts your credit card company to make sure the card is valid for the purchase amount. Assuming everything is OK, the transaction is authorized.

  • The merchant gets paid. The bank that issued your credit card sends money for the purchase to the merchant where the transaction took place.

  • You pay. The transaction shows up on your credit card statement, and you repay the bank for the purchase.

  • Best American Express Card For Foodies

    • On American Express’ Secure Website

    See Pay Over Time APR

    • Rose Gold is back. You can now choose between Gold or Rose Gold.
    • Earn 60,000 Membership Rewards® Points after you spend $4,000 on eligible purchases with your new Card within the first 6 months.
    • Earn 4X Membership Rewards® Points at Restaurants, including takeout and delivery, and earn 4X Membership Rewards® points at U.S. supermarkets .
    • Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
    • $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year.
    • $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub, Seamless, The Cheesecake Factory, Ruth’s Chris Steak House, Boxed, and participating Shake Shack locations. This can be an annual savings of up to $120. Enrollment required.
    • Get up to 12 complimentary months of an Uber Eats Pass subscription when you enroll with your Gold Card by 12/31/21.
    • No Foreign Transaction Fees.

    60,000 Membership Rewards® Points after you spend $4,000 on eligible purchases with your new Card within the first 6 months.

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    Capital One Low Rate Guaranteed Mastercard

    Capital Ones Low Rate Guaranteed Mastercard offers guaranteed approval for those who are looking to build or improve their credit. However, if, based on your application result and credit score, you dont meet the requirements of the Low Rate Guaranteed card, youll automatically be directed to the Guaranteed Secured Mastercard, which requires you to submit security funds as a deposit. Whichever option you end up with, both cards do report your credit history, so by using your card responsibly, youll ultimately raise your credit score.

    • Annual fee:;$79
    • Interest rate:;14.9% on purchases and balance transfers
    • Additional perks:;Price protection service; purchase assurance; extended warranty; common carrier travel accident insurance; car rental collision/loss damage waiver; baggage delay and travel assistance
    • Income required:;None specified

    Easy To Get Credit Cards


    Different financial institutions feature cards that target borrowers with fair and average scores, including BMO, Home Trust and Scotiabank.

    The Preferred Rate MasterCard® by BMO® is one option to look into, which comes with a low intro rate of 3.99 percent. This rate applies to balance transfers during a 9-month promotional period. There are add-ons such as balance protection and roadside assistance. ;BMO also advertises security features such as MasterCard SecureCode, zero liability, and chip technology. Customers are eligible to apply provided that they did not file for bankruptcy during the past seven years and are of the age of majority in their territory or province of residence. They are asked to bring photo identification such as their territorial or provincial health insurance card, certificate of Canadian citizenship, Permanent Resident Card, drivers license, Immigration Canada Documents, etc. When applying for a card, customers are asked about their housing status, address, monthly payment, years of employment and employment information, income details, and more.

    • Cash advance rate: 11.9 percent
    • Interest rate: 11.9 percent
    • Annual fee: $20
    • Grace period: 21 days or longer
    • Low interest rate: 11.25 percent
    • Regular interest rate: 19.5 percent
    • Annual fee: none
    • Balance transfer APR: 24.74 percent
    • Variable purchase APR: 24.74 percent
    • Cash advance APR: 26.99 percent
    • Foreign transaction fee: $0
    • Annual fee: $29

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    Definitions Of Good Credit/bad Credit

    There are 3 major credit reporting agencies: Experian, TransUnion, and Equifax. Credit card issuers use 1 or more of these reporting agencies to access your credit score/history and determine if granting credit to you is warranted.

    While definitions and calculations vary, credit scores generally range from 300-850.

    Experian defines poor credit as a credit score between;300-579;and a fair credit score as 580-669.

    Equifax considers a credit score of 700-749 as good and 750+ as excellent.

    Knowing the credit score range youre in is a critical first step in the process of securing a credit card.

    Bottom Line: While you will need an excellent credit score to secure the best premium rewards-earning credit cards, you can still qualify for rewards-earning credit cards with a fair credit score or above.;

    Calculate What Youll Need To Spend To Cover The Annual Fee

    Lets say youre considering the Blue Cash Preferred® Card, but youre not sure if youll spend enough to justify the $95 annual fee.

    Thanks to sign-up bonuses, youll have no trouble justifying your fee in Year One. Its Year Two you have to think about.

    So, to determine how much youll need to spend to cover the fee in Year Two, use this simple equation:

    Annual fee / percentage cash back rewards

    For example, the Blue Cash Preferred® Card has a $95 annual fee and 6% cash back on supermarkets and streaming among others, but for simplicitys sake, well focus on the biggest rewards categories:

    $95 / 0.06 = $1,650

    Youll have to spend $1,650 within the 6% cash back categories to cover your annual fee.

    Mind you, this is just a break-even point youll have to spend another $1,650, or $3,300 total, to catch up to what you would have earned with a no-fee, 3% cash back card. So if you spend less than $3,300 annually in these categories, a no-fee card is probably a safer bet.

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