Is American Express Good?

With so many credit card companies on the market today — and the countless credit card options within each company for both individuals and businesses — it is completely natural to feel overwhelmed with the decisions when trying to select a credit card. Each credit card has multiple features and perks — and their fair share of fees and pitfalls.

American Express is one of the major credit card companies with a wide range of credit choices. Its brand has also become a cultural status symbol of the affluent. Though American Express offers travel incentives and extras to other rewards with many of its cards, hefty fees and numerous complaints may make benefits too good to be true.

Services You’re Paying for at American Express

The fees, service charges, and interest accrual at American Express varies depending on what kind of card you choose. American Express offers different cards and packages depending on your needs and interests — as well as whether you are using the card personally or for your business. 

Taking the American Express Platinum credit card as an example, individuals must pay a $550 annual fee. If the individual makes a certain amount of purchases in a limited amount of time, they are eligible for tens of thousands of Membership Rewards points. According to NerdWallet, depending on how they are redeemed, Membership Rewards points are worth about 0.5 cents to 1 cent each. Read more about NerdWallet’s review of the American Express Platinum card.

In most cases, people do not get an American Express Platinum card to save money. Instead, more value is placed on what they get in return for what they do spend — the Membership Rewards points. Travel perks and gift cards are the most common rewards picked. The majority of the time, American Express expects payments in full — no monthly payments toward the balance of the card.

That feature is one of many issues customers have had with American Express.

Common American Express Complaints

Among the most common complaints from American Express credit card customers include issues with billing. One customer recounted a harrowing story of being placed in collections on an account in which they had consistently made on-time payments. Similar mistakes have cost other customers Another customer complained of incurring more interest after the payment they made was not applied to their account until the end of the month. 

Account issues represent another headache for American Express customers. One person has been wrongfully locked out of their account with no explanation, no recourse, and worst of all, no access to funds. In addition to those issues, many customers have complained about the customer service experienced they underwent when trying to address these complaints. Long call waits, conflicting information from service representative to service representative, and other issues have plagued American Express customers. 

Read about additional common complaints about American Express from Consumer Affairs.

The team at FairShake understands just how frustrating it can be when you feel you have no one to turn to when things go wrong with your credit card. We can help!

Get started today.