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A Detailed Guide on How to Bank with American Express

By Oluchukwu Ikemefuna

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Welcome to your guide on how to bank with American Express! 

American Express Plum Card. Source: Amex Website

Ever been curious about how American Express works? You may choose to get an Amex card after hearing others talk about their experiences with them.

Choosing American Express can be a wise decision if you’re searching for a financial partner that provides incentives, ease, and excellent services.

We’ll walk you through the American Express banking procedure in this article. 

So, let’s dive in and discover how to make the most of your banking experience with American Express!

What is an American Express Card

American Express is a well-known financial firm with its headquarters located in New York City. It began as a letter delivery service in 1850. These days, their charge cards, traveler’s checks, and credit cards are their main products.

They provide a variety of credit cards to a wide range of customers worldwide, including large corporations, small enterprises, and regular people. A lot of people have an American Express card worldwide.

When consumers use their cards and pay fees, American Express profits. In addition to cards, they provide other services that generate income, like investments, business loans, and financial planning. 

Banking with American Express: American Express Services?

Credit and Charge Cards

American Express is famous for its credit and charge cards. Charge cards require you to pay the entire balance each month, whereas credit cards allow you to carry a balance and accrue interest.

Benefits including insurance, travel advantages, and reward points are included with both varieties. American Express provides unique business cards with features like spending limits and thorough reporting to help with expense management.

Merchant Services

The merchant service is for businesses. It provides data on how customers’ spending and helps with marketing strategies to retain them.

The merchant service charges higher fees compared to Visa or Mastercard, but it gives businesses access to American Express’s affluent customer base. 

Business Financing

As a financial establishment, American Express offers financial services to businesses and individuals.

These can be business loans or lines of credit that can help businesses manage cash flow or cover unplanned expenses.

Usually, businesses need to go through a credit check to access these financing options.

Membership Rewards

Amex’s rewards program is a big draw for cardholders. It lets customers and businesses earn points on spending, which they can use for travel and shopping. Businesses can use these rewards to motivate employees or cut travel expenses.

Travel Services

American Express provides full travel services for cardholders. This includes booking services, airport lounges, special hotel programs, and travel insurance.

Premium cardholders get even more exclusive perks.

What Can I Do With an American Express Card?

Now that you know the services that American Express offers, let’s go through what you can do with an Amex card in your hand. 

Shop

With an American Express card, you can handle your daily shopping needs. Whether it’s purchasing groceries, or filling up your gas tank an Amex card can handle your shopping expenses.

With the card, you don’t need to carry cash around, making it easier for you to monitor your spending. 

Pay Bills

Photo by Blake Wisz on Unsplash

Whether you have phone bills, internet, or electricity bills, your Amex card sorts your bills faster. You can even set up automatic payments through direct debit or use BPAY for easy transactions. 

Book Flights and Hotels

Aside from paying bills and shopping, you can use your Amex card to book flights and make hotel reservations from wherever you are in the world.

It also helps to make traveling out of the country easy for you. This means that you can travel the world without having to carry cash around to pay for things. 

Earn Rewards

Using your American Express card for everyday purchases allows you to accumulate rewards.

Each dollar spent contributes to your points balance, which can later be redeemed for various benefits such as travel vouchers or gifts.

This rewards system provides added value to your regular spending habits.

Who can Bank with an American Express card?

The categories of those who use Amex include high-income individuals, business clients, travelers and high-net-worth retailers.

High-income individuals

The Amex card is quite popular among wealthy individuals because of the exclusive cards like the Platinum and Centurion cards. These cards give users exclusive services like extensive rewards and travel benefits. 

These customers use their Amex cards for everything traveling, shopping, and paying bills while accumulating the card rewards points. 

Business Clients

Amex’s portfolio of business clients ranges from small startups to large established companies. These companies use the Amex cards alongside other services like expense management, cash flow management, and even rewards programs. 

Travelers

Holders of Amex cards enjoy premium perks when they travel. This can be access to airport lounges, concierge services, travel insurance, and many more.

Regular travelers also prefer to use their Amex cards to book flights, and hotels and rent cars. 

High-end retailers

It is not unusual to see customers of high-end boutiques or jewelers flash their Amex cards when it is time to pay.

Amex cards have become widely accepted in luxury retail outlets that cater to affluent clients because Amex cardholders tend to have higher purchasing power than those without one. 

American Express Card Options

Depending on what you need an Amex card for, you can either opt for the consumer or business card. Below is a list of the most popular ones, you can visit the American Express website for additional options tailored to your needs. 

Amex Consumer Cards

The Platinum Card® from American Express  

Picture Source: American Express Official Website

The Platinum Card® from American Express is a top choice for luxury travelers, renowned for its huge benefits. It offers users airport lounge access, generous statement credits, and complimentary elite status. It also has a welcome offer of 80,000 points. 

American Express® Gold Card  

The American Express® Gold Card is rumored to be a must-have for food enthusiasts who frequently dine out or shop at U.S. supermarkets. It boasts a welcome offer of 60,000 points and an annual fee of $250. 

Its standout feature is the ability to earn 4x Membership Rewards points at restaurants worldwide and U.S. supermarkets (up to $25,000 per year). 

Blue Cash Everyday® Card from American Express  

Picture Source: American Express Official Website

If you need a card for everyday purchases, then the Blue Cash Everyday® Card from American is a go-to choice. 

Blue Cash presents users with a welcome offer of $200 with no annual fee and 3% cash back at U.S. supermarkets, U.S. gas stations, and on U.S. online retail purchases. 

American Express® Green Card  

With a welcome offer of 40,000 points and an annual fee of $150, this is an ideal choice for those looking for a versatile travel rewards card.

This card earns 3x Membership Rewards® points on eligible travel, transit, and restaurant purchases, providing a great way to accumulate points for future travel.

American Express Business Cards

The Business Platinum Card® from American Express  

The Business Platinum Card® from American Express is made with business travelers seeking luxury travel benefits in mind. It has a welcome offer of 120,000 points and an annual fee of $695. 

Other benefits include 5x Membership Rewards points per $1 on flights and prepaid hotels booked through Amex Travel. 

Cardholders also enjoy various statement credits and access to over 1,400 worldwide airport lounges, a Global Entry or TSA PreCheck application fee credit, and 50% more Membership Rewards points on eligible purchases in key business categories. 

American Express® Business Gold Card  

The American Express® Business Gold Card allows you to maximize rewards for business spending. 

You not only get a welcome offer of 70,000 points and an annual fee of $375, but you also enjoy 4x points per $1 in two select categories where your business spends the most each month, up to $150,000 annually.

Opening an Account with American Express

You can transfer funds between your external bank account and savings account online. In just a few easy steps, you can open an account with American Express as follows:

1. Open an Account: You can initiate the account opening process in a matter of minutes. American Express will use the information you provide to confirm your identity. Then, you will get an email confirmation shortly after your application is submitted.

2. Register Your Account: Register your online savings account after you receive the confirmation email. Following this step, you will be able to use American Express’s online portal to manage and access your account.

3. Fund Your Account: Once you’ve created an account, log in and add funds by sending a check or linking your existing bank. It might take up to two days to link your external account, but once it is done, you can move money between your accounts with ease.

The Benefits of Using American Express Cards  

Banking with an American Express card offers a variety of benefits. Some of them include:

  • Earn Rewards: With American Express cards, you can earn Membership Rewards points or cash back on your purchases. 
  • Travel and Shopping Benefits: Enjoy travel benefits such as car rental insurance, trip cancellation, interruption coverage, and baggage insurance. Plus, get shopping protections like cell phone coverage, purchase protection, and an extended warranty.
  • Amex Offers: Take advantage of Amex Offers to save money and earn more rewards on select purchases.
  • No Fees and Introductory Periods: Some cards don’t charge foreign transaction fees or have annual fees. Additionally, select cards offer introductory 0% APR periods, saving you interest charges on purchases and balance transfers.

Minimum Requirements for Banking with American Express card

  • Credit Score: While there’s no set score for approval, generally, you’ll need good to excellent credit. A good credit score is typically defined as 670 or better, while a very good score is 740 or better. American Express primarily pulls credit from Experian, so having a score of 670 or higher increases your approval odds.
  • Card Limit: There’s a limit to how many Amex cards you can have. You can hold up to 4 consumer or business credit cards and up to 10 charge cards.
  • Welcome Bonuses: Welcome bonuses may only be available once in a lifetime. If you’ve had the card before, you may not be eligible for the bonus.
  • Application Timing: You can’t apply for more than 2 consumer cards within 90 days, and you can’t apply for more than 1 consumer card every 5 days.
  • Combining Applications: You can apply for both a business and consumer card on the same day, and Amex may combine the credit inquiries.
  • Card Limitations: Some applicants may have 5 or 6 Amex credit cards but might be declined for additional cards.

How to Bank With American Express Online

Once you’ve received your Amex Card, follow these simple steps to register for an Online Account and activate your Card:

  1. Click on the link to register for an Online Account.
  2. Have your Card details and date of birth ready for verification.
  3. If you’re linking a new Card to an existing Online Account, ensure you have your existing User ID and Password ready.
  4. If you’re a new Additional Cardmember, you’ll need the Primary Cardmember’s date of birth along with your details.

What Can You Do With an Amex Online Account

After registering your Amex account cannot, you can make transactions whether on your couch or when you are on the go.

You can access your statements, service your account, and keep up-to-date with your rewards and benefits. 

Let’s examine an overview of what you can do with the Amex online account

Payments and Statements

  • View transactions and balance:   Check your balance and transaction details whenever you wish to.
  • Download Statements: Access and download your monthly statements for your records.
  • Pay your Credit Card bill: Conveniently make payments towards your Credit Card bill online.
  • Check Spending Power: Monitor your spending power and available funds.
  • Request for an old statement: Easily request old statements for reference or auditing purposes.
  • Raise a Credit Balance Refund request: Initiate refund requests for any credit balance on your account.

Accounts Servicing

  • Manage your PIN: Create, view, or change your PIN with a few simple steps for added security.
  • Request a replacement Card: Request a new Card if your last one was misplaced, stolen, damaged, or never received.
  • Managing your Credit limit: Adjust your Credit limit to suit your financial needs.
  • Edit Personal Details: Update your email ID online or follow the steps to update your address.
  • Stay connected with alerts: Receive alerts for important account activities to stay informed.
  • Add or remove a Card: Manage all your Cards in one account by adding or removing them as needed.
  • Dispute a Charge: Open a billing dispute for unrecognized or incorrect charges for resolution.
  • Transaction Security Settings: Choose which transaction types to allow on your Card for enhanced security.
  • Standing Instructions Hub: Manage your Auto Pay facilities conveniently through this hub.
  • Card on File Tokenization Hub: Shop securely online by tokenizing your card for added protection.

Rewards and Benefits

  • View Reward points: Keep up to date with your rewards points balance and view your points summary.
  • Managing your Credit limit: Keep track of your credit limit and adjust it as needed.
  • Learn how many points you earned on each transaction: View transaction points to understand your earning pattern. 
  • Using your Rewards points: Choose to redeem your Membership Rewards points for Gift Cards, travel, and more.
  • Know your Card Benefits: Access information about the benefits of your Card 
  • Convert purchases to EMI: Convert transactions into easy American Express EMI at low interest rates.
  • Offers to Discover: Explore a selection of offers on your American Express Card 

Conclusion  

In this guide, we’ve covered various aspects of banking with American Express, including opening accounts, managing cards online, and exploring different card options.

Banking with American Express offers convenience, flexibility, and a range of benefits. Whether it’s earning rewards, managing credit limits, or accessing exclusive offers, American Express provides solutions tailored to your financial needs.

As you continue your banking journey, we encourage you to explore further resources and services offered by American Express. 

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Peremoboere Numa
Peremoboere Numa

Pere is a versatile SEO writer with a Master's degree in English, who is dedicated to creating engaging and impactful content.

She excels in weaving content that not only informs, enlightens and impacts but but also optimize its online presence to rank on major web sites.

Pere brings a unique blend of linguistic proficiency and SEO knowledge, ensuring that each piece she crafts leave a lasting impact.

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