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American Express® Preferred Rewards Green Card

• First Year Fee-Free
• Get 5,000 Bonus Membership Rewards® points redeemable for Rewards right away
• The Membership Rewards program lets you choose your rewards from over 21 airlines and also lets you transfer points to 11 frequent flyer programs.
• Many other travel and shopping benefits
• Online Fraud Protection Guarantee

Just The Facts –

Issuer :  American Express

APR :  Variable and dependent on your credit rating

Annual Fee : First year is free and then there is an annual charge of $95.00.

Credit Line Possible : The American Express Preferred Rewards Green Card has no pre-set spending limit; however, purchases are approved based on credit record, account history, and personal resources. It is not a charge card and the balance must be paid in full each month.

Insurance included :  The American Express Preferred Rewards Green Card Auto rental insurance, a purchase protection plan, extended warranty, return protection, identity theft protection and up to $100,000 in travel accident insurance.

Financing Configuration – Interest on this card is calculated on your average daily balance

Grace Period – You have thirty days after making a purchase during which you do not have to pay interest.

The Best Thing About It — American Express Preferred Rewards Green Card has a very flexible rewards program. Through the rewards program, cardholders earn one point per dollar spent on all purchases. Plus, cardholders will receive 5,000 bonus points after their first purchase. Points can be transferred to eleven frequent flyer programs at a rate of one point per mile, and points can also be redeemed for many other rewards. There is no limit to the amount of points that can be earned, and points never expire. Points can be redeemed for travel rewards on over 21 airlines.

The Worst Thing About It – This card does not allow balance transfers! It also has a high annual fee for card holders.

Credit Rating Needed For Acceptance :  Excellent credit only.

Who Is It For?

The American Express Preferred Rewards Green Card is an ideal card for those who can afford to pay in full each month to avoid accumulating credit card debt and for individuals who like lots of protection and insurance when they travel.

 

The Benefits

 

You get a 5,000 Green Card Membership points once you are accepted. Redeem points for rewards from over 50 of the finest names in shopping and entertainment, including Banana Republic, Saks Fifth Avenue, DellTM Computer, Callaway® Golf, and The Sharper Image®

Your American Express Preferred Rewards Green Cardpoints never expire.  Your points have no cap and they are good to use until you are ready to go.

You can transfer your American Express Green Card points to many different frequent flier programs. Transfer points into 11 frequent flyer programs—1 point for 1 airline mile with most programs

Track all of your expenses on one statement.  Online access to this statement to your account is also provided so you can keep your payments and debits organized.

You manage your account online. The American Express Preferred Rewards Green Card comes with an online account that provides the convenience of paying your credit card bill online.

You can print out a Year End Summary for tax purposes. Flexible features make organizing your expenses super easy – all you have to do is download a summary of the activity on your American Express Preferred Rewards Green Card and print it out. This information can also be sorted by date, merchant name, or charge amount; review charges made within a category, such as Travel and Restaurant. You may also receive a paper copy of your Year End Summary in the mail by calling the number on the back of your American Express Preferred Rewards Green Card.

You have a Return Protection Plan. If you are dissatisfied with a purchase try to return a designated item within 90 days from the date of purchase and the merchant won’t refund you, American Express will refund the full purchase price, up to $300 per item.

You have extra protection from theft or loss of your American Express Preferred Rewards Green Card while traveling.  American Express provides quick emergency cash and emergency card replacement should your card be stolen.

You have a great deal of travel insurance. This card offers $100,000 in travel insurance.

The American Express Preferred Rewards Green Card comes with a Global Assist Hotline. Whenever you travel more than 100 miles from home, you have security and peace of mind 24/7 with medical, legal, financial or other emergency assistance, including medical and legal referrals, visa/passport help, cash access, lost luggage and more.

The American Express Preferred Rewards Green Card offers a Baggage Assurance Plan. This plan covers up to up to $1,250 for carry-on baggage and $500 for checked baggage in the event it is lost or stolen.

The Drawbacks

The annual fee is high. This fee skyrockets to $95 after one year of being fee free.

Duplicate cards for family are not free. Complimentary cards cost $35 each and are subject to a $95 annual fee per card.

Monthly payments are applied to purchases first.  The amounts that you pay monthly are not applied to the highest interest garnering activities such as taking out a cash advance.  This can make it longer to pay off your debt.

The Return Coverage is limited. Coverage is limited to $300 per item, excluding shipping and handling, and up to a maximum of $1,000 annually per Card Account and is subject to additional Terms, Conditions and Exclusions.

 

Fees To Watch Out For

Late payment fee :  $0 to the greatest of $30 or 2.9%

Over the Limit Fee : $30

Duplicate card fee :  $35

To Summarize –

The American Express® Preferred Rewards Green Card is an ideal card for those who can afford to pay in full each month to avoid accumulating credit card debt, as often can be the case with revolving balances and high interest rates.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
N/A	N/A	N/A	1st year free; then $95	No	Excellent Credit