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IN:NYC® from American Express

• 0% Introductory APR for 6 months on purchases and balance transfers
• No annual fee
• Option to carry a balance
• One INSIDE Rewards point for every dollar spent
• Plus INSIDE Double points on City Essentials

Just The Facts –

Issuer :  American Express

Introductory APR :  0%

Introductory Period : 6 months

APR After Introductory Period :  12.24% Variable

Cash Advance APR :  23.24% Variable

Annual Fee :  None.

Credit Line Possible : $100,000

Insurance included :  Auto rental insurance, a purchase protection plan, extended warranty, return protection, identity theft protection and up to $100,000 in travel accident insurance is included with the IN :NYC from American Express

Financing Configuration – Interest is calculated on your average daily balance (including purchases made on that day).

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

The Best Thing About It — It has a generous rewards program that includes INSIDE points for a dollar and double points for each dollar spent on City Essentials.

The Worst Thing About It – The IN :NYC from American Express regular APR depends on your credit rating. Taking out cash advances is prohibitively expensive.

Credit Rating Needed For Acceptance :  Good credit.

Who Is It For?

The IN:NYC Card from American Express is designed for those with good credits who live in or frequently visit New York City and plan to take advantage of the various benefits and services that are in that city.

 

The Benefits

 

The rewards program is generous! Through the INSIDE rewards program, cardholders earn two points for every dollar spent on dining establishments, movie theaters, cell phone service, cable and satellite television service, dial-up Internet service, gym memberships, and magazine and newspaper subscriptions, and they earn one point for every dollar spent on all other purchases. Points can be redeemed for benefits and experiences based in New York City, such as free hotel stays, dining, and airline travel.

The points never expire on your IN:NYC from American Express card! There is no cap or limit on your INSIDE points that you can accumulate.

You can take advantage of the Tuesdays IN:NYC program.  Cardholders can use the card at select participating merchants such as Nickel Spa for Men, Oasis Day Spa, Zabar’s, and Jean Paul Gaultier on any Tuesday and get 10% off their purchase. Plus, cardholders save $15 on purchases of $150 or more at J&R Music and Computer World. The IN:NYC Card also provides cardholders with priority access to venues such as Irving Plaza and membership discounts at the Guggenheim Museum.

Track all of your expenses on one statement.  Online access to this statement to your account is also provided so you can stay on budget.

You manage your IN:NYC from American Express account online. This 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. All you have to do is download the Summary and print it out; sort by date, merchant name, or charge amount; review charges made within a category, such as Travel and Restaurant. This is an indispensable tool for preparing taxes and budgeting. You may also receive a paper Year End Summary in the mail by calling the number on the back of your Card.

Monitor your expenses.  You are also able to monitor what goes on in your IN:NYC from American Express account with full access to an online account report.

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

You have extra protection from theft or loss of your 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 IN:NYC from American Express comes with a Global Assist Hotline. Whenever you travel more than 100 miles from home, you have recourse to medical, legal, financial or other emergency assistance, including medical and legal referrals, visa/passport help, cash access, lost luggage and more.

The 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.

No liability for unauthorized Internet transactions.  You will not be charged for fraudulent use of your credit card online. Many cards charge $50 for this.

The Drawbacks

 

The APR is high. The standard APR for purchases is a bit below average for a reward card but not ideal for those who plan to carry a revolving balance.

The grace period for IN :NYC from American Express is short. You only have twenty days to pay without interest.

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 :  $15 on balances up to $100; $29 on balances of $100 through $1,000; $35 on balances over $1,000

Over the Limit Fee : $30

Duplicate card fee :  $35

Cash Advance Fee : 3%, $5 minimum for Express Cash transactions

 

To Summarize –

IN :NYC from American Express is for those who can afford to pay in full each month after the introductory rate expires (to avoid finance charges), live or frequently stay in New York City (to earn additional points). It suits those who tend to spend heftily on culture, shopping, dining out and entertainment.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
0%	6 Months	12.24%	None	Yes	Good Credit