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The Knot Credit Card from American Express

• Start out with a great wedding gift - 5,000 Membership Rewards® points the first time you use the Card, which can be redeemed for a $50 gift card.
• Earn an additional 10,000 bonus points when you spend over $15,000 on the Card annually.
• Track all of your wedding - related expenses with the Card on one monthly statement.
• No annual fee. Pay over time or in full.
• Exclusive Welcome Gift: Plan every detail of your wedding with The Knot Wedding Planning Kit, including The Knot wedding binder, where you can manage wedding ideas, budgets, guest lists, to-do’s and more.

Just The Facts –

Issuer :  American Express

APR :  12.24%

Introductory Period : Not Applicable

APR After Introductory Period : Not Applicable

APR On Purchases : 12.24% Variable

APR On Cash Advances : 23.24% Variable

Annual Fee : $0

Credit Line Possible : The card has no pre-set spending limit; however, the limit is approved based on credit record, account history, and personal resources.

Insurance included :  Auto rental insurance, a purchase protection plan, and up to $100,000 in travel accident insurance.

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 on The Knot Credit Card From American Express

The Best Thing About It : Through the reward program, cardholders earn one point for every dollar they spend using the card.  The rewards point is generous and signing up also includes an organizer-binder called The Knot Wedding Planner that helps newlyweds manage their home expenses and joint finances. Even better, your family members can be issued complimentary cards that earn points towards the happy couple’s account.

The Worst Thing About It – Not all applicants may qualify for the lowest rate offered for The Knot Credit Card From American Express – the interest rate is dependent on a credit check and the variable APR rate for cash advances is unusually high.

Credit Rating Needed For Acceptance :  Average To Excellent

Who Is It For?

The Knot Credit Card from American Express® is designed for people about to get married and for newlyweds with average credit who would like a reward card that provides special offers and discounts to couples that are beginning their life together. Perks include a binder plus organizer, wedding-related discounts, special offers, and unique events.

The card is only suitable for residents of the United States. It is not available to residents of Puerto Rico.

 

The Benefits

 

New cardholders get an organizer.  The Knot refers to an exclusive welcome gift, which includes the Knot Wedding Binder where you can manage wedding ideas, budgets, guest lists, to-do’s and more.

New cardholders get a gift. The Knot Credit Card From American Express is issued with 5,000 Membership Reward points on it, which is the equivalent of a $50.00 gift card (that can immediately be redeemed.

The rewards program is generous. Earn an additional 10,000 bonus points when you spend over $15,000 using The Knot Credit Card From American Express annually.

You get special access to The Knot website. This website offers special offers and savings on wedding essentials plus invitations to various events at The Knot and its retail partners.

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

There is no limit to the rewards program. There is no limit to the amount of points that can be earned, and points can be redeemed for travel, entertainment, shopping, and more.

No annual fee is charged. This is an annual fee-free card.

The Knot Credit Card From American Express comes with Interest Protection. This means that you never pay interest on new purchases even if you carry a balance. 

Monitor your account online. The Knot Credit Card From American Express comes with an online account that provides the convenience of paying your credit card bill online.

Duplicate cards are complimentary.  Duplicate cards for loved ones who are in on planning the big day are free and you can earn 1% towards your savings every time they use their duplicate cards as well.

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. The Knot Credit Card From American Express offers $100,000 in travel insurance.

Feel safe on the honeymoon 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

You are not held liable for unauthorized transactions that appear to be Internet fraud.  This means that you don’t have to pay the usual $50 fraud liability charge.

The Drawbacks

 

The APR is variable! The APR for purchases varies according to the applicant’s credit history and will be 3.99%, 5.99% or 7.99% + Prime Rate.

Cash Advances have an extraordinarily high APR depending on your credit rating. The APR for cash advances varies according to the applicant’s credit history and the variable rate is a whopping 23.24 % variable rate!

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

The interest rate is not guaranteed. If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with the prime rate.

The grace period is short. The grace period for The Knot Credit Card From American Express is only twenty days compared to the usual thirty days before you start paying interest on your purchases.

Rewards points will expire. If you have not used them after a three-year period your rewards points disappear.

You cannot earn the 1% cash back on related American Express products. Cash and cash equivalent transactions (including American Express® Travelers and Gift Cheques), finance charges, fee’s returned goods or services and account adjustments do not earn a rebate.

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: $35

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

Balance transfer fee:  The balance transfer fee is at the whim and discretion of American Express at the time that the balance transfer is to take place.

 

To Summarize –

The Knot Credit Card From American Express is great for new couples or newlyweds who need to pay for a ceremony or wedding. It is one of the worst cards for someone who likes to take out cash advances, as the fees and interest for that on this card are extremely high. It is not the kind of card you want to carry a balance on or the kind of card that supports bargain balance transfers.

Intro APR	Intro APR Period	Regular APR	Annual Fee	Balance Transfers	Credit Needed
N/A*	N/A*	12.24%*	None	Yes	Good Credit