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The Nest Credit Card from American Express

• Start out with a great nest-warming 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.
• No annual fee. Pay over time or in full.
• Exclusive Welcome Gift: The Nest Planning Kit, filled with many helpful items to get the two of you started including The Nest planning binder, designed to help you organize and manage home expenses and joint finances.

 

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 Nest Credit Card From American Express has no pre-set spending limit; however, purchases are approved based on credit record, account history, and personal resources. The APR for purchases varies according to the applicant’s credit history and will be 5.99%, 6.99% or 7.99% + Prime Rate. Insurance included :  The Nest Credit Card From American Express Auto rental insurance offers a purchase protection plan, and up to $100,000 in travel accident insurance.

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

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

The Best Thing About It – Through the reward program, cardholders earn one point for every dollar they spend on the card.  The rewards point is generous and signing up also includes a Nest Planning Kit that helps newlyweds manage their home expenses and joint finances.

The Worst Thing About It – Not all applicants may qualify for the lowest rate offered – 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 :  Good To Excellent

Who Is It For?

The Nest Credit Card from American Express is designed 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.

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

 

The Benefits

 

Access to a website called The Nest. The Nest features discounts and special offers for new couples and “nesters” from its retail partners.

The rewards program is generous. Cardholders will receive 5,000 bonus points after their first purchase and 10,000 points every year that they spend over $15,000 on the card.

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

Earn high interest on your savings. The high yield savings account that your money is deposited into has a 5% variable rate.

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

The Nest 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.

You manage your account online. The Nest Credit Card From American Express comes with an online account that provides the convenience of paying your credit card bill online and allows you to monitor your expenses.

Duplicate cards are complimentary.  Duplicate cards are free and you can earn 1% towards your savings every time they are used 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 The Nest Credit Card From American Express.  American Express provides quick emergency cash and emergency card replacement should your card be stolen while you are on the road.

You have ample travel insurance. This card offers $100,000 in travel insurance.

The Nest Credit Card From American Express 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

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

The Drawbacks

 

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 made on your The Nest Credit Card From American Express 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 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.

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 Nest Credit Card From American Express is great for new couples or newlyweds who have a long term plan to furnish or decorate a new home. 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 really high.

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