Overview: Clear from American Express is a card that offers those with good credit the opportunity to carry a card that has literally no fees. In addition to no annual fee, there are no fees for late payments, being over the card limit, or for balance transfers. However, cardholders must ensure they are able to make minimum payments on time, as not doing so will result in a higher APR. This card also offers a simple rebate program. Rebates are earned on every purchase, and once a certain amount is reached, the cardholder is issued a cash card that can be used for purchases. In addition to a low introductory APR, the card also provides many of the services and benefits offered to American Express cardholders, including purchase protection, online account services, travel insurance, emergency card replacement, and car rental insurance.
Pro and cons of the card:
Pros:
No annual fee
No late payment fees
No over the limit fees
No fees for balance transfers
Earn rebates on all eligible purchases
Cash cards are automatically issued
Low introductory APR
Standard American Express benefits
Cons:
High APR if minimum payments are not made consistently
Cash cards have an expiration date
APR can vary depending on credit history
Excellent Credit
750-850
Good Credit
660-749
Fair Credit
620-659
Bad/Poor Credit
350-619
No Credit
0-0
Do You Know Your Credit Score? Find Out Now!
A credit score
is a number generally between 300-850, based on a statistical
analysis of a person's credit files. This score represents the credit
worthiness of a person. A credit score is assigned to each individual, to rate
how risky a borrower he or she is--the higher the score, the less
risk the individual poses to creditors. In most cases, your credit score will determine whether you will be
approved for a credit card.
1. Credit Scores range from 300-850, the higher the better 2. Most lenders base approval on your credit score. 3. Higher Scores mean lower payments and better deals. 4. Higher Scores mean Lower interest rates. 5. Scores are determined by 5 main categories:
Payment History
Amounts Owed
Length of Credit History
Type of Credit Used
New Credit
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* See the online Americanexpress.com/getclearnow (www.americanexpress.com/getclearnow) credit card application for details about terms and conditions and offers.
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Type of credit needed: Good Credit
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