The main disadvantages of American Express (Amex) are lower merchant acceptance (especially at small businesses) due to higher fees, potentially high annual fees on premium cards, and strict application rules (like the 2/90 rule for new credit cards), plus some charge cards require full monthly payment, limiting borrowing flexibility.
The main cons of American Express (Amex) include limited merchant acceptance (due to higher fees for businesses), high annual fees on premium cards, and strict credit requirements, often needing good to excellent credit; plus, some traditional Amex cards are charge cards requiring full monthly payment, unlike typical credit cards, and points transfers can sometimes be slow, notes Investopedia, Finder.com.au, Credit Suite, Bankrate, Point Hacks, Half Past First Cast, and YouTube}.
Yes, American Express (Amex) is good in Australia for rewards and benefits, with acceptance at most major retailers (like Woolworths, Coles, Bunnings) but less universal than Visa/Mastercard, especially at smaller businesses or some supermarkets like Aldi, due to higher merchant fees; having a backup Visa or Mastercard is recommended. It's great for point-earners seeking travel perks, lounge access, and high earn rates, but users should be aware of potential surcharges at some places and limited acceptance at certain spots.
The Amex 2/90 rule is a guideline limiting most people to approval for no more than two new American Express credit cards within a 90-day period, even if they meet other rules like waiting five days between applications (the 1-in-5 rule). This rule specifically applies to credit cards, not necessarily charge cards, and is a key factor in managing how many new Amex cards you can open and get welcome bonuses for.
Hardest Card to Get Overall
Why it's one of the hardest cards to get: The hardest card to get is the American Express Centurion Card, known simply as the “Black Card.” You need an invitation to get Amex Centurion, and only the super rich and famous can expect to get the call.
The four major credit card networks are Mastercard, Visa, American Express and Discover. Out of the four networks, two are also card issuers — Amex and Discover — which we explain more in the next section. In addition to aiding transactions, card networks determine where credit cards are accepted.
The credit limit you can expect for a $70,000 salary across all your credit cards could be as much as $14000 to $21000, or even higher in some cases, according to our research. The exact amount depends heavily on multiple factors, like your credit score and how many credit lines you have open.
Amex minimum income requirements vary significantly by card and country, but generally range from around $45,000-$50,000 for some standard rewards cards (like the Explorer card in Australia) up to higher amounts like $65,000 for premium cards (Qantas Ultimate), or even business revenue requirements (e.g., $75,000 for Business Platinum). Some Amex cards, particularly in markets like Canada, surprisingly have no stated minimum income.
Transferring 30,000 points to our loyalty partners gives you between £300 and £900.
In Australia, American Express (Amex) isn't accepted at major discount retailers like Aldi and Costco, some smaller independent businesses, and certain government service payments (like vehicle registration), mainly due to higher merchant fees, though acceptance at large retailers is widespread. You should always carry a backup Visa or Mastercard, as smaller cafes, restaurants, and local shops often decline Amex.
100,000 American Express Membership Rewards points are generally worth $1,000 to $2,000 or more, depending on redemption; you get about 1 cent per point ($1,000 total) using the travel portal or gift cards, but can achieve 2 cents per point or higher ($2,000+) by transferring to airline/hotel partners for premium flights, yielding significantly more value, according to Bankrate and WalletHub and The Points Guy.
Holders of the American Express Platinum Card® can receive $600 a year for select hotel bookings, as a $300 semi-annual credit, for prepaid bookings through the American Express travel portal at the more than 3,100 hotels that are in The Hotel Collection (two-night minimum stay required) or Fine Hotels + Resorts ...
Historically, American Express charged higher fees than their competitors, making their cards less attractive to merchants. Merchant funding was also a slow process.
Amex minimum income requirements vary significantly by card and country, but generally range from around $45,000-$50,000 for some standard rewards cards (like the Explorer card in Australia) up to higher amounts like $65,000 for premium cards (Qantas Ultimate), or even business revenue requirements (e.g., $75,000 for Business Platinum). Some Amex cards, particularly in markets like Canada, surprisingly have no stated minimum income.
Not using a credit card regularly can cause the card to become inactive. If a credit card issuer deems your account to be inactive, it may close the account. Closing an inactive credit card account decreases the amount of credit available to you and can have a negative impact on your credit score.
The Amex 2/90 rule is a guideline limiting most people to approval for no more than two new American Express credit cards within a 90-day period, even if they meet other rules like waiting five days between applications (the 1-in-5 rule). This rule specifically applies to credit cards, not necessarily charge cards, and is a key factor in managing how many new Amex cards you can open and get welcome bonuses for.
Best Credit Cards in India
The salary needed for an American Express card varies greatly by card type and country, ranging from around $20,000 (UK) for basic cards to $65,000+ AUD for premium Qantas cards in Australia, with business cards requiring minimum revenue like $75,000+ AUD. It depends on the specific product, your income level, credit history, and whether it's a personal or business application, with higher-tier cards demanding higher income.
The best credit card that is rumored to have a $100,000 credit limit is the Chase Sapphire Preferred® Card. While Chase does not publicly disclose the highest credit line available for the card, there are online reports of people getting around $100,000 in spending power, or even more.
The 2/3/4 Rule is an informal guideline, primarily used by Bank of America, that limits how many new credit cards you can be approved for: two in a two-month (or 30-day) period, three in a 12-month period, and four in a 24-month period, helping lenders manage risk from frequent applications and "churning" for bonuses. It's a rule for applicants, not a limit on how many cards you should have, but a strategy for managing applications to avoid automatic denials.
How Much You Should Spend With a $20,000 Credit Limit. Spending between $200 and $2,000 per month is best for your credit score. You should avoid having a balance above $6,000 when your monthly statement gets generated.
For the ultra-rich, however, credit cards take on another dimension. Certain cards—like the Amex Centurion, JP Morgan Reserve, Dubai First Royale Mastercard, and Coutts World Silk Card—are considered more exclusive than others, and they're available only to high earners with ample assets.
Hardest Credit Cards to Get
Most Widely Used: Visa has the most credit cards in circulation (over 300 million). American Express cardholders spend the most, charging over $15,000 in purchases per year. Best Worldwide Credit Cards: Visa or Mastercard credit cards with no foreign transaction fee.