so i kind of want to get a credit card with american express and i was wondering if these terms are good for someone whos never had a credit card.
ive already read through them and i think they sound okay but then again im not really experienced in the terms of credit cards thats why i would love some elses opinion on the matter
Blue Cash from American Express
IMPORTANT INFORMATION REGARDING RATES, FEE, AND OTHER COST INFORMATION
Interest Rates and Interest Charges
Annual Percentage Rate (APR) for Purchases 0.0% introductory APR for the first 6 months.
After that, your APR will be 17.24, 19.24 or 21.24% based on your creditworthiness as determined at the time of account opening. This APR will vary with the market based on the Prime Rate. APR for Balance Transfers 17.24, 19.24 or 21.24% introductory APR on balance transfers requested within 30 days of account opening.
After that, your APR for those transactions and any other balance transfer requests, if we accept them, will be 17.24, 19.24 or 21.24% based on your creditworthiness. APR for Cash Advances 25.24%
This APR will vary with the market based on the Prime Rate. Penalty APR and When it Applies 27.24%
This APR will vary with the market based on the Prime Rate. This APR will apply to your account if you:
1) Make one or more late payments; or
2) Make a payment that is returnedHow Long Will the Penalty APR Apply? If the Penalty APR is applied for any of these reasons, it will apply for at least 12 billing periods in a row,and will continue to apply until after you have made timely payments, with no returned payments, for 12 billing periods in a row. Paying Interest Your due date is at least 25 days after the close of each billing period. We will not charge you interest on purchases if you pay your entire balance by the due date each month. We will begin charging interest on cash advances and balance transfers on the transaction date. For Credit Card Tips from the Federal Reserve Board To learn more about factors to consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://www.federalreserve.gov/creditcard.
Fees
Annual Membership Fee $0 Transaction Fees
Balance Transfer
Cash Advance
Foreign Transaction
Either $5 or 3% of the amount of each transfer, whichever is greater.
Either $5 or 3% of the amount of each cash advance, whichever is greater.
2.7% of each transaction after conversion to US dollars. Penalty Fees
Late Payment
Returned Payment
$19 if balance is less than $250; $39 if balance is $250 or more
$38
How We Will Calculate Your Balance: We use a method called "average daily balance (including new purchases)."
Loss of Introductory APR: We may end any Introductory APR and apply the Penalty APR if you make a late payment.
Variable APRs for each billing period are based on the Prime Rate published in The Wall Street Journal 2 days before the Closing Date of the billing period. The Wall Street Journal may not publish the Prime Rate on that day. If it does not, we will use the Prime Rate from the previous day it was published. If the Prime Rate increases, variable APRs will increase. In that case, you may pay more interest and have a higher Minimum Payment Due. When the Prime Rate changes, the resulting changes to variable APRs take effect as of the first day of the billing period. Variable APRs are accurate as of 07/15/10.
TERMS AND CONDITIONS
By submitting this application, you are requesting us to open an Account in your name and to issue Card(s) as you direct. Only qualified individuals 18 or over may apply for an Account. This offer is available to US Residents, excluding Puerto Rico and the US Virgin Islands.
You promise that the information you provide on this application is accurate. You authorize us to verify this information and to obtain reports from consumer reporting agencies. You authorize us and our affiliates and subsidiaries to share information we have about you at any time for marketing and administrative purposes as permitted by law. Upon request, we will tell you if we have received a consumer report and the name and address of the agency that provided it.
When you use your Account (or sign or keep the Card), you agree to the terms of the Cardmember Agreement that will be provided to you.Your Cardmember Agreement includes an arbitration provision, which impacts your opportunity to have claims related to the account heard in court or resolved by a jury, and to participate in a class action or similar proceeding. You are responsible for all use of your account, including use of your Account by Additional Cardmembers and anyone you or they allow to use your Account.
We may change the terms of, or add new terms to, the Cardmember Agreement at any time, subject to applicable law. We may apply any changed or new terms to any existing and future balances on your Account, subject to applicable law.
Additional Cards: Yo
I wouldn’t worry too much about these terms as you most likely will not qualify for an AmEx card as your first card.
If you are under 21, you have to prove income now or have a cosigner to get a credit card.
American Express is one of the more difficult cards to qualify for.
