American Express Disadvantages: Reasons to Dump Amex

American Express is one of the most well-known credit card providers in the United States. They have a long history and many people are loyal to them. But, there’s more than one way to skin a cat, so let’s take a look at why you should be dumping American Express!

1) Higher APR

American Express has a much higher APR than most other credit card providers. The average APR on their cards is above 16%, which means that you’ll be paying more in interest as time goes by. Other companies, such as Chase and Capital One have below 13% APRs, meaning you are going to save money with them over time.

2) More expensive late fees

Another disadvantage of American Express is that they charge more for late fees. The average fee on Amex cards is $35, while the average at other companies starts around $25. This means you’re going to be spending a lot extra over time with them.

Based on these two disadvantages alone, it’s easy to see why people might want to dump American Express.

3) Unnecessary customer service

Another downside to American Express is that they have a more expensive customer service. If you need help with your account, it could go into collections and affect your credit score! Plus, their customer service isn’t 24/hour like other companies are. They only operate from Monday-Friday from hours of 12:00am-11:00pm EST.

You’ll pay more in interest and late fees, have higher customer service prices, and their hours are inconvenient for many people. It’s easy to see why you might want to dump American Express!

4) Restrictive policies

American Express also has some restrictive policies that don’t make it an ideal credit card provider. For example, they have a high annual fee for their Platinum cards. They also won’t issue you another Amex if your account is maxed out or closed and less than three years old. That means with other companies you can do whatever you want and still get another credit card.

6) Poor customer service

American Express has one of the poorest customer service records in the credit card industry. It’s hard to get ahold of anyone on their team and they don’t offer cancellation services – meaning you’re stuck with them unless you can find another company that will approve your application!

7) Limited acceptance abroad

One of the most common complaints about Amex is that they’re not accepted abroad. That means you’ll have to pay in cash, which can be a hassle and expose you to theft. The other companies are all worldwide, so there’s no need for concern!

American Express will only work in 39 countries, which is pretty restrictive. That means you’re stuck with other companies if you want to travel abroad and make purchases.

8 ) High annual fee

Another disadvantage of American Express is that they have a high annual fee. When you consider how much more expensive their customer service and other services are, it’s easy to see why this can be a deterrent for people looking at them as an option!

9 ) Too much hassle

At the end of the day, American Express is just too much hassle. There are plenty of other credit card providers out there with better APRs and policies that make life easier!

10 ) Poor mobile app

The mobile app for American Express is also not the best. It’s hard to use and they don’t have many of the features that other apps do. This can be a major inconvenience when trying to manage your account on-the-go.

11) Lack of transparency

An additional downside to American Express is that they are less transparent. The other companies let you know about their rates up front, while Amex will only tell you the APR after your bill has been calculated and some people have found themselves paying a lot more than what was expected!

The blog post has shown you the various disadvantages of American Express credit cards. These include: high rates, poor customer service, less acceptance abroad and more restrictive policies. You may have been considering an Amex card because they are advertised online as a company with good benefits for consumers; however if these drawbacks sound like something that would be difficult to live with or deal with then it may not be worth it! The other companies offer better APRs and more generous policies so you can make purchases without feeling like there is too much burden on your shoulders.

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