First and foremost, the answer to this question is an affirmative 'No', but let's get to why we're answering this question in the first place.
There's a bit of a stereotype surrounding American Express cards, and it's that they're tailored for the wealthy with only the very best credit scores. I was speaking with a higher-up business executive the other day about business card offers, and when I mentioned American Express he told me he was under the impression that American Express cards were for "rich people only".
Not true!
OK, while it is true that some AmEx cards do require some higher annual fees, and many of their cards are generally for the good-to-excellent credit consumer, there are actually several varieties of America Express cards targeted at all different credit levels.
BEST AMERICAN EXPRESS OFFER: Blue Cash Preferred® Card from American Express
For example, our favorite credit card for gas and groceries - the Blue Cash Preferred® Card from American Express - offers 150 Reward Dollars to members after they make $1,000 in the first three months of Cardmembership. That's an offer right in line with other bonus points or miles offers on the market today, and the annual fee is a pretty reasonable $75 a year considering that this card offers 6 percent cash back on up to $6,000 per year in purchases at US supermarkets and an unlimited 3 percent cash back on purchases at US gas stations.
And if you're against paying an annual fee but still want the great rewards afforded by an American Express card, there's a similar offer with no annual fee, the Blue Cash Everyday® Card from American Express. Members earn 3 percent cash back on up to $6,000 in purchases at US supermarkets and an unlimited 2 percent cash back on purchases at US gas stations. Heck, you can still earn a 100 Reward Dollars after you make $1,000 in purchases within the first three months, compared to 150 for spending the same amount with the Preferred card. (Notice how that annual fee offer looks better and better with each new detail?)
The moral of the story here is that not only are their excellent "free" offers available from American Express, but also their bonus cash opportunities are in line with similar cards on the market today. Many cards - including the Chase United MileagePlus® Explorer Card and the Capital One® Venture(SM) Rewards Credit Card - 10,000 Bonus Miles - require the same amount in purchases during the same duration to earn the advertised bonus attached to these cards.
OK, so now that we know American Express cards aren't just for "rich people", what about American Express cards for people with limited or no credit? Well, AmEx has an answer in the form of American Express Serve®.
First and foremost, this card will not improve your credit. It's a prepaid card and account, so there's no credit line attached to this card and it does not report to major credit bureaus. However, this is a tech-savvy prepaid card that's perfect for young consumers to learn with when it comes to spending with plastic.
American Express Serve® has no annual fees or monthly fees, there are no credit checks when applying, and cardholders can send or upload money via email, text message and even Facebook. Plus, cardholders are privy to the member perks offered by American Express, including purchase protection, roadside assistance, their Global Assist® program and much more.
So let's debunk this credit card myth once and for all: American Express cards are not just for rich people.
Blue Cash Preferred® Card from American Express
We mentioned it above, but it's worth noting once more that this is our absolute favorite credit card for gas and groceries. Their 6-3-1 rewards program includes 6 percent cash back at supermarkets (up to $6,000 per year), 3 percent cash back at gas stations and select department stores in the US, and 1 percent cash back on all other purchases. There's also no interest on new purchases for the first 12 months. Check out the full details when you click the "Apply" button to the left.
Blue Cash Everyday® Card from American Express
Similar to the above Preferred card, the Blue Cash Everyday® Card from American Express is a 3-2-1 card that includes 3 percent cash back on up to $6,000 per year in purchases at US grocery stores, 2 percent cash back at US gas stations and select department stores, and 1 percent cash back on all other purchases. Plus, there's no annual fee to pay.
American Express Serve®
Simply the best prepaid card on the market today, American Express Serve® offers a handful of forward-thinking ways to upload money - email, text, Facebook even. There are no annual or monthly fees, and cardholders are privy to the great perks associated with AmEx members. A great alternative to standard debit, Serve® is an excellent way to teach young adults how to pay with plastic.
