Pick the Right Credit Card

The typical connotation that comes up in association with American Express cards is exclusivity. The second one that I’ve always had and the reason that American Express cards have never found their way into my wallet is annual fees. I hate paying an annual fee for the ability to do the same thing that a no fee card can do for me. However, the USAA American Express Rewards Card is different. It is a no fee rewards card and it’s from American Express. Now, you too can schmooze with famous American Express card holders like Tiger Woods and you don’t even have to pay a fee for the privilege. High society, here we come!

Pros:

• No annual fee
• Low interest rates (as low as 8.25%)
• Cash rebate up to 1.25%
• Choice between cash and rewards
• Rewards account never expires and never caps

Cons:

• The cash back rewards come in the form of an annual check sent in January
• You have to be a USAA member to be eligible, meaning that you have to meet USAA’s military-related criteria
• Tiered cash reward system
• Lower end rewards

All in all, if you’re itching to have an American Express card and can’t leave home without it, then this one is a pretty nice option, particularly given the no annual fee. However, the rewards and cash back offers do leave some money on the table compared to other rewards card, making this card a 6 out of 10.

Have a better no fee American Express rewards card? Tell me about it by leaving a comment below!

This entry was posted on Friday, August 10th, 2007 at 1:14 pm and is filed under Cash back rewards cards, Rewards Cards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.