Clear from American Express
Published June 23rd, 2007 in Credit Help and Tips.
If you’re looking for a simple credit card, check out the “American Express Clear” credit card.
The credit card is aimed to be simple to use and understand, with no fees for anything, and 1% cash back on all purchases, with no annual limit.
This credit card has no fees whatsoever, including no annual fee, no late fees, no over-limit fees, no balance transfer fees, no cash advance fees.
You can basically fail to pay the minimum or go over your credit limit without being assessed a penalty, though it’s important to note that credit default can set in if you’re late on two payments within a 12-month period.
The Clear from American Express also comes with an introductory 0% APR on purchases for 12 months which is pretty handy as well.
The credit card may be useful if you’re thinking about executing a no fee balance transfer as the APR is only 4.99% for the life of the loan if completed at time of application.
Keep in mind that no fee balance transfer credit cards are few and far between nowadays as banks continue to tighten their lending standards.
It’s a pretty low APR considering you won’t have to pay the typical $75-100 balance transfer fee.
The rewards program is also very simple. Every time you spend $2,500 using the card, you’ll automatically receive a $25 shopping card.
The credit card also offers card holders a free user-friendly credit report and credit score once a year from Experian.
That plus the high credit limits American Express usually awards to their card holders make this is pretty solid credit card overall, especially if you’ve been known to miss a payment here and there.
