Review: is de creditcard van American Express Nectar goed? (2023) (2023)

FAQs

Is American Express Nectar worth it? ›

Conclusion. For day-to-day spending, the Nectar American Express credit card is a good deal, effectively giving you 1% cashback or 1.25 Avios per £1 spent. It is, ironically, far better for earning Avios than the free British Airways American Express card and the free Barclaycard Avios Mastercard.

Here's the exact wording from American Express: "Effective February 1, 2023, Platinum Card Members, Business Platinum Card Members and Additional Platinum Card Members on the account will be charged a $50 fee for each guest (or $30 for children aged 2 through 17, with proof of age)."

The hardest Amex card to get is the Centurion® Card from American Express. Also known as the “Black Card,” this Amex card is hard to get because it is available by invitation only, and potential candidates are rumored to need an annual income of at least $1 million.

Yes, it's hard to get an American Express card because you will need a good or excellent credit score for approval, along with enough income for monthly bill payments. The easiest American Express cards to get are those that require a minimum of good credit for approval, as opposed to excellent credit only.

Nectar Prices are discounted prices on certain selected products, available to those who have a Nectar loyalty card. This means when you purchase an item in-store or online that has a Nectar Price shown alongside its original price, Nectar members will be charged the reduced price.

If you shop at a Nectar store a lot, it might be worth getting a Nectar credit card. There are two main options. The American Express Nectar credit card is the best bet and will earn you up to two points for every £1 spent, worth 1%. You'll also still earn a point per £1 spent at Sainsbury's, Argos and eBay.

And when the prime rate goes up, variable interest rates soon follow. In fact, interest rates on credit cards continue moving up, with the national average APR higher than 20 percent as of May 3, 2023, up from 16.34 percent in March 2022.

American Express will automatically increase your credit limit no more than once every six to 12 months. If you'd rather not wait around for an automatic credit limit increase, American Express also offers the option to request an increase yourself. You can do this every every three months.

Yes, American Express does have a reconsideration line for applicants to call and request a second review of their denied credit card application. The American Express reconsideration line is (800) 567-1083.

Which Amex card is the easiest to get? The easiest Amex cards to get are ones with a lower minimum spending requirement for rewards, as well as a low annual fee or no annual fee. Examples include the Blue Cash Everyday Card from American Express and the American Express Cash Magnet Card.

What's the second highest Amex card? ›

The Platinum Card is the next step up from the Gold Card and comes with many luxury benefits.

The rarest credit card in the world is likely the Centurion® Card from American Express, also known as the “Black Card.” This card is available by invitation only, and you will reportedly need to spend at least $250,000 per year on other Amex credit cards and have an income of $1 million+ to get it.

The different fees often make or break a deal for a merchant. This is why many merchants, especially small businesses, don't accept American Express. American Express' interchange fee is just too high. Providers like Visa and Mastercard charge between 1.15% and 2.5%, while Amex charges merchants between 1.43% and 3.3%.

Disadvantages of AmEx cards

One disadvantage of AmEx cards is that they charge both the seller and the buyer for processing a transaction. Since they do not rely on financial companies, such as Rupay, Mastercard or Visa, and have their own payment network, they charge additional fees on the transactions.

However, you must fulfill the minimum annual income criteria for the American Express® credit card you are applying for. In general, you require a minimum income of Rs. 4.5 lakh or above if you are salaried, and Rs. 6 Lakh or above if you are self employed.

You can spend straight from your card by swiping it at Sainsbury's, Vue Cinemas and Argos or you can spend them online at nectar.com on great things like holidays, hotels and days out.

The prize consists of one million (1,000,000) Nectar points with an approximate value of £5000. One million Nectar points will be credited to the winner within 30 days of the prize draw closing date. There is no cash alternative to the stated prize.

Do Nectar points ever expire? There is no automatic expiry date for Nectar points. But if you don't collect or spend any points for a year, we assume you no longer want to take part in the Nectar programme and will close your Nectar account.

Usually when spent in store at Sainsbury's, each Nectar point is worth 0.5p (so 500 points equals £2.50 off shopping).

How much do I need to spend to get 250 Nectar points? ›

There's no spend required, so it's a no-brainer. If you're new to Nectar, you can sign up and get 250 points (equivalent to £1.25). To get this, you need to log in to your Nectar account, or sign up for one, via the free app, and on the home screen select the 'Juicy Points Boost' tile (pictured, right).

So far in 2023, the Fed raised rates 0.25 percentage points twice. If they hike rates at the May meeting, it is likely to be another 0.25% jump, meaning interest rates will have increased by 0.75% in 2023, up to 5.25%.

With rising federal funds rates comes an increase in savings interest rates. Federal Reserve Board members and Federal Reserve Bank presidents predict the federal funds rate will reach between 3.9% and 4.9% in 2023.

Meanwhile, Scotiabank predicted as of 28 April the US interest rates to stay at 5.25% for 2023, and fall to 3.5% in 2024. In the short-term, analysts believed that the Fed is likely to keep the current rate on hold for the near future, provided inflation doesn't spike again.

Debt-to-income ratio

This ratio calculates how much debt you have compared to your income. The more debt you carry, the less likely you are to qualify for a large credit limit with your credit card. The higher the income you have, the more likely you are to receive a higher credit limit.

If you're asked how much of an increase you'd like, be warned: asking for too much could get you denied. Some suggest requesting an increase of 10 to 25% of your current limit, but every card issuer and cardmember is different. Consider a new credit card.

Your credit limit should be at least 3 times higher than your usual monthly spending. That's because your overall credit utilization ratio should stay below 30%. If your spending exceeds that, you risk damaging your credit score.

Card Limits

American Express limits customers to have a total of 5 Amex credit cards open at any one time. This includes both personal credit cards and business credit cards but does not apply to their charge cards.

To apply for Amex EveryDay® Credit Card from American Express, you should have good credit, meaning a FICO® Score of 670 or higher. American Express will look at several factors in addition to your credit score, but your credit is a key part of whether your application is approved or denied.

Make at Least $250,000 in Purchases on Your Amex Cards

Although Amex doesn't publish a spending threshold to get invited, a solid rule of thumb is that you need to make at least $250,000 in annual purchases across all of your Amex cards.

Can I get an Amex card with a 650 credit score? ›

This means you need a credit score of at least 700. If you're hovering around the 700 mark, it may be best to wait to apply when your score increases as the average applicant has a score of 715. Although, some applicants have been approved with a credit score as low as 643.

According to the score ranges from FICO, that means American Express applicants typically have at least a 670 score: Exceptional. 800 and above.

American Express does not disclose a specific income requirement, but it must be enough to make payments on the card and to afford the $250 annual fee. Amex doesn't openly state any other Amex Gold card requirements, but there are plenty of other factors that Amex considers during the approval process.

Welcome to the Help Center

If you have a Consumer or Business Green, Gold or Platinum Card, your Card does not have a credit limit. Instead, your Card has no preset spending limit unless you have been previously notified otherwise. No preset spending limit means the spending limit is flexible.

Some providers may choose to use a hierarchy of colours with credit cards, such as (in descending order based on benefits and, potentially, cost): titanium, diamond, black. platinum. gold or silver.

In general, car dealerships accept credit cards. You might even be able to use a card to buy a vehicle. However, it's more likely that the dealership will take a credit card for a down payment or a part of the down payment up to a certain amount. For you, using a credit card is a convenience or maybe a necessity.

What Credit Card Do the Super Rich Use? The super rich use a variety of different credit cards, many of which have strict requirements to obtain, such as invitation only or a high minimum net worth. Such cards include the American Express Centurion (Black Card) and the JP Morgan Chase Reserve.

Millionaires use credit cards like the Centurion® Card from American Express, the J.P. Morgan Reserve Credit Card. These high-end credit cards are available only to people who receive an invitation to apply, which millionaires have the best chance of getting.

70% of millionaires carry two or more credit cards, which is more than recommended. Millionaires trust the same credit card issuers as regular Americans.

Costco is the only major grocery store that doesn't accept American Express credit cards at the moment. However, some smaller grocery store chains and independent merchants may also not accept American Express.

Does Walmart accept American Express? ›

There are no surprises when it comes to what credit cards you can use at Walmart. Walmart accepts Visa, MasterCard and American Express cards. You can also use a variety of other payment methods with the retailer.

American Express is not popular among some consumers and merchants because it charges high interchange fees, causing Amex cards to be less widely accepted around the globe than Mastercard or Visa cards. These fees can be very costly to merchants.

Yes, it's hard to get an American Express card because you will need a good or excellent credit score for approval, along with enough income for monthly bill payments. The easiest American Express cards to get are those that require a minimum of good credit for approval, as opposed to excellent credit only.

American Express is one of the leading card issuers in the United States. It's known for its top-notch customer service and some of the best rewards available. From ultra-elite business travel cards to everyday rewards, American Express has credit cards that are a good choice for many different types of cardholders.

Summary. American Express credit cards offer cardholders stand-out benefits in travel protection and retail protections. Plus, the issuer grants cardholders access to pre-sale tickets, unique experiences and valuable offers with partner merchants and services.

What you should know about the American Express income verification process: If Amex does request proof of income, you'll receive a reference number either by mail or email. This number will give you access to the American Express income verification portal.

According to this, the average Departures reader (and therefore average Amex Platinum cardmember): Has a net worth of $4.3 million. Has a household income of $474,000.

You don't need a minimum balance to open your account or avoid monthly fees. You will need at least $1 in your account to earn the APY. With no minimum balance requirements, you don't need to worry about having money trapped in your American Express® High Yield Savings.

Disadvantages of AmEx cards

One disadvantage of AmEx cards is that they charge both the seller and the buyer for processing a transaction. Since they do not rely on financial companies, such as Rupay, Mastercard or Visa, and have their own payment network, they charge additional fees on the transactions.

American Express can help your credit score if you are the primary accountholder or an authorized user aged 18 or older on an American Express credit card or charge card account. For an Amex card to be good for your credit score, the account must be kept in good standing with on-time monthly bill payments.

What is a Nectar card good for? ›

You can spend straight from your card by swiping it at Sainsbury's, Vue Cinemas and Argos or you can spend them online at nectar.com on great things like holidays, hotels and days out.

The different fees often make or break a deal for a merchant. This is why many merchants, especially small businesses, don't accept American Express. American Express' interchange fee is just too high. Providers like Visa and Mastercard charge between 1.15% and 2.5%, while Amex charges merchants between 1.43% and 3.3%.

American Express credit cards also have an assortment of lucrative welcome offers, introductory 0% APR offers, and luxury travel benefits. As a result, American Express cards are often considered to be among the most prestigious credit cards on the market. Plus, they are designed for people with good credit or better.

Winner: Visa

In fact, Visa is one of the most accepted payment networks in the world. American Express is accepted by 99% of the merchants that accept credit cards, but it's still not as widely accepted as Visa. American Express has long charged higher credit card processing fees than other payment networks.

What is Nectar? Nectar is owned by Sainsbury's with around 18 million people signed up to the loyalty scheme. But it isn't just Sainsbury's where you can earn points. Nectar can be used in multiple stores and online retailers, such as Argos and eBay.

The change to the Nectar scheme, which boasts around 18 million members, means that shoppers can now save over 50 percent on Nescafe Gold Blend which has been reduced from £8.10 to £4 for cardholders.

It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.

60,000 American Express points are worth about $402, depending on which American Express credit card you have and what you spend the points on. You will get the best value for your American Express points when you redeem them for Travel, but there are multiple redemption options.