South Africans don’t realize that they can apply for the American Express platinum credit card. Many think that this is an American bank where you can only apply for this credit card when living in America.
However, this isn’t the truth at all. This is a banking institution that is known internationally, and anyone can apply for this card. It is recognized as a legitimate credit card in most countries, South Africa included. Before you decide that this is the credit card that you want to apply for, you need to make sure that you know everything there is to know about this bank and its credit card options.
Getting to know the American Express platinum credit card
The American Express bank is designed for international travels and is offering international credit cards that you can use anywhere in the world, with any currency. The American Express platinum credit card.
With this institution, you can apply for two types of credit cards. One is the American Express platinum credit card for those with a higher income. There are a couple of requirements that you need to meet, and you need to know the fees payable when you have this account. Even if this is a worldwide credit card, you still need to make sure that you can actually afford the card.
Some of the basic benefits of having this platinum credit card
What are the basic benefits of having an American Express platinum credit card? There are a couple of the basic benefits that you need to know about, and there are a large number of elite benefits. These are the most common benefits of having this credit card.
- You will get no added interest when you repay your credit card within 55 days from the purchase
- There will be about R4 million in basic travel insurance available to you when you are traveling
- You will get access to three different airport lounges.
- Flight discounts with some airlines are also something you will benefit from using your credit card.
- Your credit card will be accepted in South Africa and other countries
Other benefits and rewards of using the card to know
There are more than just the basic benefits we already told you about. There are some more benefits and rewards that you can use when you have the American Express platinum credit card. We are telling you all.
- You will get some lounge access at airports. You will be able to get the priority pass where you can relax while waiting for your flight. The different lounges that you can go to will include the Bidvest Premier lounge, The Centurion lounge, and the global lounge collection.
- Worldwide travel insurance is available for you. This will include emergency medical cover in all the countries up to R10 million at no additional cost. This means that you are getting this medical cover free when you have the platinum credit card.
- Membership rewards and points can result in some added discounts. You can redeem the points you make every time you are swiping your card, for some discounts.
Requirements and fees for the American Express Platinum card
When you apply for the American Express platinum credit card, you need to know the different fees and requirements first. These are all important things to know so that you can decide if this is the right card for you.
- The first requirement is that you need to have a minimum salary of R16,600 per month on a permanent contract. The annual interest rate will be between 15% and 20,5%. Depending on your credit score
- You will need to be older than 18 and have a valid ID document.
- The monthly fees start from R388 per month and are increasing annually.
Important drawbacks to know
There is just one important drawback that you need to know before you consider applying for the American Express platinum credit card. This is their monthly fee.
This is a lot more expensive than most other credit cards. Comparing it to the most popular credit cards will show that you are paying a lot more each month for using the card than other credit cards.
American Express platinum credit card is for those with a higher income each month. Even if there are so many different benefits and rewards of using this card, there is one serious con or drawback that you need to know about. That their monthly banking fees are extremely high. There aren’t many credit card companies that are higher than American Express. But, it just might be worth paying if you are enjoying some added benefits for those that want to have the platinum credit card.