American Express vs. Visa

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Difference between American Express and Visa

Deciding to choose between using a Visa or American Express card is determined by individual needs and wants. Both of these card issuers have a good reputation and provide different services and fees. Visa is the most used card brand in the globe but American Express has a vibrant history. Considering this, a vibrant history does not provide a vibrant service and has nothing to do with the quality of value in services that distinguish the two of them. Let's look a little closer.

Annual Fees

American Express and Visa credit cards come with an annual fee. The most basic of American Express cards will offer a waiver of annual fee for the first year and after charges range from $50 - $500 annually. Visa offers more options with their cards and they have an abundance of no annual fee cards. Visa Black card has an annual fee of $500 but it is the only one that has an annual fee. American Express only has a few cards without annual fees and to be approved, whereas, virtually all Visa cards require no annual fee. The trade off may be found in the freebies and points.

General APR Rates

The APR rate of the credit card is a necessary aspect to consider when you are borrowing money. There are generally around 8 cards from American Express, and they usually will rack up a rate of 14-20 percent interest. All cards issued by Visa, come with a fixed or variable APR rate and are usually in between 6-25 percent. Visa is the best cards with more APR rate options, whereas, American Express is generally higher in APR.

Blackest of the Black

Both Visa and American Express have a black card. The cards look cool and one could only dream of flashing either one in public; it is offered exclusively to those who rack up large monthly charges. You just haven't really reaped the real benefits of a credit card until you have reached the level of carrying a black card. It is a symbol of status and favor amongst the masses. For American Express, a lot of money is needed to keep the black card running; a minimum of $250,000. The credit limit for the Visa will depend on credit history. Concierge service is the most valuable asset indeed, both cards will have it. Basically, it means they will deal with everything concerning arrangements for virtually anything.

Similarities and Differences

  • Both Visa and American Express are among the most reputable brands and they come with outstanding benefits.
  • Getting a credit card can be beneficial for building credit, or it can work against you and eradicate any chances of ever getting a credit card.
  • APR is the percentage of the money you draw out for each month and it is considered interest; just like a loan.
  • The annual fee is basically the money dished out in order to keep the card maintained; regardless of whether or not you use it in a calendar year.

American Express and Visa Video

Which do you prefer to use?
  • American Express
  • Visa

Discuss It: comments 1

  • Guest
  • marshall wrote on May 2010

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