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January 22, 2006
Editor's Review Of Blue from American Express
The first thing to note about the Blue card from American Express is to qualify for this credit card you must have an excellent credit rating. Having anything less than near perfect credit will result in a rejection letter from Amex. This holds true for all American Express cards. Save yourself some time and the possibility of further rejections from other companies by not applying. It is a fact that if you apply for several credit cards and you are rejected that other lending institutions will take this into consideration when approving you for their card. If they see several denied applications for credit on your credit report they may deny you credit for this reason alone
Now getting to some of the details of the Blue card. At the time of publishing the Blue card offers an excellent incentive to apply by offering a 0% APR for the first 15 months. There is also a very low balance transfer rate of 3.99% (why don't they just call it 4%) for the life of the balance - what this means is if you are carrying a large balance with another credit card company at a higher rate you can transfer that balance to Blue and pay interest of only 3.99% versus typical rate of 16% or more. This can result in huge savings for you.
There is no annual fee which is incredibly good. Many credit card companies will charge you annual fees of over $100. This might not sound like much for the year but when you see an extra charge on your card you might not be so happy with that so why pay a fee when you don't have to. Many people will pay the annual fees to earn the rewards points that are offered - but - Blue from American Express provides you with the option to join their travel and merchandise rewards program. So why bother with other cards when Blue really can provide you with all the benefits without the annual fee.
For those with excellent credit and currently carry a balance on another card, Blue is the perfect option for you. Apply for the blue card and transfer your higher rate credit card to start saving immediately. If you don't want to transfer a balance the 15 month interest free period is something that you will definetely benefit from. An introductory 0% APR of 15 months is simply amazing - most other credit card companies only offer 6 month introductory periods.
The Blue card from American Express has my personal approval. I have never received any negative feedback from visitors about this card and I am very confident that you will have no complaints about it.
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