BRAND NEW AMEX Credit Card (Is this the best AMEX credit card now?!)
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- Опубликовано: 24 июл 2024
- In this video we look at the brand new AMEX credit card recently released by American Express. This is the American Express Essential Rewards card and it replaces the old AMEX Essential credit card. The card comes with a large sign-up bonus and accelerated AMEX reward earn rates that rivals more premium cards. Is this the best AMEX credit card?
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▼ ▽ TIMESTAMPS
0:00 Intro
0:20 Old AMEX Essential Card
1:33 New AMEX Credit Card
2:01 Benefits Overview
5:35 Sign-up Eligibility
6:10 Is this card worth it?
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Great review. Which card(s) would you recommend for to ability to quickly earn flight upgrades for international flights? Thank you.
Amazing essential update, I was just looking into this card today and was wondering what you thought
Brilliant content once again! I am impressed and I think I did the right thing waiting before I applied for my first credit card. Unsure if you recall but I remember checking in with you for my first AMEX and then this one came into existence, how good!
Keep up the amazing content my friend.
Appreciate the feedback mate! This would make an awesome first credit card!
@@raymondla It most certainly would! I am now going through my credit report for Illion, Equifax & Experian and my gosh even the personal information is so very different. Sending updated information for them to hopefully update employment as employer was from over 9 years ago, haha.
Whilst booking flights for my partners parents for end of the year via flight centre I was offered the 12 months interest-free assisting with cash-flow however that was through Humm90 so technically a credit card facility .
If you would be in such a circumstance commencing your credit card journey would you first pay off the remaining balance on Humm90 and close it down before applying for Amex or could you apply provided you have sufficient employment/consulting cash-flow? Could comfortably pay the amount back immediately if needed.
Any suggestions would be great my friend and cannot wait for your future videos!
Oh and just curious, I also listen to Brandon Carter and he suggests a money management app where you can add all your assets, bank accounts but it doesn't exist in Australia. Apart from WeMoney (cannot connect my ING Superannuation) would there be any other free or relatively cheap Australian app that you trust that can provide you with a snap-shot of your cash-flow and asset position? Currently doing this via Excel but is becoming a little time-consuming and can only do this monthly rather then have this information regularly updated.
Next time should also include the transfer rates to airline partners, maybe could be the next video, also this with platinum edge(3pt at supermarket) may be a good combo
Cannot transfer with any Amex points to airline partners except with the platinum card
I have noticed no one is talking about the platinum reserve Amex card you get fee free when you hold a platinum card ,
"in Australia" should really be in the title
The accent might help.
Good on ya Ramon esencial
Hi raymond! Are the transfer rates of amex points to plane tickets the same for all of the cards? Or is there a difference? If so, how do u check the difference
Krisflyer and Emirates are at a transfer rate of 3:1 whilst all others are at 2:1
Thanks Raymond! Question: once we receive a sign up bonus on a credit card can we straight away churn it out or wait for 6 months before applying a new one?
You can definitely apply for another card straight away once you've received the sign-up bonus on your credit card. I generally churn around 4-5 cards per year now to give you a reference point and my credit score has remained pretty constant.
@@raymondla thanks for the advice!
Hey Raymond, I am looking to apply for my first credit card however I value Qantas Point earning a fair bit. Would you recommend that I opt for a card that offers a QFF Point sign bonus with higher annual fee (e.g, amex ultimate, ANZ black) as my first card? or an option like this new AMEX covered in the video. Cheers
If you value Qantas points then I'd probably lean towards the AMEX Ultimate (but I might want to wait for an upsized sign-up bonus) so maybe opt for the ANZ black card which is a great card imo!
@@raymondla Greatly appreciate your reply. I was leaning towards the AMEX Ultimate however my pre-tax income is quite low.. hovering around 50k pre tax (excluding commision which would bump it closer to 60k)
I believe the eligibility threshold is 65k... is Amex strict with this? I have very few expenses as I am still at home.
Would appreciate your thoughts as i'm hoping to pull the trigger sometime in the near future!
Essential - Keen for the teir list!
Still not many stores accept it so it makes it hard to accumulate points and the sign up bonus...especially with a fee now. Probably why they are offering more points for certain purchases because there's only limited stores that accept it. MC/VISA reward are probably better.
It would be good to see your budget/shops that accepts and translate it into points. Then convert that to dollar figures to see if it's worth it.
i've been using mine for the last 3 months and only found one place i couldn't use it. It's honestly way better now then they use to be. Also only had two places charge a surcharge.
AMEX is definitely more widely accepted these days compared to several years ago
Hi Raymond, I have a business in Australia that’s spending a lot of money with suppliers looking to get a credit card for the business to earn qantas points however none of my suppliers accept American Express, which card would be best for me? Not worried about big yearly fees
Hey man, I made a video talking through some business credit cards options here that covers some non-AMEX ones - ruclips.net/video/TF09Ygxxt14/видео.html
@raymondla if you had to pick this card or the explorer card (when it has a 100k bonus pt offer) which would you go for? obviously picking one you would lose out on the bonus point offer on the later
It's a tough decision, but if you're someone who travels frequently then I'd be leaning towards the Explorer Card due to the complimentary travel insurance. that alone will save you ~$200 each time you travel.
Hello Raymond,
Question I have for you is comparing the explorer card vs qantas american express card. The conversion points between american express and qantas points is 1 : 1, plus the qantas card has more additional points upon signing up. Do you still think the explorer card is better than the qantas amercian express card? The fee and the earn rate on the qantas card isn't as high as the explorer card but thas about it. Thanks man
How much would you have to spend per year to cover the annual fee if you used it for virgin flight?
AMEX reward points can't be converted to Velocity, so you wouldn't be able to use it for a flight with Virgin. But the reward points at a minimum is work $400, so it covers the monthly fee for ~3years
I just got approved for my first creditcard, the Velocity high Flyer card. I do like this one, when should i apply for this as i just got a approval from a card?
I would wait until you've received your sign-up bonus for your new Velocity Card, that way you can focus on meeting the spend criteria on that card first. Then you can sign up for this one if you still want it!
@@raymondla amazing, appreciate your advice!
I have the original Amex essential card with 0 dollar annual fee and gives me 1.25 points per dollar spent. Never closing that card down
Glad to see you're still enjoying it!
Hi, I have the award credit card from commonwealth and I would like to get this new card, do I think closing this credit card it’s bad for my credit score? Thanks
Hey mate, closing credit cards in Australia doesn’t negatively impact your credit score
Quite essential
I was just looking at signing up for the explorer card but.. now this 👀
I'd be reconsidering too haha
this card is insane!!!
I have recently moved to Australia 6 months ago, would I be able to get this amex card do you think?
Are you on some form of visa?
That's the Aussie version of the Canadian AMEX Cobalt Card
Thanks. I was wondering
Maybe i missed it but when did this card come out? Haven’t heard of it
its in Australia only apparently
It came out last week in Australia
I had this card. Cancelled it a few days ago. Amazing card got about 60k in points after spending 3k in 3 months but Amex is heavily not accepted in Australia regardless of what people say, rendering it useless to me as my everyday card. unfortunately had to close it 😢
Got a 25k point increase
You did mention in your previous videos that you are closing all your Amex cards as you want to wait for 18 months to sign up for a platinum card . Is that plan on hold now?
And yes, I am an Amex Essential card holder as well and Amex did reach out to me too for the upgrade.
Hell just close it in a few months now haha
There's been a lot of discussion lately that AMEX have been rejecting a lot of applications from credit card churners, so I've actually just opted to continue holding my Platinum Edge card for the time being.
It’s not available in the UK yet?
This was based on the Australian market, I'm not sure about over in the UK
Do you think this is a better choice to the explorer card overall?
It's a hard one, I think the Explorer still slightly wins imo due to the included complimentary travel insurance which will probably saves you ~$200 each time you travel overseas. And technically the Explorer is a $0 annual fee credit card after taking into account the travel credit you receive.
@@raymondla what if you already hold a frequent flyer card that provides travel insurance (i.e. one from a big 4). There does appear to differences in the lounge benefits between the Explorer and the new Essentials Card
essential
No sign up bonus for existing customers. Not really interested then.
Essential :)
Is this card available in the USA?
Only in Australia unfortunately!
Failed! Going from zero fee to any fee is a loss for the customer 👎
Fair enough mate. But another way you could look at it is the sign-up bonus gives you $400 in cashback, which makes this a fee free card for over 3-years! Or you could just cancel it after receiving it and you'd be in net profit around ~$360
lol
Are you new to premium rewards cards?
@@jordanzachman686 he’s gotta be lol
Sounds like a good card I want it
Me too!
@@raymondla is this card available in the u.s or only available in Australia
No fee cards only for me
This is for which country ?
Australia
Is this card available in the United States I’m trying to get this card
It’s only available in Australia unfortunately
@@raymondla dang I was really hoping to get it what card do you recommend that some what similar
@@blankprivatecompany9296 I’m not familiar with the card offerings in America so can’t make a recommendation, sorry!
@@raymondla I’m not talking about welcome offers or anything like that just the cards closest to this one
@@blankprivatecompany9296chase sapphire preferred or Amex gold but Amex gold has a higher fee
Essential
Is this a non-US card?
It was recently released in Australia
Sucks you cant get this card if you are American
Hopefully they'll release it there for you guys too sometime in the future!
The best AMEX card is the one that only 0.01% can obtain. This card is meh.
Build up an emergency fund and ditch the credit card altogether.
Why not do both? 🤷
@@raymondla Because it’s simply not required when one has a fully funded emergency fund of between 3-6 months. And rising consumer debt shows that most people can’t handle them properly. It’s basic risk vs reward. The perceived rewards don’t outweigh the risks in my personal opinion.
@@iDrive123 if you can’t afford a credit card. Don’t get one, at the end of the day it’s up to the individual. I’ve had multiple cards. Always paid back on time. Never had to pay the interest.
@@iDrive123what about credit points and sign up bonus? 🤷♂️
@@iDrive123 Doesn't matter if one spend within one's own means. I'm gonna be buying groceries and dining out. Then visiting family overseas. With or without credit card, I'd be spending for those. Might as well earn points and also get insurance that comes with the card.
Raymond also said in previous videos if one cannot pay off the credit card fully each month or just not financially responsible, then best not to get the card.
Also it isn't like you can't do both, have an emergency fund and use a credit card. If you're using credit card solely as a back up instead of emergency fund i.e., to cover when you're between jobs, then that's a very poor idea because it means you can't pay back credit card bill at the end of those months and it will tank credit scores. At least having a credit card + emergency fund means you can delay payment, let emergency fund accumulate a bit more interest before paying the credit card bill each month.
It's fine if you don't want a credit card. I usually spend ~$1k per month with a monthly salary of +$4k. Extra money goes into 70% high interest savings account and 30% invested into ETFs.
This is the old Amex zync
essential