Banking & Finance

The Amex EveryDay Credit Card from American Express is a wise choice if you have family & spend a lot on Gas Stations and groceries. It is most compelling; no annual fee card offering 2.00x points.

EveryDay Card gives more points – this is a pretty matchless card for those who don’t spend much on credit cards but still wants to earn valuable rewards.

Card Sign-Up Bonus

After spending $1,000 within three months Everyday credit card rewards you a sign-up bonus of 10,000 Amex Membership Rewards points. Though this is not a huge sign-up bonus for a no annual fee card but, it is still not bad.

You can exchange Membership Rewards points for a number of rewards, such as:

• Gift cards
• Statement credit
• Travel Rewards
• Merchandise in categories like technology, home, and office, fashion and beauty etc
• Events and experiences
• Donations
• Payments at checkout with points

Annual Fee

The Amex EveryDay Card charges no annual fee. At no extra cost, you can also add authorized users to the card.

Annual Fee= $0

Purchase APR =14.74%-25.74% Variable

Card Return on Spend

It is the very reason why you want the card. The Amex EveryDay Card gives:

• 2x points at US supermarkets, on the first $6,000 spent annually
• A 20% points bonus on making 20 or more purchases on per billing cycle

This card has no annual fee but still gives more points per spending on non-bonuses purchases as compared to AMEX Platinum Card and the Premier Rewards for Amex Gold Card.

Intro APR

For the first 15 months after account opening 0%, intro APR would be on purchases and balance transfers. You’ll have a purchase and balance transfer APR of 14.74% to 25.74% after this intro APR expires.

2.00x Points at US Supermarkets

You’ll earn 2.00x points at US supermarkets (on up to $6,000 per year in purchases, then 1x points on eligible purchases.

Access to Amex Offers

One of the amazing rewards of having a card is having access to Amex Offers, which saves your hundred dollars per year. These offers give you discounts or a chance to earn bonus points with retailers. The ideal situation is to have no annual fee

More Amex Rewards Points the More You Use Your Card

You will get 20% more points on the purchase if you make 20 or more purchases with your card in a billing period.

Transferring Amex Points

Membership Rewards points can be transferred to eligible frequent traveller programs, i.e. British Airways Avios, Emirates Skywards, Choice Privileges Rewards, Hilton Honors and Starwood Preferred Guest.

Use Membership Rewards Points for Some Charges

You can easily redeem Amex Points as For some types of purchases — such as dining and entertainment — card charges can be paid with Membership Rewards points.

Travel Insurance American Express

For vacations, you can have access to the American Express Global Assist Hotline and Roadside Assistance Hotline.

ShopRunner Benefits

Through ShopRunner get free two-day shipping from different stores.

Purchase Benefits

You will have complete warranties on eligible items you buy with your card. By Purchase Protection your eligible items are sheltered against theft and accidental damage.

Transfer in Limited Time

To take benefit of the intro APR for balance transfers, make transfers within the first 60 days after the opening of your account.

Not Widely Accepted Overseas

As Visa or Mastercard, the Everyday Credit card is not widely accepted overseas.

Penalty APR

American Express may assess a penalty APR of up to 29.99% that will differ from the market on the basis of Prime Rate.

This APR can apply to new transactions on your account if:

• you make one or more than one late payment

Penalty APR applies for at least 6 months. Your account is reviewed every 6 months once the Penalty APR is applied. It will keep on applying until after you have ended timely payments, with no returned payments throughout the 6 months being reviewed.

Foreign Transaction Charges

If you use this card on a foreign website or abroad you will pay a 2.70% transaction fee and potentially

Transaction Charges/Fee

You have to pay a fee for making a balance transfer or advance cash.

Late Pay Penalty

You have to pay $38.00 fee per infraction if you delay payments. You can do online Amex credit card payments to avoid this fee.

Annual Membership: $0

balance Transfer: $0

Cash Advance: Either $5 or 3% of the amount of each cash advance, whichever is greater

Foreign Transaction: 2.7% of each transaction after conversion to US dollars.

Late Payment: Up to $38

Returned Payment: Up to $38

Overlimit: None

Everyday Credit Card Application Criteria

• You must be 18 years old
• You must be a Us citizen
• Your credit score must be 680.00 or higher
• No hard pulls on your credit report
• Low balance relative to your credit limits

Everyday Credit Card in a Glance

• No annual fee.
• You can Earn 10,000 Membership Rewards points after using your new Card within 3 months to make $1,000 in purchases.
•  Intro APR is 0% that is too low for 15 months on balance transfers and on purchases, then a variable price, currently 14.74% to 25.74%
• Within 60 days from account opening, Balance transfers should be requested with $0 balance transfer fee.
• You can get 2x points at US supermarkets on up to $6,000 in purchases per year and1x points on extra purchases.
• You can utilize more than 20 times on purchases in billing time and can earn 20% more points on those purchases fewer returns and credits.

Though the Amex EveryDay Card is the best credit card and The Platinum Card from American Express and the Premier Rewards Gold Card from American Express are charge cards, Amex limits its consumers to have five credit cards to approving the major limitations.

The approval of Amex cards is easy for those having a huge credit. For those who try to make credit or without a giant credit history, Amex offers rewarding cards that would be beneficial to develop their credit history.

Best Substitutes

You can also use others cards as a substitute to Amex’s.

Amex Every Day Preferred Credit Card

This card which is the premium version of EveryDay Card, offers you $95 annual fee, 3x points on the first $6,000 spent annually at US supermarket, 50% bonus points on making 30 or more purchases on per billing cycle, 2x points at US gas stations.

Chase Freedom Unlimited Credit Card

This card is another best substitute for Amex EveryDay card. It has a 0% annual fee and offers 1.5x points per dollar spent, offers Unlimited Rewards points that can be converted into Ultimate Rewards points.

The Bottom Line

Those who need a no annual fee card that offers kind rewards, the Amex EveryDay Card is the most rewarding in the market. This card offer Membership Rewards that can be exchanged for airline or hotel partners. It’s a wise choice if you regularly spend.

This is among one of the two cards which charge no annual fee and accumulating these sorts of Membership Rewards points. One of the shining points of Amex card is that it earns above 1.2 x Membership Rewards points on per dollar spent that is much better than other Amex’s card which charges high annual fees.

Lisa C. Townes

Lisa is a passionate travelers. She spends 3 months every year visiting different places worldwide. She has visited almost every famous place in the world. She herself is an affiliate blogger

Mid Class families living their lives within limited financial resources. These are families doing small businesses or medium-level jobs. They too desire to have a car but not everyone can afford it. This is why these families avail of bank financing, as vehicles get old they can use car refinancing for a new one. This car loan bank service helps them to pay the amount in parts with predefined interest over the amount banks, credit unions or financial institutions pay to the car manufacturer, dealer, and owner on your behalf under different car financing options. Banks charge different interest rates in different territories depending upon the state’s financial condition & consumer’s credit score.

A credit score is the bank’s internal rating system to help its evaluation in allowing consumers to avail or not to avail bank’s credit facility which includes mortgage loans, credit cards, personal financing, business financing, home loan, car loan, and car financing and other banking products.

What is Car Refinancing?

Car refinancing is an auto loan replacement process to another bank within more favorable terms for the consumer.  According to consumer reports, 84.5% of cars on roads are bank financed. Usually, second chances are hard to arrive at. If you are getting it, try to avail yourself.

Car refinancing is for you under the umbrella of your needs. It’s not for you too. Most people wish to lower their markup rates, and monthly payments and extend their payment tenure. It depends! This article will improve your knowledge by explaining Car Refinancing, How Refinancing works, What are Pros & Cons, Should you refinance your car, and when it should be

How does Auto Refinancing work?

The car owner connects to the new bank to pay the parent bank for the car he/she has. Car owners (authorized to drive, maintain and keep the car for their personal or business usage. They are called an owner but not owners by law. The owner is a financing institution because this person cannot sell the car without permission). This practice is adopted by consumers who are not able to pay or are willing to pay debt amounts in longer periods or smaller amounts per month. It also helps in lowering interest rates and amounts.

This way a new bank or credit union pays debts to the current financing party on behalf of the consumer and makes a new monthly payment plan with new terms and a different markup rate on the owed amount the new bank paid to the old ones.

Pros & Cons of Refinancing Car

The Benefits

Extend your paying cycle: Yes. Life is uncertain. Nothing is permanent or for sure. God forbids, something bad can happen without informing. An unexpected illness, road accidents, theft, or stolen debit & credit cards are enough to disturb monetary management for both households and businesses. It would help in increasing repayments.

Example: If you are in agreement for Chase Auto Finance to pay in 36 months. There is the possibility of paying it in 48 or 60 months with another bank agreement.

Using different options: If the consumer financed the car’s worth is more than the owed amount. It is possible to refinance and use the extra cash for other needs.

Example: Let’s say, your car’s worth and the market price are 4000$ and you owe 2500$. A refinancing agreement with a different bank would give you 3000-3500$. The extra could be used for buying a new laptop, or mobile, or planning vacations.

Lower Interest Rates

The best part is, you can lower interest rates by good percentages. Auto Loans generally give at 3 to 5% APRs.

The Demerits

In most cases, your application may be rejected for a bad credit score. Our guide will help you to get an auto refinancing loan with bad credit. Additionally, you can improve your credit rating with basic practices.

Higher Interests

No bank or financial institution would finance without their business benefits. Refinancing can cause you to pay more interest compared to the interest you are paying with the current lender. You’re increasing your payment tenor; the longer payment tenor adds more interest on the same amount.

Example: Currently you are paying 4% interest on 5000$. If you extend your months for payment you are also increasing bank interest.

How to Qualify for Auto Refinancing?

The application process is simple and the same with all financing institutions including banks, credit unions, and lenders. The process won’t take more than 30 minutes after having these documents.

1. Income Proof / Source (Payslip, W-2, other documents)
2. Your net worth (Assets that are estimated from your bank statements)
3. Verification from the Employer. (for no.1 )
4. Social security & Driving license.

How Auto Refinancing pre-qualification works?

Car dealers prefer financing by preferred lenders, this is because of their own interests with them. Relax, you have another option of qualifying for car financing with the above-mentioned process. Afterward, Owner only needs to bargain the actual car price. The salesman’s focus would be on the monthly lowest payment schedule; in these discussions, you shall forget to discuss the price.

With an excellent credit score above 750 in 60 months, payment will be near 3.20-3.30% per annum. On a good credit score, 700-749 on a 60-month payment would be 3.490% per annum and on a fair credit score, 640-699 would be 3.340% per annum.

When to Apply for Refinancing?

A refinanced car can also harm or benefit. You must think, and rethink before applying. It only makes it better if

1. The Interest rates are lower than before. Paying more is not a good decision. Most banks consider refinanced loans as used car loans where interest percentages are higher than new ones.
2. You should go for it if you are willing to lower your monthly payment amounts.
3. Try it if you are willing to buy a new car.
4. Credit scores play an important role in loan amount calculation. Increased or decreased credit score can make a difference in the amounts you are paying or you shall pay in the future. Dealing with a low credit score may

Taking the Right Decision

Being a lender, you must always evaluate your financial condition, credit score, needs & desires. With an improved credit score, auto refinancing is the best decision because a good credit score means lowering your markup rate.

Also, analyze the new bank’s terms with the old one to check the most favorable option for yourself. You may be stuck by missing TOC reading and understanding. Ask the salesman or call bank numbers to clear misconceptions.

Do not stay with one option. Try different banks & credit unions and make detailed paperwork by highlighting terms in your way or against you.

Lisa C. Townes

Lisa is a passionate travelers. She spends 3 months every year visiting different places worldwide. She has visited almost every famous place in the world. She herself is an affiliate blogger