No Fees: Clear from American Express

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Clear from American Express®No annual fee, no late fee, no over-limit fee, no balance transfer fee, no cash advance fee… that’s the pitch from American Express – Clear has absolutely no fees. American Express is capitalizing on the fact that there’s been such an outrage over the ridiculous fees (ridiculous in amount, not in nature) charged by credit cards, banks and other institutions. The reason why this backlash exists is because all these financial companies are using fees for revenue generation and not what they were originally created for, which was to reimburse the company for actual financial loss. Now it looks like American Express, which I believe has always been fast to react anyway, is swinging the pendulum the other way and nixing all fees.

The big fee that they nix that is very appealing to most consumers is probably going to be that no balance transfer fee because when you couple it with their 0% APR on balance transfers* for one year, that’s another balance transfer you can take advantage of in order to get a better handle on your existing credit card debt or to use in a credit card arbitrage play. To my knowledge, this is the only no fee 0% APR American Express balance transfer available. So if you’ve tapped out Citi and Discover or have a big American Express credit limit, it might not hurt to open it, transfer your credit over, and snag a nice fat transfer.

* I mis-read the 0% intro APR to include balance transfers, which is erroneous. APR on balance transfers are 4.9%, which appears as the second bullet point – I have no idea how I missed that unless they modified the copy. My apologies for any confusion it may have caused and thank you to marylandterps for pointing it out and gnoorts for getting on my tail to fix the error. I’m usually better about fixing errors but my head has been swimming lately dealing with wedding caterers so I haven’t been reading comments as diligently as I have in the past.

{ 6 comments, please add your thoughts now! }

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6 Responses to “No Fees: Clear from American Express”

  1. marylandterps says:

    The Balance Transfer is 4.99% for the life of the balance (data as of 7/02/2007).

  2. cool! what’s next, no payment for a year….

  3. Leroy Brown says:

    Just a word of warning – American Express is famous for putting it’s cardholders through a “financial review” if you do anything unnatural. I.E. process a large balance transfer. Their financial review can be a real PITA , requiring you to provide paystubs, W2’s, 1099’s, or all kind of nonsense. Doesn’t always happen, but something to be on the lookout for nonetheless.

  4. Jason says:

    Leroy, I don’t see American Express’s financial review as a bad thing. Yes it can be a pain, but in the long run they are protecting their investment in you and in some cases the review might cause some people to actually look at their finances.

  5. gnoorts says:

    You should really change your post here. The first person commenting is correct….4.9% BT for life. You tell everyone that this is a 0% BT for 12 months which is not true.

  6. Dmitri says:

    Jason, it has clearly never happened to you before… If you knew just what a pain and headache it truly is, and just how Am*x ‘treats’ their customers undergoing this horrendous process, you’d definitely be quiet. It’s not a democratic procedure… they strip you of your dignity and intelligence and treat you like some kind of trash. I’m sure the folks that have been through it will know exactly what I’m talking about.

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