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American Express and Mercedes Benz have partnered to issue two new credit cards. The cards are the Mercedes-Benz Credit Card From American Express and the Platinum Card From American Express Exclusively For Mercedes-Benz. Other than having complicated names, the cards are sure to be a hit for some consumers. Let’s explore each card and what it has to offer.
This is the more basic version of the two cards that are being offered. Even so, it has some very useful rewards to those who obtain it. Here are some of the rewards that this card offers.
Monetary Rewards: The following monetary rewards are offered with this card:
- $500 reward certificate that can be used towards the purchase or lease of a new Mercedes-Benz vehicle after $5,000 is spent in a given year
- $50 annual reward certificate after the first purchase and on the date of the account opening in each year thereafter that can be used for Mercedes-Benz accessories
- 5 points for every dollar spent on eligible Mercedes-Benz items
- 3 points for every dollar spent on gasoline
- 2 points for every dollar spent at restaurants
- 1 point for every dollar spent on all other items
Reward points can be spent on flights on any airline without blackout dates, frequent flyer and hotel programs, charities, cruises, hotel stays and other vacations. Also, reward points can be spent on merchandise, experiences and gift cards from other 500 brands. Note that airline flights must be booked through American Express Travel to realize the full potential of this benefit.
Other Benefits: In addition to monetary rewards, this card also comes with other benefits. One such reward is a hotline that is available 24/7 for medical, legal, financial and emergency assistance if you are over 100 miles from home. Also, accidental death and dismemberment coverage is available for customers who travel via mass transit as well as up to $250,000 in travel accident insurance. Additionally, up to 1,000 excess miles can be waived at the end of a Mercedes-Benz lease. Finally, roadside assistance is available around the clock and auto rental coverage is available for damaged or stolen rental vehicles.
Fees: The following fees apply to this card:
- $95 annual fee
- 0 percent APR on purchases for the first 6 months
- Variable APR on purchases after 6 months
- Variable APR on balance transfers
- Variable APR on cash advances
- Variable penalty APR
- $5 or 3 percent fee on balance transfers, whichever is greater
- $5 or 3 percent fee on cash advances, whichever is greater
- 2.7 percent foreign transaction fee
- Late payment fee of up to $35
- Returned payment fee of up to $35
This is the high-end version of the two Mercedes-Benz cards being offered by American Express. As customers might expect, it comes with more rewards and fees. Let’s take a look at some of these.
Monetary Rewards: This card has similar monetary rewards to the standard version. However, there are some differences. These include the following:
- Up to $200 in reimbursed airline fees annually
- $100 annual reward certificate for Mercedes-Benz accessories
- $1,000 toward the lease or purchase of a new Mercedes-Benz vehicle after spending $5,000
- Does not earn 3 points for gasoline purchases (earns 1 point)
Other Benefits: This card shares many of the same benefits as the standard version. However, there are some differences. One such difference is that up to 2,000 excess miles can be waived at the end of a Mercedes-Benz lease as compared to the 1,000 miles that the standard card offers. Also, this card offers access to hundreds of airport lounges, which is a feature that the other card does not offer.
A key difference is the annual fee for this card. This card’s annual fee is $475 as compared to the $95 annual fee that the standard version carries.
If you plan to purchase or lease a new Mercedes-Benz vehicle anytime soon, the Platinum version is a no-brainer, as the extra $500 in rewards just for this purchase or lease more than covers the extra annual fee. Also, the potential for $200 back in airline fees helps negate the extra annual fee for those who travel frequently. However, customers who drive frequently may benefit from the standard version of this card, as it offers 3 points per dollar spent on gasoline. Whatever your case may be, check the terms and conditions carefully for each card if you decide to sign up for one of them. Doing so will help you make the best decision possible and realize the maximum amount of rewards.