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American Express vs. Visa credit cards – 2023 review
American Express or Visa? The best card will depend on your spending habits and how you'll make use of the rewards.
Both American Express and Visa offer credit cards with unique rewards programs that could suit one person better than another.
While there are Visa cards on the market that offer a decent amount of rewards points per dollar spent, American Express rewards cards tend to earn more per dollar spent. However, most American Express cards come with annual fees, so if you’re not going to take advantage of the rewards program, a no fee Visa card might be a better choice.
Things to consider when comparing American Express and Visa credit cards
- Limits and expiration for rewards points. If you’re saving for something big like a flight, then it’s important to know that your points won’t expire before you rack them up. Similarly, if you spend a lot and there is a limit on what you can earn, you’re missing out on major points.
- Annual fee. Some Visa and most Amex cards come with annual fees. Depending on the card you choose from either, the fee could be anywhere from $0 to upwards of $800.
- Card types. Visa credit cards are typically regular credit cards, where you can carry a balance from month to month. American Express offer both charge cards and regular credit cards. Charge cards must be paid off in full at the end of each billing cycle.
- Interest rates. American Express generally charges an interest rate between 8% to 30%, depending on the type of credit card (charge card vs credit card). Visa cards tend to have rates sitting between 8% to 24.99%, however it can be higher.
- Promotional offers. Many credit cards come with balance transfer offers or an annual fee waiver for the first year. Compare the length of the promotion and any other factors involved, such as interest rates.
- Customer service. Both Visa and American Express have generally good reputations for customer service.
- Complimentary insurance. Both Visa and American Express have credit cards that offer complimentary insurance when you pay for your travel in full with the card. However, it’s important to understand the terms and conditions of complimentary insurance coverage before you apply for a card.
Comparison of American Express and Visa credit cards
Pros and cons of American Express credit cards
Pros:
- Potential to earn more points per dollar spent.
- Can indicate personal financial status.
- Possible access to more perks.
Cons:
- Less accepted both in Canada and worldwide than Visa.
Pros and cons of Visa credit cards
Pros:
- More acceptance worldwide than American Express.
Cons:
- Less potential to earn points per dollar spent.
- May come with access to less perks.
The verdict
Your personal spending habits and how you’ll be using the card should point you in the direction of which brand of credit card will better suit your needs. If American Express is accepted at locations that you consistently do your everyday shopping at, then you could be rewarded with more value. However, if this is not the case, then you may want to consider a Visa card.
No matter the credit card you choose, you’ll want to make sure you use the rewards it offers. Many American Express and Visa cards come with annual fees, so in order to offset the fees, you’ll want to make use of the perks.
Best of both worlds
If you can’t decide whether to choose an American Express or a Visa credit card, you can always get both and use one as a backup. Having both Visa and American Express means that you can use either of them as much as possible while earning rewards points. While you can’t combine your Amex and Visa rewards points, you could benefit from two different rewards programs.
Frequently asked questions
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