Does Amex Offer Secured Credit Cards?

does amex offer secured credit cards

In the United States, a secured credit card is a method you may use to create and grow your credit. These are created by credit card firms expressly for persons who are new to credit or have bad credit. Therefore, being authorized for a secured credit card is easier than getting approved for an unsecured card. American Express is well-known for its generous incentives. As a result, many consumers wonder, “does Amex offer secured credit cards?”

American Express is a financial institution as well as a card provider. However, they do not currently offer a secured credit card. Still, other banking institutions provide a secured credit card that uses the American Express payment network. Additionally, American Express provides a secured credit card alternative. Let’s explore these options in detail.

Does Amex Offer Secured Credit Cards?

Amex offers multiple benefits for users, such as connecting to the Cash App for easier payments. So, customers want to know if Amex offers a secured business credit card. Not precisely. American Express does not provide a secured credit card designed for business use. American Express does not provide a secured business credit card. You do, however, have alternatives:

  • Use a secured credit card from another company using Amex payment network;
  • Use the alternative for a secure credit card from Amex.
Does Amex Offer Secured Credit Cards?
Does Amex Offer Secured Credit Cards?

Secured Credit Cards on The American Express Payment Network

There is presently just one secured credit card on the Amex payment network: The USAA Secured Card. Furthermore, similar to cards that operate on the Visa network but not by VISA, this card is not provided by American Express.

usaaa card amex - Does Amex Offer Secured Credit Cards?

The only secured card handled by Amex is this one. It comes with a hefty yearly cost. The APR, on the other hand, is among the lowest in the marketplace. However, it’s only accessible to USAA members. You must be current or retired military or have a parent or partner who is to be qualified for this card.

One unique feature of this card is that money is placed in a CD with a two-year term. If cardholders choose to terminate their card early, they must also cancel this CD. This means they will lose part or all of their accrued interest.

This card has a steep annual charge of $35. The majority of the other cards have annual fees in the mid-twenties, with a couple having none at all. This card features the second-lowest APR among secured credit cards, making it a good option for people who want to maintain a balance.

Amex Secure Credit Card Alternatives

Amex offers a variety of prepaid cards rather than secured cards like other providers. Unlike secured cards, these cards do not help you create a credit history. They do, however, have cheaper costs than that of other secured cards. The following is a list of American Express’s useful prepaid cards:

Amex Credit Cards - Does Amex Offer Secured Credit Cards?
Amex Credit Cards

The Bottom Line

American Express doesn’t offer a secured credit card option for you. However, there are different options that you can use to build your credit. Rather than looking for a secured American Express card or a prepaid card, we suggest getting a separate secured card.

The “Discover IT Secured Card” is the card we suggest. It boasts the best rewards system of any secured card on the marketplace and has no yearly fee. In addition, unlike the prepaid cards offered by American Express, you may use them to create a credit history. You can also use a secured credit card from Wells Fargo. Good Luck!

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