Credit Card Review: Clear from American Express®

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Estimate Reward Earnings

Credit card rewards programs don't have to be complicated in order to really be rewarding. If you're tired of the confusing wild goose chase that most rewards programs feel like, think about applying for the Clear credit card from American Express. This card is designed specifically for people with good credit who want a credit card that comes with no fees, and real rewards, not an operator's manual.

When you use the Clear credit card from American Express, you will simply earn a cash rebate of 1% on all eligible purchases. Each time you reach $2,500 in spending, you will automatically be issued an American Express® shopping card worth $25, for you to use wherever you please. You don't have to wait around for your rewards to add up, and then navigate a financial labyrinth in order to see the money you've earned. You just keep using your card exactly the way you normally would, and your earnings come in the mail once you've earned them. It's that simple. The shopping cards do expire one year after they are issued, but when using them is this easy, that shouldn't be a problem.

And the best part is, this card is completely fee-free. There is absolutely no annual fee on this card, no late fees, no fees if you go over your limit, no fees on balance transfers, and no fees on cash advances. When you use the Clear card from American Express, you don't have to pay your credit card company every time you pay someone else. It doesn't get any clearer than that. However, this doesnt mean that you can simply forget about making your payments. If your minimum payments aren't paid within your grace period twice within any part of a twelve-month billing period, your APR will rocket up to 21.99% + Prime Rate for a minimum of twelve billing periods, so make sure to stay on top of your payments.

This card offers great benefits and services, like auto rental insurance, purchase protection, and up to $100,000 in travel accident insurance, as well as a free year-end credit report. For those who qualify, this card offers a reasonable APR on both purchases and balance transfers, as well as an introductory APR of 0% for your first twelve months, and a 5.99% APR on balance transfers for the lifespan of the loan on transfers that you submit with your application.

(Review Updated: March 11, 2008)

Estimate Reward Earnings

0% Intro APR on Purchases for 12 months
11.24% Regular Variable APR for Purchases
20.24% Regular Variable APR for Cash Advances

31 days Grace Period

(* 5.99% fixed APR on balance transfers)

Finance Configuration: Average daily balance (including new purchases).

Additional Cardholders: $0

Late Payment Fee: n/a

Over-The-Limit Fee: n/a

Cash Advance Fee: n/a

Balance Transfer Fee: n/a

Minimum Credit Limit: n/a

Maximum Credit Limit: n/a

Type of Reward: Rebate

Rebate Minimum: 1%

Rebate Maximum: 1%

Additional Rebates: When you spend $2,500, you get an American Express® branded shopping card worth $25.

Bonus Rebates First Purchase: n/a

Bonus Rebates Other: n/a

Expiration: None (Shopping cards expire 1 year after they are issued.)

Yearly Limit: None

Additional Features for Clear from American Express®:

Various Internet account related services.
Free year-end credit report including credit score.
Year-end financial statement.
Identity theft assistance.
No liability for unauthorized transactions.
Built-in ExpressPay feature that lets cardholders make purchases without having to swipe their card.
Purchase protection.
Return protection.
Extended warranty for purchases.
Emergency card replacement.
Auto rental insurance.
Access to Global Assist® hotline.
Medical referral services.
Legal referral services.
Roadside assistance.
Up to $100,000 in travel accident insurance.
See website for additional benefits.

Important Notes for Clear from American Express®:

Card is currently unavailable to residents of Puerto Rico.
The APR for purchases varies according to the applicant's credit history and will be 5.99%, 7.99%, or 9.99% + Prime Rate.
Although there are no late fees or over the limit fees, if minimum payments are not paid within the grace period for two times during any portion of a twelve-month billing period, the default APR of 21.99% + Prime Rate will be applied to all balances for a minimum of twelve billing periods.
See website for complete terms and conditions of card usage and application disclosure.

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Notes: The review on Clear from American Express® was updated on March 11, 2008. The review is believed to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully read the Terms and Conditions statement that accompanies the credit card application.