For anyone willing to apply for new credit cards just to take advantage of their sign-up bonuses, there are a few new offers from American Express.
American Express® Preferred Rewards Gold Card
The AmEx Preferred Rewards Gold Card is offering 10,000 bonus Membership Rewards points after your first purchase. You can redeem those points for a $100 gift card or a variety of services offered by American Express. If you don’t use those services, be sure to cancel the card before you are charged the $125 annual fee, which is waived for the first year.
American Express® Preferred Rewards Green Card
The AmEx Preferred Rewards Green Card is offering 5,000 bonus Membership Rewards points after your first purchase. Like the Gold Card, you can redeem those points for a $50 gift card. Membership fees with the Green Card are waived for the first year, but after that, you will be required to pay $95 each year to keep your card in good standing.
If you intend on opening these cards, redeeming the bonuses, and leaving the cards open but inactive, watch out for those annual fees starting in the second year. If you plan on grabbing the bonus and closing the cards once the rewards are redeemed, be aware that opening and closing accounts could have a detrimental effect on your credit score.
Updated January 12, 2011 and originally published December 23, 2007. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.
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