Q: My credit scores are above 750, but I applied to American Express, and they rejected me due to a bankruptcy. I’ve had an American Express card before. What card would you suggest?
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With just a handful of exceptions, American Express declines new charge and credit cards to former cardholders whose accounts fell into delinquency. However, you can still get many of the features and benefits you love about American Express by mixing and matching some alternative cards.
- American Express prepaid cards. American Express has taken an aggressive approach to the prepaid market over the past few years, attaching some of the company's most popular features to its series of prepaid cards. Branded as Serve, Bluebird and American Express Prepaid, each card serves a different target audience with fees much less than those of typical prepaid cards. In fact, if you're trying to get access to purchase protection, price protection and warranty extension benefits, you'll likely pay far less in fees with one of AmEx's prepaid cards than you would on most of the company's charge cards.
- Visa Signature credit cards. Your credit score may be high enough to qualify for a Visa Signature card from a variety of issuers. Visa Signature cards offer many of the same perks and privileges as American Express Gold and Platinum charge cards, often with far smaller annual fees. Citi, Barclaycard US, U.S. Bank, and Chase all offer versions of Visa Signature accounts for consumers with credit histories similar to yours. While perks and privileges may vary by issuer, every Visa Signature credit card comes with access to a team of concierges who love to help you snag tough reservations, make travel plans, and solve problems.
Of course, depending on how you used your American Express card in the past, you may find a single credit card that includes all the features you love. For instance, the Capital One Venture Card may help you earn travel rewards similar to those you enjoyed in the past, while Ink from Chase can help you manage business expenses. Compare credit cards online to find the right match for your current situation.