The Mercedes Benz Credit Card from American Express

Mercedes-Benz has joined forces with America’s favorite card provider, American Express, to offer a brand new exclusive credit card aimed at Mercedes-Benz enthusiasts. The card may well appeal to drivers of Mercedes-Benz who like the appeal of an exclusive card and the benefits it offers, which primarily center round the generous rewards program.

As an actual card the interest rates on offer are nothing special and the introductory offer of zero percent on purchases is only available for six short months. However if the card holder does not carry a balance the rates will be irrelevant and the card can be used solely to benefit from the rewards, and the cachet of carrying the card.

Actual interest rates applied on the card are currently 15.24% variable on purchases, following the six month introductory offer. The same rate applies to balance transfers but no introductory period is offered. The balance transfer fee is $5 or 3%, whichever is greater. The cash advance rate is 25.24% with the same fees applied as for balance transfers. The penalty APR is 27.27% and may be applied if one or more payments are made late or if a payment is returned. The foreign transaction fee is 2.7%.

The real benefit of signing up to for the American Express Mercedes-Benz card is the reward program, though applicants should consider if the rewards will outweigh the $95 annual fee. Cardholders points per dollar spent are tiered by category: five points are awarded per dollar spend for eligible purchases from Mercedes-Benz dealers, excluding loan and lease payments; three points for gas purchases; two points for restaurant spending; and one point on everything else.

Initial spending on the card brings additional rewards. After the first purchase card holders receive 5,000 bonus points and a $50 gift certificate towards purchases of Genuine Mercedes-Benz accessories. The gift certificate is an annual offer. Another annual offer is a $500 certificate towards the purchase price or lease down payment on a Mercedes-Benz car purchase authorized by a Mercedes-Benz dealership. To qualify for this the card holder must spend $5,000 on the card within a year of opening an account. An additional benefit to card holders is they are eligible to waiver 1,000 excess miles on a lease at the time of lease termination.

Customers who seek even greater benefits can consider the Mercedes-Benz Platinum card from American Express, available for an annual fee of $475. Of course Mercedes-Benz also offers exclusive benefits to members of the Mercedes-Benz club of America, with no need to sign up for the credit card.