Companion Credit Cards
What Is A Companion Card?
If you’ve ever looked into credit cards, you probably know that American Express offers some of the best rewards, benefits and features among the credit card networks. An American Express card has some of the most exclusive benefits, offers some of the best coverages and has a fairly competitive set of features to match the other credit card networks.
It’s also one of the least accepted cards, for whatever reason. For that reason, it’s much less used than Visa or MasterCard. Companion cards are changing all that. A companion card is a credit card account which is linked to two different credit cards, allowing you to earn the benefits of whichever one you use for your purchases. Say you get an account with a MasterCard and an American Express. Obviously, you can use your MasterCard almost anywhere. The American Express, on the other hand, offers you more points and better benefits. They both have the same terms and conditions, they’re both linked to the same account, etc.
To make the most of the attached rewards program, then, you make all of your purchases with American Express anywhere it’s accepted. If American Express is not accepted, simply pull out your MasterCard, and the same account will be charged. You’ll also still earn reward points, though only about half of what the American Express would have earned. But hey, half is better than none, right?
This give you the opportunity to earn more rewards points and to do so with only one account, one payment and one annual fee. Over recent years, more banks and consumers alike are jumping on board the idea of using an American Express companion card, and both credit card users and American Express are enjoying the deal immensely. All four of Australia’s big banks offer at least one companion card account, some offer many more.
For American Express, this has turned out to be an excellent deal. Research into the market shares of credit card companies has shown that over the past 12 months, American Express/Diners’ Club cards have increased their monthly value of their transaction by 2.3%, which isn’t a small number. This is, more than likely, the effect of these companion cards being used by rather excited customers.
In the wake of the Global Financial Crisis, which dealt a hard hit to American Express, these cards are great. The cards make it easier to get American Express in the hands of consumers, and those consumers are spending more as the effects of the GFC start to fade away and their faith in the economies of the world are returning.
You can enjoy the benefits of both a Visa or MasterCard, and an American Express on one simple, easy to manage account thanks to the introduction of companion cards from some of Australia’s most trusted banks. If you like to know that your card is going to be accepted anywhere you are, and you want the benefits of the exclusive American Express card, there’s no better way to get it. Enjoy the benefits of two of your favorite cards, with one account, one annual fee and one monthly payment.
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