no preset limit credit card

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First National Bank American Express Card | Like To Travel?

When you travel with the First National Bank American Express Card, you’ll receive all-star treatment everywhere you go. The card is designed with travelers in mind and offers several enticing features to fetch your business.

First the basics: the First National Bank American Express Card delivers cash back credit at the rate of 2% of total purchases for gas and groceries. All other “qualifying” purchases receive cash back at a 1% rate. Cash back credits come in increments of $25. There’s no annual fee and no rebate limit, although rebates do expire three years after they are earned. There’s also no preset spending limit (see below). Of course, you will need fair to excellent credit (660 and up) in order to ever enjoy the pleasures of this (or most any other) major credit card. And if you make at least $500 in purchases during the first 6 months of owning the First National Bank American Express Card, you will receive a $50 cash back bonus. Sweet and simple.

APRs and fees for the First National Bank American Express Card:

After a 12 billing cycle 0% introductory APR, your credit worthiness will dictate whether you receive a 13.99%, 16.99% or 19.99% regular APR. Cash advance APR is 25.24% and any penalties you incur will have an APR of up to 29.99% attached to them, again dependent of your credit worthiness.

There are no annual fees for this card. During the introductory period (12 billing cycles), balance transfer fees are 3% of the balance transferred with a minimum fee assessed of $10. After the intro period, balance transfer fees go up to 5% of the amount transferred.

If you take a cash advance, then you will incur a fee of 5% of the amount or $15, whichever is more. There are no introductory rates that apply to cash advances. In the event that you incur late fees or returned payment fees, they will be up to $35. And foreign transaction fees are always a straight 3% of the transaction total.

Like all credit card issuers, First National Bank retains all rights to change these rates and fees, as law allows them to, at any time and for any reason they see fit. Customers are advised to make their payments faithfully and on time in order to avoid any increases in rates and fees associated with their cards. Of course, the bank may also choose to void your First National Bank American Express Card at any time they care to. Any payments you make will be applied at the discretion of American Express and First Bankcard.

“No Preset Spending Limit” for the First National Bank American Express Card

Many people are enticed by the “no preset spending limit” feature of this credit card. You should know that “no preset spending limit” is not the same as “enjoy unlimited spending”. Rather, each account is assigned revolving credit limitations for cash advances and for purchases. On cash advance transactions, you may advance only as much as your preassigned spending limit. For purchases, you may or may not be entitled to spend beyond your preset limit.

Every purchase transaction that you attempt to initiate with the First National Bank American Express Card is authorized (or not) based on several factors including:

  • The history of your account;
  • Your general credit record;
  • Delinquency patterns;
  • Suspected fraud;
  • Your ability to repay;

In the event that your account is authorized to exceed your preset credit limits, then you will have a new monthly minimum payment due. The new amount will be the “old” minimum monthly amount PLUS the amount by which the “old” amount is exceeded. So you see, “no preset spending limit” is actually quite different than no spending limit at all.

The best key to keeping the credit revolving and available is to make your payments on time, every single time with no exceptions. There’s a huge amount of competition to maintain and increase credit scores these days, and credit card issuing companies, as well as all types of businesses that extend credit of any form, are becoming quite picky – and they will penalize you strongly for even an occasional late payment. If you want to be a winner in the credit card game, make those payments STAT!

Balance transfers with the First National Bank American Express Card:

First Bankcard retains the right to approve or disapprove all balance transfer transactions that you may attempt to initiate. They also state that they not liable for any balance transfers that they fail to make at your request. The actual amount that may be approved for a balance transfer may be less than your actual account balance. If you request a given amount of transfer that exceeds the amount approved, then a smaller amount may be transferred, if any at all.

Further, it is you that will be liable for any late fees or disputes from any other accounts. It is up to you to close any other accounts (if desired) after transferring funds to or from them. The intro 3% balance transfer fee goes up to 5% after the 12 billing cycle introductory period. Fees and finance charges tacked on to balance transfer transactions have no grace period for repayment.

The First National Bank American Express Card is not to be confused with the Graphite American Express from First National. That card has a $99 annual fee and an entirely different rate, fee and reward structure. The actual issuer of the card is First Bankcard, one of the divisions of the First National Bank of Omaha. Of course, all cards issued from First Bankcard are subject to all standards, rules and stipulations as set forth by American Express. To get all the fine-print details concerning the First National American Express, please see the website.

The First National Bank American Express Card is a solid performer with special appeal to those who appreciate the opportunity to exceed their preset spending credit limits. If you want a card that rewards you for prompt payments and stellar loyalty, then this is a definite choice for your short list.