The Knot Credit Card

In December 2005, American Express launched The Knot credit card, which is its first credit card catering to engaged couples planning their wedding.

The Knot credit card was created in association with the media company, The Knot, which has a website and an online wedding store for newly-engaged couples. The Knot credit card is designed to provide couples great benefits and assistance while doing major spending for their weddings and soon-to-be homes. The card is packed with rewards, exclusive discounts, and special privileges courtesy of The Knot and American Express.

Staple benefits from the Knot credit card include savings and discounts from the Knot’s online store and a customized “wedding planner kit” to help the couple get started with their wedding plans. The kit contains a wedding binder, exclusive perks from The Knot, and discounted vacation rewards from American Express. It also includes special discounts from major wedding retailers and home décor shops locally and nationally and free access to special events such as bridal dress sales.

Membership rewards from the Knot credit card are earned through a points system. Every $1 spent on the card gives the cardholder 1 rewards point that can be redeemed through AmEx’s rewards program. Upon account opening, a cardholder automatically gets 5,000 bonus points. When the Knot credit cardholder spends $15,000 within the year, another 10,000 bonus points will be given. There are no caps on the amount of points that a cardholder can earn and no expiration on the points s/he can accumulate.

What are the fees attached to the Knot credit card? For the APR, the rate can either be 7.99%, 5.99%, or 3.99%, depending on the applicant’s creditworthiness. The Knot credit card uses the average daily method to calculate balances every month. The balance transfer feature uses the same APR as that on purchases. Cash advances, on the other hand, get an APR of a variable 14.99%. They are also imposed with a transaction fee of 3% of the amount or $5 minimum. All transactions of credit card also get a minimum finance charge of $0.50 per month. When the Knot credit cardholder misses a payment or fails to follow the terms and conditions stated, a penalty APR of 21.99% will be applied. For cardholders who follow rules and pay for their dues in full and on time every month, the Knot credit card gives a grace period of 20 days for the next month.

Penalty fees for the Knot credit card include a late payment fee of $30 and an over-the-limit fee of another $30. The good news is, it doesn’t charge any annual fee.


Source: Credit Cards For People With Bad Credit Rating

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