Review: Ameriprise Financial Credit Cards

ameriprise-credit-card225Ameriprise Financial offers a number of credit cards exclusively to its clients, though none are so exciting that they would motivate you to become a client if you’re not already. Below we give a short review of each card, along with our thoughts on whether there are better cards on the market:

  • The Ameriprise World Mastercard is a standard rewards card that gives you one point per dollar charged to the card. You can redeem points for cash, travel, entertainment rewards, etc. Each point is equivalent to a penny, or 1% of your purchases, but if you deposit your points into an Ameriprise account, you can get a bonus that potentially kicks the cash-back percentage up to 1.25%. You can also have the percentage increased to 1.5% if you use the points toward Ameriprise financial planning services. No annual fee. The card is issued by Barclays Bank. While this card is OK, it’s worth comparing it to other options that we think are much more attractive on our Cash Back Credit Cards page.
  • The Ameriprise World Elite Mastercard has an annual fee of $150 (unless you are an Ameriprise Achiever Circle Elite customer, in which case it’s free). For that extra $150, you get similar rewards, except your cash-back percentage when deposited into an Ameriprise account is 1.5%. If you are an Ameriprise Achiever Circle client, you can also get a 25,000-point bonus if you deposit at least $50,000 into a non-retirement account with Ameriprise. Overall, though, you could earn more cash back from many no-annual fee cards listed on our Cash Back Credit Cards page.
  • The Platinum Card from American Express for Ameriprise has a $550 annual fee (waived for the first year). Its main benefits are travel-related, including 5 points per dollar on flights and hotels, airport lounge access, reimbursement for up to $200 per year in incidental airline fees, $200 Uber credit, and a credit for the Global Entry traveler program (which allows you to get through the airport quicker when returning from international travel). The card also has the standard American Express Membership Rewards program, on a point-per-dollar formula, with the ability to get 5000 extra points for each $20,000 charged to the card (up to 30,000 bonus points per year). Could be good for the frequent traveler, but that $550 fee is tough to justify otherwise.
  • The American Express Gold Card for Ameriprise has a $160 annual fee (waived for the first year). You earn 2 Membership rewards points per dollar on flights and restaurant purchases, 1 point per dollar everywhere else. Not much here to like, hard to justify this card once the $160 annual fee kicks in.