40 Prominent Finance Myths Debunked

18. American Express Cards Can’t Be Used Anywhere

It used to be that back in the day you could go into a store and see a sign that said: “Sorry, American Express is not accepted here.” Times have changed, and that’s not the case anymore, but about 10 to 15 years ago that was extremely common. This happened because American Express charged retailers exorbitant fees.

These days the most popular credit card companies are MasterCard and Visa. Virtually all retailers accept those cards. Many are catching up and accept American Express as well, but it’s smart to do your research to find out if the places you want to go will accept your AMEX card. Experts recommend having a Visa or MasterCard back up with you in case your American Express card is not accepted by a retailer.