Union Bank Graphite American Express® Card

Consumers that enjoy travel rewards and cash back can reap significant benefits from the Union Bank Graphite American Express® Card. Likewise, if you can qualify for the lower APRs. But stiff fees and a punishing penalty APR could wipe out any savings.

The Union Bank Graphite American Express® Card is a bank-issued prestige consumer credit card. It is not intended for students or for business use.

There are no annual fees for the first year; after that the annual fee is 99 dollars.

Cardholders receive 3 points for every 1 dollar (equal to 3 percent cash back) for airline purchases, 2 points for every 1 dollar for gas and grocery purchases and 1 point for each 1 dollar spent for everything else. There is no limit on the number of points that can be earned. Points expire after three years. Cardholders also benefit from concierge services, one discounted domestic companion ticket on each anniversary, travel accident insurance, purchase protection, extended warranty and auto rental collision damage waiver coverage. There are also no preset spending limits.

There are no foreign transaction fees.

Late payments are penalized 37 dollars; returned payments are penalized 35 dollars. Balance transfers are charged 10 dollars or 3 percent per transfer, whichever is greater. Cash advances or cash equivalent advances are charged 15 dollars or 5 percent each, whichever is greater. Paid overdrafts are charged 10 each day.

The Union Bank Graphite American Express® card provides generous cash back benefits and the excellent customer service that American Express® cardholders have come to rely on. But the high annual fee and stiff penalties could wipe out many potential benefits. This is especially true if you are ever subject to the steep penalty APR.