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One of the world’s largest credit card issuers is doing away with what was once a hallmark of the credit card experience. Monday, American Express announced that it would be eliminating signature requirements from its cards globally. Starting April 2018, whenever an Amex customer swipes their card, they will no longer need to sign a receipt for the merchant.
Amex says signatures, originally a way to fight fraud, have become irrelevant to credit card security.
“The payments landscape has evolved to the point where we can now eliminate this pain point for our merchants,” said Jaromir Divilek, an Amex EVP, in a statement. “Our fraud capabilities have advanced so that signatures are no longer necessary to fight fraud. In addition, the majority of American Express transactions today already do not require a signature at the point of sale as a result of previous policy changes we made to help our merchants.”
Advances in technology like chip, contactless payments (i.e. Apple Pay) and more people shopping online were a few of the reasons for the policy change.
In October Mastercard said it would be doing away with the signature requirement, and just days ago Discover said it was doing the same. Amex had already dropped signatures for transactions under $50. Merchants will still have the ability to accept a signature, especially since it’s required by law in some places.
Visa is now the last major credit card company to require signatures for in-person purchases.
Featured image by Tetra Image / Getty Images.
The American Express Platinum card has some of the best perks out there: cardholders enjoy the best domestic lounge access (Delta SkyClubs, Centurion Lounges, and Priority Pass), a $200 annual airline fee credit as well as up to $200 in Uber credits, and mid-tier elite status at SPG, Marriott, and Hilton. Combined with the 60,000 point welcome offer -- worth $1,140 based on TPG's valuations -- this card is a no-brainer for frequent travelers. Here are 5 reasons you should consider this card, as well as how you can figure out if the $550 annual fee makes sense for you.
- Earn 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months.
- Up to $200 for Uber rides annually. Credit and Uber VIP status available to Basic Card Member only.
- 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel.
- 5X Membership Rewards® points on eligible hotels booked on amextravel.com.
- As a Platinum Card Member, you can enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
- Receive complimentary benefits with an average total value of $550 with Fine Hotels & Resorts. Learn More.
- $200 Airline Fee Credit, up to $200 per calendar year in baggage fees and more at one qualifying airline.
- Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
- $550 annual fee.
- Terms Apply.
- See Rates & Fees