Amex

  • Posts: 648

Replied by smcc on topic Re: Amex

You know Eldarwen I can live with the Annual Fee opinion, to some its just too much. Now as far as leaving something extra on their account to be reported, we all have an extra credit card for that. I am sure by now you have seen all the offers your Premier Gold Card comes with. Take advantage of some of the offers, use your card for all gas and grocery purchases and the card pays for itself.

I know to each his own, but the $175 is worth it.
13 years 11 months ago #136
  • Posts: 532

Replied by Eldarwen on topic Re: Amex

If you know that everything your going to charge is within the realm of you paying it off in 30 days why not use a Charge Card exclusively ? If you have to make a purchase that is going to take you longer than 30 days to pay it off then obviously a credit card is your choice, bur using a Charge Card makes life simple.


Some people simply don't like paying an annual fee. Some actually like having a credit limit that reports to the credit reports. What can kind of suck about a charge card is that there is no reported limit but what you charged in a single month does report. If you have a really high and good credit score, it shouldn't matter that much. In credit repair or credit building, it can hurt.
13 years 11 months ago #137
  • Posts: 1265

Replied by Wanderer on topic Re: Amex

If you know that everything your going to charge is within the realm of you paying it off in 30 days why not use a Charge Card exclusively ? If you have to make a purchase that is going to take you longer than 30 days to pay it off then obviously a credit card is your choice, bur using a Charge Card makes life simple.


Hey... hey ... hey... I didn't recognize you. Must have gotten one of those "makeovers" :shocked:
13 years 11 months ago #138
  • Posts: 648

Replied by smcc on topic Re: Amex

If you know that everything your going to charge is within the realm of you paying it off in 30 days why not use a Charge Card exclusively ? If you have to make a purchase that is going to take you longer than 30 days to pay it off then obviously a credit card is your choice, bur using a Charge Card makes life simple.
13 years 11 months ago #139
  • Posts: 532

Replied by Eldarwen on topic Re: Amex

Sometimes a charge card can be good for somebody who is just starting out in the credit world. Get them in the habit of paying in full.
14 years 1 day ago #140
  • Posts: 1265

Replied by Wanderer on topic Re: Amex

Amend :white-flag:
14 years 2 days ago #141
  • Posts: 31

Replied by cce on topic Re: Amex

I can't say that one is better than the other with charge card vs credit card. I think it is a matter of preference and what you like for rewards. Having a charge card can hurt your FICO because it doesn't report a credit limit, but just your balance. What I do every month is leave a small balance on one of my cards to show utilization and that helps my score.

I would add that a charge card is good for someone that isn't disiplined in paying off balances, or is an expert at splurging. Knowing you have to pay it off by the next statement will keep your habits in check. :shopping:
14 years 2 days ago #142
  • Posts: 532

Replied by Eldarwen on topic Re: Amex

I can't say that one is better than the other with charge card vs credit card. I think it is a matter of preference and what you like for rewards. Having a charge card can hurt your FICO because it doesn't report a credit limit, but just your balance. What I do every month is leave a small balance on one of my cards to show utilization and that helps my score.
14 years 1 week ago #143
  • Posts: 1265

Replied by Wanderer on topic Re: Amex

smcc - in reviewing our recent comments... you have a pretty full background to work with... Good luck in your decision making.
14 years 1 week ago #144
  • Posts: 1257

Replied by ColoNative on topic Re: Amex

Ok Cnative, Wanderer, besides extending payments over time, what major advantage do I get applying for an AMEX credit card that I don't have with their Charge Card ?

Looking to expand my footprint within AMEX without upgrading to a Platinum, i.e. getting more perks possibly with a Credit Card

Thanks !


Really just taking advantage of different rewards such as cash, hotel or airline. For me, I wanted an Amex but I didn't want to pay an annual fee. I closed my Gold card for that reason. Also, you can combine Membership Rewards from a Blue card with those of a charge card.

Also, as I have said before, Amex backdates new accounts to your original member since date. So if in the future you need a credit card with a low rate, or low balance transfer rate etc. you could rely on Amex to open a new account that appears old. I opened my Blue in 2008 but it reports as opened in 1999. Can't beat that.
14 years 1 week ago #145
  • Posts: 1265

Replied by Wanderer on topic Re: Amex

smcc - :cc: Interesting question. American Express Charge Cards and American Express Credit Cards report the same to the three CB's and carry no more or less weight in the FICO or Vantage credit scoring model formulas (on my credit reports anyhow). That said, it is purely one of personal choice. An AX Charge Card forces discipline on the credit card account holder to make the required you shall pay the full balance on the due date vs you may pay only the minimum balance and pay over time. Now let's talk about playing with the FICO/Vantage Credit Scoring Model Formula. I have played with the formula and found (based on my personal credit profile) that if I leave balances of under $1,000 per month spread over more than one credit card(s) I see higher credit bureau reported scores. When I pay in full, I actually see a lowering of my scores. No this is NOT a fluke, I have played with the bureaus credit reporting scoring models/formulas on planned numerous occassions and the results were the same. PIF every month was to my disadvantage. I know this may seem strange but, PIF with all reporting credit lines showing active accounts with no balances lowered my score! How might this apply to you? Depending on your other credit cards, it may make no difference. The drop in credit scores was but a few points (generally less than ten) points so it may be unimportant. Other cards reporting some balances would be enough. Not every card needs to show a balance to maintain the extra points for active accounts with active balances. :white-flag:Whew this was a lot but it was my scientific approach to determine the effect on my own credit reports.
14 years 1 week ago #146
  • Posts: 648

Replied by smcc on topic Re: Amex

Ok Cnative, Wanderer, besides extending payments over time, what major advantage do I get applying for an AMEX credit card that I don't have with their Charge Card ?

Looking to expand my footprint within AMEX without upgrading to a Platinum, i.e. getting more perks possibly with a Credit Card

Thanks !
14 years 1 week ago #147
  • Posts: 1257

Replied by ColoNative on topic Re: Amex

Yeah, it's became so common too! I see it everywhere. I would settle for any AMEX credit card though. I was pre-selected for a couple of their charage cards about a week ago... Thinking of checking that again in about two months to see whats up then. I also signed up to recieve special emails offers.


Yeah I like it too. If your credit is worthy and you have solid income, than I would pass on any college card. You could always apply for this Zync card. Pay the $25 annual fee to get your foot in the door with them without going broke. Then in a year or two apply for that Costco True Earnings. Amex will backdate the new account to 2010 (if you open the Zync now).
14 years 1 week ago #148
  • Posts: 532

Replied by Eldarwen on topic Re: Amex

One of the requirements of the Costco Amex is to have a Costco membership. So it's only good if you have a Costco membership. If you don't shop there then the chances are much greater that you will be denied. Costco, actually has nothing I want or would use. My mom has a membership with Costco and was denied the Amex. But you can use any Amex card at Costco.
14 years 1 week ago #149
  • Posts: 534

Replied by Joeyman on topic Re: Amex

Me too, I think they are still a great card. I like the one you are looking at too. The Costco True Earnings, it is a great design.



Yeah, it's became so common too! I see it everywhere. I would settle for any AMEX credit card though. I was pre-selected for a couple of their charage cards about a week ago... Thinking of checking that again in about two months to see whats up then. I also signed up to recieve special emails offers.
14 years 1 week ago #150