The no preset limit Amex feeds people is a lie. People are getting 'exposure' limits on their charge cards. A lot of them were the folks that would normally spend $2,000 oe more a month on an Amex charge card. They would find out when they log in to the Amex website or the charge card would be declined while they were making a purchase. About 60% are the ones who do have a few baddies on their reports or are newer to Amex or don't have a 20 year credit history. The reason I do know anything about this is that I am on the credit board forums quite a bit and surfing the web. I don't have an Amex charge, but a CC with them. Why pay an annual fee for most of the features I am not going to use? In a few years, my credit needs might change.

Now that interesting Cnative, I would think that since your spending limit is unlimited (based on previous spending habits and payment history) that the Charge Cards would require a higher FICO score.

Lets say I have a zero at the begining of every month and on the second of the month I put $10K in cash on my card giving me a credit of $10K. Now at the end of every month I use all the money up and back down to a zero balance. Now this particular month on the first day I attempt to purchase an item for $10K and have a zero balance vs a $10K credit balance, will AMEX approve ?

So which do you need the better fico score, Amex Charge Cards, or the Amex Credit Cards ?

I have heard for the Green and Gold charge card you do not have to have as high a FICO, but that does not mean that they will give you endless spending power. Because the balance is due in full each month and you pay an annual fee, they take less of a risk on you compared to a credit card product.

So which do you need the better fico score, Amex Charge Cards, or the Amex Credit Cards ?

I always need the better FICO score. I can do much more with a better score than any Amex cards (charge or credit).

You should be more specific, what cards you try to compare.

Delta Gold vs Platinum Charge or Green vs Blue Cash.

So which do you need the better fico score, Amex Charge Cards, or the Amex Credit Cards ?

One of the speculations that CU's will conduct business as usually, that's why I am about to get 2 more CU CC's in addition to an existing one.

APR is not relevant, I PIF, including major purchases, that's what savings are for.

AF should be reasonable and justifiable. I have found only one card with AF where I can somehow justify AF. To justify AF means the card provides valuable perks.

I refuse to pay AF for regular card. Lender gets merchant fee and it should be enough. I can live on cash and banks not only won't get AF from me, but also they won't get merchant fees. What's wiser profit wise? The same is with grace period. No grace period no business.

Yeah I think we both read that same article about CUs. I can and will wait until MY INQs get back to at minimum low single digits, that will be around 11/2010. I believe I can hold out that long, despite the fact that I need a 3rd credit card and I don't want to get one now if it will require it being in 3 digit land.

I am glad to see someone else PIFing like I am. It gives me hope that there are more people like us that banks can not ignore just because we choose not to be suckers (no offense to those with "life" happening to them though...paying an APR is a personal choice, and I for one choose not to do so).

One of the speculations that CU's will conduct business as usually, that's why I am about to get 2 more CU CC's in addition to an existing one.

APR is not relevant, I PIF, including major purchases, that's what savings are for.

AF should be reasonable and justifiable. I have found only one card with AF where I can somehow justify AF. To justify AF means the card provides valuable perks.

I refuse to pay AF for regular card. Lender gets merchant fee and it should be enough. I can live on cash and banks not only won't get AF from me, but also they won't get merchant fees. What's wiser profit wise? The same is with grace period. No grace period no business.

My opinion, no one will escape AF's should the banks go that direction. CG101, your a shareholder with BOA. You see the your shares start to gain value but at the shareholder meeting you see that profits can increase by assessing annual fee's to current cardholders. BOA devises that the cardholders with the lowest FICO scores will pay a higher annual fee than, as you say, someone with a 751. Do you now vote down the ability to increase your share value or do you vote for annual fees based on a tier system ?

Or CG101 do you consider charging interest the moment you make a purchase with your credit card. In this manner, everyone pays interest when its time to pay your bill. Consider you have just payed to have your house replummed and the cost is $3500 and your not going to be able to pay if off in one month, so your being charged interest from day one until you have it payed off. Wouldn't a one time AF of say $30 out weigh the interest your going to pay down the road ?

Make no mistake CG101, the banks are going to recoup the losses the Govt is trying to impose with these new laws, it comes down to the lesser of two evils ........................

It is partly out of fear of the scenarios you just described that I PIF currently, even "major purchases". I just bought a $1500 washer and dryer. I had the cash, so it is PIFed and I own it outright now. I am by no means rich but I have cash on hand. Should the banks get rid of the grace period (especially BOA, who's considered to be the "worst" of the banks, worst than Citi [explain that one[/quote]), I can go back to cash. You have to realize one thing...I went without having ANY credit for a good 5-6 years of my life because I was a financial mess! My finances, thanks to my DF, are now under control and I only use credit to get things I need now but have no problem currently as I can budget within the grace period. I can not be in the total minority, despite what the media suggests. If the banks eliminate grace, I will have to shred my cards and they can close me by themselves if they want.

Now if it's an AF that I have to deal with, I will most certainly do that, but one thing you have to keep in mind is the banks don't just make their money off the interest, despite what the media tells you. They have merchant fees that they collect on and they can increase that. Though I fear that will get passed on to the consumer and goods will just cost more. Still, I concede to the point that an AF would be much preferable to a lack of a grace period. Though I ask that you at least "have faith" that nothing is written in stone...AF-less CCs *may* still be possible after the dust and smoke settles. Right now all we're hearing is speculation and conjecture on the part of EVERYONE because of the new regs. We won't know what the final outcome will be until we get stuff in the mail.

My opinion, no one will escape AF's should the banks go that direction. CG101, your a shareholder with BOA. You see the your shares start to gain value but at the shareholder meeting you see that profits can increase by assessing annual fee's to current cardholders. BOA devises that the cardholders with the lowest FICO scores will pay a higher annual fee than, as you say, someone with a 751. Do you now vote down the ability to increase your share value or do you vote for annual fees based on a tier system ?

Or CG101 do you consider charging interest the moment you make a purchase with your credit card. In this manner, everyone pays interest when its time to pay your bill. Consider you have just payed to have your house replummed and the cost is $3500 and your not going to be able to pay if off in one month, so your being charged interest from day one until you have it payed off. Wouldn't a one time AF of say $30 out weigh the interest your going to pay down the road ?

Make no mistake CG101, the banks are going to recoup the losses the Govt is trying to impose with these new laws, it comes down to the lesser of two evils ........................

I will keep it real. I am one of them

I is also a hater (of Amex, not the users of Amex).

I don't care about the AFs they charge, it is Amex after all, but what gets me is that they will blatantly discriminate against you based on where you live and where you go to school. Plus, there are a number of places that don't even take Amex, but it is so full of prestige...

F' them. I'll stick with Visa and Mastercard as they are accepted everywhere, including the bodegas (say it with me, BO-DE-GA [what movie? LOL]) by my house.

Also, I am of the opinion that by the time lenders get to AF for people like me, I can transfer to a card that will not charge one. AFs will not (totally) be the norm, it will just be based on what your Ficos are at the time. If you're in mid to high sevens, IMHO your AF will either get waived or they will move you to a card that won't charge one. That doesn't mean I will try for Amex though....I stand by what I said.

For me Brian23, its not the power but the accomplishment

Yeah, I felt pretty cool with my Amex Gold when I was 20. But I am over that now. I am happy with my fee-free Blue.

Amex is very fickle right now. When I got my Amex Blue (now Clear) on August of 2007, I was just happy to get approved because I needed a credit card due to an out of state vacation. Amex has only rewarded me is by giving me a CLD from $2,000 to $500. That king of credit limit is barely enough to keep it open. I use it for my iTunes purchases or running up to CVS to pick up toliet paper or milk. Amex cards used to be the card to have but since the credit crunch and with Amex cutting limits, balance chasing, financial reviews and closing the card, they are not. Seems like Discover and Chase cards are the better cards to have because they did stay out of the sub-prime mess. Amex did get into the sub-prime mess.

For me Brian23, its not the power but the accomplishment

Any CC with an AF gives me the hives. I see no reason for it in my situation.

True, but there's something about having an AMEX card that makes people (aka me lol) feel powerful....lol....