topic Re: Amex Business Card - They say it´s not a late payment...is it true? in Business Credit

Amex Business Card - They say it´s not a late payment...is it true?

fkrasovitzky — Fri, 01 Jun 2012 18:30:45 GMT

Hi everyone. My wife was recently diagnosed with cancer and my life has been a little crazy lately with treatments, doctor visits, taking care of the kids, etc, etc. As a result, I haven´t been able to catch up with all pending emails, payment alerts, etc. Anyway, I just realized that I´m 3 days late on my Business Amex Card payment (it´s under my name and my company´s name) which was due on May 29. I´ve just paid it (June 1st) and called Amex to explain the situation (I haven´t missed one single payment on my personal or business amex card ever). To my surprise, the amex representative told me that she had excellent news for me : I wasn´t late !!! She explained that even when my due date was May 29, there is a grace period until my next statement is generated (June 12th) so as long as I pay before this date they will not consider it as a late payment. Is this true? Is this late payment not a late payment? Will it affect my company or my personal credit history? Thanks a lot for your help !

Re: Amex Business Card - They say it´s not a late payment...is it true?

injustifiiable — Fri, 01 Jun 2012 18:37:12 GMT

It really depends.

Is it a charge card or a revolver?

Re: Amex Business Card - They say it´s not a late payment...is it true?

fkrasovitzky — Fri, 01 Jun 2012 18:35:02 GMT

It´s a Platinum Business Card (charge)

Re: Amex Business Card - They say it´s not a late payment...is it true?

OhioCPA — Fri, 01 Jun 2012 18:40:36 GMT

It wouldn't affect your credit history until it was 30 days late. Amex charge products have a "please pay by date". This date is a suggestion in order to make sure your payment arrives in time for the statement date. As I recall, Amex doesn't even charge a late fee if you were to miss the first payment, which from the sounds of it you haven't.

Re: Amex Business Card - They say it´s not a late payment...is it true?

injustifiiable — Fri, 01 Jun 2012 18:38:48 GMT

Yep. You're in good shape.

On the statement, it should say "Please Pay By" instead of "Payment Due Date" as it does on the revolvers. The "Please Pay By" is a guideline but you do have until next statement to take care of it.

Re: Amex Business Card - They say it´s not a late payment...is it true?

fkrasovitzky — Fri, 01 Jun 2012 18:43:39 GMT

Thanks ! I hadn´t noticed that. I just checked it and indeed my Amex Platinum Business Card says "Please Pay By..." but my Amex Personal Platinum Card says "Payment Due Date...". Does this mean that if I´m one day late with my personal card it will be considered as a late payment?

Re: Amex Business Card - They say it´s not a late payment...is it true?

fkrasovitzky — Fri, 01 Jun 2012 18:44:56 GMT

I forgot to mention that my personal Amex card is also a charge card

Re: Amex Business Card - They say it´s not a late payment...is it true?

injustifiiable — Fri, 01 Jun 2012 18:47:33 GMT

fkrasovitzky wrote:
I forgot to mention that my personal Amex card is also a charge card

The same should apply to your Personal card as well.

As one of the other posters said, you wouldn't get hit with a ding unless it was late 30 days or more. A late fee will be a different story, though.

Re: Amex Business Card - They say it´s not a late payment...is it true?

fkrasovitzky — Fri, 01 Jun 2012 18:48:11 GMT

Thank you very much for your prompt reply !

Re: Amex Business Card - They say it´s not a late payment...is it true?

OhioCPA — Fri, 01 Jun 2012 19:05:15 GMT

It sounds like your personal card has extended payment terms, thus the "due date" as opposed to "please pay by date". To stay on Amex's good side I wouldn't make it a habit of paying after the "due date" but once in awhile you are fine.

Re: Amex Business Card - They say it´s not a late payment...is it true?

injustifiiable — Fri, 01 Jun 2012 19:06:19 GMT

OhioCPA wrote:
It sounds like your personal card has extended payment terms, thus the "due date" as opposed to "please pay by date". To stay on Amex's good side I wouldn't make it a habit of paying after the "due date" but once in awhile you are fine.

I was just thinking of this. Maybe there are some items that are being paid over time?

Re: Amex Business Card - They say it´s not a late payment...is it true?

fkrasovitzky — Fri, 01 Jun 2012 19:10:31 GMT

Yes, I received an offer from Amex to apply for the extended terms service and went for it but truth be told, I´ve neved used it. I´m even thinking about cancelling it.