credit08 wrote:
Hello guys am I missing something here with AMEX I"ve never had a CC from them I read up on the card they are offering 5.99% fixed for life of balance. It"s not the best % rate but certainly not the worst either I assume both you and sonority have had dealings with AMEX before. If you care to give me any heads up I would appreciate it. I understood the card had no fees of any kind I am most concerned the # og BT"s AMEX will extend to me with this card? Thanks as always Credit 08
Basically it comes down to this: Amex likes cardholders who PIF, and tend to hate it when cardholders carry a balance for very long. Since BTs are usually for balances that will take some time to pay off, BTs and Amex are usually not a good combination.
Yes, Amex offers BTs, and they even offer promotional BT rates. It's wise not to take them seriously, however. It's all talk. These forums are full of stories of people who were carrying a balance with Amex for months on end and ended up with account closure or credit limit decreases. They are particularly fond of the tactic known as "chasing balances," which is where they lower your credit limit to about $200-$500 above your current balance, and proceed to do this over and over as you make payments and lower your balance over time. Once the final payment hits and the card is PIF, they then close it altogether.
Do not BT to Amex any balance you cannot pay off in 3-4 months.
that idea enuff said moving on to plan B,C,etc..!!!! Thanks for insider info. Credit08
