AMEX ED PIF or?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Amex really, really, really likes you to pay in full. To where I consider my revolving card with them a charge card in disguise. If it's negligible interest or at least not bank breaking I say PIF first.

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I'll keep repeating this but that is just a myth about Amex.  They have no problem whatsoever with people carrying balances.  This idea that they don't is repeated so often that people end up believing it.  They are no different than any other creditor that issues revolving credit cards.  Sure they like people that PIF just like Chase, Cit, BoA, etc, etc, but there are no issues in carrying one when you need to.  I don't know what it is about Amex but there is more erroneous information posted about them about their rules, etc than all of the other creditors put together.

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Agreed, and for the record, that is why they do offer credit cards with 0% interest periods after all, as well as a pay over time feature on their charge cards. 

[Anonymous]

Generally, I would pay whatever had the highest interest first. I understand it's only 2%, but that is still money going into the banks pockets. Can you make higher then a minimum payment to Amex? Since this is your only installment loan, then maybe you should pay your Amex off.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Amex really, really, really likes you to pay in full. To where I consider my revolving card with them a charge card in disguise. If it's negligible interest or at least not bank breaking I say PIF first.

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I'll keep repeating this but that is just a myth about Amex.  They have no problem whatsoever with people carrying balances.  This idea that they don't is repeated so often that people end up believing it.  They are no different than any other creditor that issues revolving credit cards.  Sure they like people that PIF just like Chase, Cit, BoA, etc, etc, but there are no issues in carrying one when you need to.  I don't know what it is about Amex but there is more erroneous information posted about them about their rules, etc than all of the other creditors put together.

YESS "I'll keep repeating this but that is just a myth about Amex"

Most of the time I carry Balance on Amex and they still love me!!!

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[HeavenOhio]

I'd pay "substantially" over the minimum on the AMEX to show their computers that you intend to pay them back. Let's say you want to pay $2,000 over time and you think eight months is a reasonable timeframe for payback. In that case, give them $250 per month. If you charge other things, pay those in full, i.e. the $250 plus the new charges.

The one thing I wouldn't do is drag payments on a carried balance out for more than a year. If the 0% interest is going to end before that, aim to be paid down a few weeks before it ends simply to give yourself a bit of a cushion.