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Established Contributor
jaxstraw
Posts: 570
Registered: ‎03-29-2008

AMEX- USAA & BoA...monthly payoff ????

[ Edited ]
I've been reading on some of the other threads lately that not only does the 'real' AMEX cards want you to pay in full monthly , but also the 'branded' AMEX (I have USAA & BoA) are best used the same way.

I'd like to know where this policy information came from and if it can be explained in more detail if anyone cares to elaborate.

I'm under the understanding that it is only the 'real' AMEX charge cards that must be paid in full monthly , so how would that apply to other branded AMEX's that aren't charge cards but credit cards ??? And wouldn't the poicy be up to the card issuer and not AMEX ??

Jax

Message Edited by jaxstraw on 06-01-2008 06:49 PM
Jax

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Regular Contributor
akhan
Posts: 164
Registered: ‎10-28-2007

Re: AMEX- USAA & BoA...monthly payoff ????

Correct... the only thing "Amex" about a BoA Amex is the fact that it goes through the american express processing network. The issuing bank loans the money and is responsible for setting the terms of the account.

In the case of BoA and USAA, they generally don't care if you revolve a balance, just like their other MC/Visas so it's a non issue.
Established Contributor
CanDoAttitude
Posts: 878
Registered: ‎04-08-2008

Re: AMEX- USAA & BoA...monthly payoff ????

Hey Jax, :smileyhappy:
 
You're right. The issuers of the co-branded cards set the policy
for how they should be repaid. If they don't have a problem
with you carrying a balance, feel free to do so. :smileyhappy:
 
However, if you have aspirations of getting a "real" AMEX I'd recommend
that you pay in full anyway. This way, you get in the habit of PIF'ing right
off the bat and you always handle the bill the same way - co-branded or not. :smileyhappy:
 
Think of it as dressing for success. You don't dress for the job you have
(co-branded AMEX) - you dress for the job you want ( "real" AMEX).  :smileyhappy:
 
That's how I would handle it, but YMMV. :smileyhappy:
 
CanDo
 
"The right attitude is everything"
Established Contributor
jaxstraw
Posts: 570
Registered: ‎03-29-2008

Re: AMEX- USAA & BoA...monthly payoff ????

I actually PIF on all my cards since starting my credit again last year. It is what works for me.

I do have some cards that will carry the balance over the statement date just for FICO scores.

Others I use early in the month once and PIF online immediately so as to keep the card in use but not have a balance when the statement cuts and the CR comes out.

I do have a DeltaSkyMiles that I just received two weeks ago. I keep going to the web page for my account and the charges are there but it won't let me pay yet. Do I have to wait until they issue a bill at the end of the billing cycle ?? Or is this a glitch ??? I'm use to logging on to my accounts at any time and paying them immediately.

Jax
Jax

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Epic Contributor
haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007

Re: AMEX- USAA & BoA...monthly payoff ????

I think that with AmEx, as with BofA, you can't pay on their website until you get your first statement.

The way around that is to pay initially from your outside online checking account, thus forcing the payment into their unwilling hands. Some banks (but not AmEx or BofA in my experience) will put a hold on your payment for several days or more, so you'll want to give yourself plenty of lee-way on the calendar.

Once things get fully up and running on their site, you'll be fine. Be aware that AmEx reports the previous month's balance, so if you ever do have a balance post, it will affect your util for a while. I'm baffled as to why they do this.

FWIW, back before I knew better, I carried a balance on my USAA AmEx, and it didn't bother them a bit.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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Scamp
Posts: 2,791
Registered: ‎03-18-2007

Re: AMEX- USAA & BoA...monthly payoff ????



haulingthescoreup wrote:
Be aware that AmEx reports the previous month's balance, so if you ever do have a balance post, it will affect your util for a while. I'm baffled as to why they do this.



And if you ASK their Credit Bureau Dept. why they do this, they'll deny that they do it, insist to you that they report current info and that it's the CRAs' updating that's a month behind.  And they'll continue to insist this even after you point out that their kind manual update to the bureaus of a zero balance on your account that they did for you a few weeks ago posted to all 3 CRA's within a couple of days.  :smileyvery-happy:
 
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Jesedmotherof5
Posts: 537
Registered: ‎04-02-2008

Re: AMEX- USAA & BoA...monthly payoff ????

intresting. I just got my card three weeks ago and I set up a payment online through my bank. I was suprised it only took three days to post. I like to pay weekly on all my credit card accounts so I can break it up. I had a hard time meeting all the statement cuts with my last payment last month so I hope it all works out well this month as I have 6 of my nine cards at zero.
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greyhound2007
Posts: 358
Registered: ‎11-05-2007

Re: AMEX- USAA & BoA...monthly payoff ????

     I believe BoA treats you differently.  For instance my hubby and I both have BoA cards, they offered him the amex they offer him all the good things like give him best CLI's always offering to loan him money at very low rates always trying to raise his limits.
 
     I on the other hand have a lower CL with them they never constantly try to get more business from me when I call in.  They have never told me on my account (but have on his) that they want me to borrow any money I need from them.  They never offer me 1.9% and my interest rate is higher than his. 
 
     I take care of both accounts and PIF both each mth (twice).  The difference being we put mega money thru his account vs mine.  I think they like heavy usage with PIF or at the very least way more than the min. payment.  JMO  Vicki
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Established Contributor
jaxstraw
Posts: 570
Registered: ‎03-29-2008

Re: AMEX- USAA & BoA...monthly payoff ????

See ,that's what I'm talking about HTSU.

You say 'before I knew better with my USAA AMEX'. What do you mean ??

Are you talking about PIF in general on all accts ? Or do you mean a USAA AMEX ? I thought that it was resolved through answers above that it doesn't matter. USAA sets their own policy and it's fine to carry a balance.

Jax
Jax

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haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007

Re: AMEX- USAA & BoA...monthly payoff ????


jaxstraw wrote:
See ,that's what I'm talking about HTSU.

You say 'before I knew better with my USAA AMEX'. What do you mean ??

Are you talking about PIF in general on all accts ? Or do you mean a USAA AMEX ? I thought that it was resolved through answers above that it doesn't matter. USAA sets their own policy and it's fine to carry a balance.

Jax


No, no, I'm talking about my life of happy credit oblivion, where one day I get a letter from USAA saying, "Do you want a MasterCard," and I say "Sure, why not?", and I use it for DD#1's engineering school tuition. And just about when I have it maxed out (despite several auto CLI's and vigorous paying down of balances), they send me an e-mail that says "Do you want an AmEx?" and I say, "Absolutely!" and I load that puppy up too, again on escalating college tuition. I didn't even realize that I had double points on the AmEx until my first year was almost up, although I did collect a pretty good chunk.

And despite my fat, dumb, and happy approach to credit, USAA never did the slightest bit of AA on me.

So, by "before I knew better", I meant before I had any idea what responsible credit behavior entailed. And if anyone needs proof that affiliated AmEx cards don't necessarily follow Centurion Bank/ AmEx's policies, my cheerfully idiotic use of credit should suffice.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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