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Regular Contributor
Posts: 179
Registered: ‎10-21-2008
0

Re: AMEX is skirting the law....


Cyrion wrote:

 

But I'm not going to wait until I have the exact money to purchase whatever it happens to be that I want or need at the moment, I will buy it and pay it off as I have always done, whether it is a PIF or some number of monthly payments.


I understand what you're saying, but keep in mind that there are better options than revolving a CC balance. For example, your local credit union will lend you money against your CDs & share savings accounts for just a couple of points over the rate that you're earning on your deposits. There's no credit check (not surprising - they're holding your money), approval is immediate & some CUs allow you to pay only interest for the term of the loan. When I have to borrow, this is how I do it.

 

Credit cards are just about the worst source of credit in the galaxy this side of a loan shark. Use CCs for the sake of convenience (& rewards), but look elsewhere for credit.

Frequent Contributor
Posts: 277
Registered: ‎10-21-2008
0

Re: AMEX is skirting the law....


usmc58555 wrote:

writemikep wrote:

Exactly. I think a lot of people assumed that the entire monthly payment would be applied in a certain way.

 

I'm sure the credit issuers will take full advantage of all the benefits accorded them under the new law.


I think they would be stupid not to.

 

A publicly held company has the fiduciary duty to be as profitable as possible.


 

I was being a little sarcastic.  I don't think most consumers think the new laws give 'benefits' to the credit issuers.

Regular Contributor
Posts: 189
Registered: ‎03-10-2008
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Re: AMEX is skirting the law....


LustForTheMoment wrote:

boireann wrote:
Very tricky way of splitting hairs within the letter of the law.   They've definitely found a way to keep making money off of those who don't PIF.  Sneaky sneaky. 

 

All the MORE reason to only PIF :smileyhappy:

 

Exactly!
01/07 scores: Too scared to find out after looking at my free CRA reports
03/08 scores: TU: 660 EQ: 646 EX: 624
09/09 scores: TU: 735 EQ: 778 EX: ???
02/10 scores: TU: 779 EQ: 801 EX: 798 (home loan officer pull)
03/14 scores: TU 799 EQ: 809 EX: 817 (car loan credit union pull)
All that hard work paid off!!!! I'm now a happy home owner with an awesome interest rate!

CC Limits Garden Amex Clear $23000, USAA World Amex $15000, USAA Wold MasterCard $15000, BECU Visa $10,000, PenFed Visa $15000. Took a long time to get nice limits and low interest from that first app to BECU for $500 when I first started cleaning up my reports.
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