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Im not worried about any fees by Amex or Chase
only thing iam worried is my relation with Amex .. that they dont reduce my limit or cancel the cards,, etc etc
@amit1326 wrote:Im not worried about any fees by Amex or Chase
only thing iam worried is my relation with Amex .. that they dont reduce my limit or cancel the cards,, etc etc
Unfortunately it is a mix bag. There are cases where AMEX canceled account because of a returned payment. You won't know for sure prior hand.
@trumpet-205 wrote:
@amit1326 wrote:Im not worried about any fees by Amex or Chase
only thing iam worried is my relation with Amex .. that they dont reduce my limit or cancel the cards,, etc etc
Unfortunately it is a mix bag. There are cases where AMEX canceled account because of a returned payment. You won't know for sure prior hand.
+1.
For the most part however, I think you will be fine, especially if this has never happened before. People do make mistakes from time to time. Worst case scenario you get hit with a financial review and all you have to do is to comply with it. Your accounts shouldn't be closed.
Call Chase now and disable overdraft feature. That should avoid any fees with Chase. Amex however will charge you fees and also hike the APRs. Call them and they should be able to reverse the fees and APRs as a one time courtesy.
On a related note when makeing Amex payments on Amex site with my Chase bank information, I have seen the withdraw process same day, its really odd, seems like they do not wait til the next day to withdraw the money
@youngman1234 wrote:
I am sorry to here this but a few things that I can think of right away. There will be a very good chance of AA, your internal Amex score will go way down.
I'm not 100% sure of this but if a Amex payment is return for NSF I believe they retry the ACH 48 hours later.
If I was you honestly the Amex is a ACH payment so on Monday it will come to the bank as pending and you will still have til 11am to get the $$ deposited into the bank. I would borrow the $$ from someone and pay the Amex payment. I personally think it will cause alot of damage.
Also giving you some advice. If you charging 20,000 a cycle, you shouldn't make payments every other day for small amounts like 1700. You should just wait until you have the entire amount of $$ and make one payment. This way Amex sees your more responsible and can handle larger payments. FYI a Amex rep told me that. I was doing the same thing as you charging 20-30k and making Random payments 4k, 5k, 10k. The lady told me you should try to make the payments either in one payment a month or split to 2. That shows you can handle larger payments. I still get calls though reminding me payment date is approaching...lol I kindly say yes I am aware dont worry payment will be made.
That's not completely true. I use about 40,000.00$ - 45,000.00$ a month with my personal American Express Gold Premier Reward charge card and I make payments every Sunday for about 9,000.00$. I spoke with the Financial department regarding if it's an issue, they said it's not. Matter of fact it shows i have the ability to pay my account in full. I then asked if I were to charge 60,000.00$ one time would it get approved. She put on a quick hold and came back with a YES. As of now, I'm at 178,000.00$ in payments since January 2014.
@mrlh1980 wrote:That's not completely true. I use about 40,000.00$ - 45,000.00$ a month with my personal American Express Gold Premier Reward charge card and I make payments every Sunday for about 9,000.00$. I spoke with the Financial department regarding if it's an issue, they said it's not. Matter of fact it shows i have the ability to pay my account in full. I then asked if I were to charge 60,000.00$ one time would it get approved. She put on a quick hold and came back with a YES. As of now, I'm at 178,000.00$ in payments since January 2014.
Ok. You've piqued my interest, mrlh1980. What are you spending "24,000$ - 45,000$ a month... on track to spending 300,000$ this year" on? Because you seem to have a pressing need to mention this about every other time you post. What's really going on? Fine artwork? Home improvements? Zombie apocalypse preparedness? A ferocious jujube addiction?
Going for the Centurion?