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About the 0% introductory APR on the Amex BCP I got today

New Member

About the 0% introductory APR on the Amex BCP I got today

I have never used the "0% intro APR on purchases for 12 months" on any of my credit cards (paranoia) but wanted to test the waters with the Amex BCP I got today.

 

I have a rewards checking account that has a 3% APY so depositing the corresponding amounts (that get charged to the Amex BCP) to the rewards checking account would get me something good in a year's time!

 

... and when the year is about to end, I can pay all of it in one BIG payment since I already have the cash saved up in the rewards checking account :-D

 

So the magic question is this: how do I actually avail the "0% intro APR on purchases for 12 months" on the Amex BCP?

 

1. Do I have to make the monthly minimum payments?

 

2. Do they keep track of the interest on the balance and bill me at the end of the year? (this would be very sneaky but I have seen some CC do this and claim "no interest for first 12 mo")

 

3. ... some other "trick"?

 

This sounds pretty good to me if it actually is a "0% intro APR on purchases for 12 months" fair and square but I have my doubts!

Message 1 of 13
12 REPLIES
Super Contributor

Re: About the 0% introductory APR on the Amex BCP I got today

Yes you still have monthly payments to make.

Unlike store cards, the BCP interest rates are not retroactive for the entire balance.

Putting high balances while only paying minimum always comes with the higher risk of AA for all lenders, especially Amex.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 2 of 13
Moderator Emerita

Re: About the 0% introductory APR on the Amex BCP I got today

+1

Although a revolver, Amex can't shake its roots as a charge card company. They do not like balances bring carried for an extended period of time. I'd suggest finding another cc to reap the benefits.
Message 3 of 13
New Member

Re: About the 0% introductory APR on the Amex BCP I got today

Hmm, so this *is* a true 0% APR card but in order for me to enjoy that, I DO have to make the minimum monthly payment, but that's all it will take?

 

Your point about AA makes me nervous:

 

1. I am a bit nervous about Penfed doing an AA (BCP is my other card after Penfed's this month)

2. My CLI was increased automatically by one lender so I do have a lot of available credit to exploit, and conservative lenders might not like the idea

3. Amex might AA on me (but seems unlikely since they offered it to me in the first place!)

 

So how about this:

 

I PIF (prepay?) ALL my CCs so they report a $0 statement balance but carry the (growing) balance on the BCP?

 

Will Penfed AA me with their pyramyding debt thing?

Message 4 of 13
Moderator Emerita

Re: About the 0% introductory APR on the Amex BCP I got today

Amex does not like balances to be carried. Ultimately it's your decision but not a wise one IMO
Message 5 of 13
Senior Contributor

Re: About the 0% introductory APR on the Amex BCP I got today


09Lexie wrote:
Amex does not like balances to be carried. Ultimately it's your decision but not a wise one IMO

I had an AMEX a few years back and had about a $7K balance with a $13K CL. I decided to pay down some other cards first leaving me to pay the AMEX with minimum payments. After 4 billing cycles I was asked to close my account. Well, it has been 4 years and the account still reads as "closed at creditor's request." I am worried it will haunt me for many years to come. I would love the Delta Airlines Amex but I am afraid I am blacklisted. BTW, the card was paid off about 9 months later. 

 

That was well before I found this treasure chest of info. 

Message 6 of 13
Frequent Contributor

Re: About the 0% introductory APR on the Amex BCP I got today

Try to charge only what you can afford to pay off in full each month.

I also never use more than 10% of my available credit.

CARDS.jpg

Message 7 of 13
Valued Contributor

Re: About the 0% introductory APR on the Amex BCP I got today


azguy13 wrote:

09Lexie wrote:
Amex does not like balances to be carried. Ultimately it's your decision but not a wise one IMO

I had an AMEX a few years back and had about a $7K balance with a $13K CL. I decided to pay down some other cards first leaving me to pay the AMEX with minimum payments. After 4 billing cycles I was asked to close my account. Well, it has been 4 years and the account still reads as "closed at creditor's request." I am worried it will haunt me for many years to come. I would love the Delta Airlines Amex but I am afraid I am blacklisted. BTW, the card was paid off about 9 months later. 

 

That was well before I found this treasure chest of info. 


If you happened to have had the money at that time to pay a substantial part of the 7k would they have still closed your account?

Message 8 of 13
Senior Contributor

Re: About the 0% introductory APR on the Amex BCP I got today


ezdoesit wrote:

azguy13 wrote:

09Lexie wrote:
Amex does not like balances to be carried. Ultimately it's your decision but not a wise one IMO

I had an AMEX a few years back and had about a $7K balance with a $13K CL. I decided to pay down some other cards first leaving me to pay the AMEX with minimum payments. After 4 billing cycles I was asked to close my account. Well, it has been 4 years and the account still reads as "closed at creditor's request." I am worried it will haunt me for many years to come. I would love the Delta Airlines Amex but I am afraid I am blacklisted. BTW, the card was paid off about 9 months later. 

 

That was well before I found this treasure chest of info. 


If you happened to have had the money at that time to pay a substantial part of the 7k would they have still closed your account?


I'm not sure to be honest. Either way, I did not have a substantial amount at that time. That was back before I knew about recon, EO, and just pleading my case in general. Plus, I didnt think it was a big deal. I had no idea what it would do to my future credit-worthiness. What I may do is email or call Amex and just ask if there is a possibilty to get back in with them. 

Message 9 of 13
Senior Contributor

Re: About the 0% introductory APR on the Amex BCP I got today

I have had my Amex BCE almost a year and have received no AA. Also got approved for a $5500 Delta Gold with a $4k bal on BCE.
I think what you need to do is:
The first few months- pif! So you can get a 3xcli!
If you want to carry a balance and utilize the 0%, just make sure you're paying 10-20% of the total balance! Example: I've been revolving a $3-4k bal for at least five or six months, but I make sure I pay at least $400 on it every month, sometimes paying $800+, BUT the first 3-4 months I pif. Amex is a lender you wanna take it slow with, like eating flan mmmmm. With Amex, you want to IGNORE the minimum payment. Paying the min with Amex is like Amex's way to trick you into closing your account. Even in 0%, I will not just pay the minimum. Amex is comfortable with high debt levels, but reasonably so given Amex's perception of being "affluent" and for wealthier customers(not me!) I had $10k cc debt when Amex approved me, but I have the ability to pay as evidenced by my pmt history.
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 10 of 13