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http://www.consumerismcommentary.com/10-purchases-that-can-harm-your-credit/
I didn't think the coding system was so sophisticated to know the difference between a charge for tire retread vs balancing your tires. I wonder if I am mistaken or the article is mistaken. Anyone know?
I don't think it's as big of a deal they make it out to be. I used my Amex all the time at Wally World, used it paying taxes, used it at spas, and used it paying for a ticket or two without issue. However, Amex hit me with an FR due to using it for legal fees, or so said the CSR.
@llecs wrote:I don't think it's as big of a deal they make it out to be. I used my Amex all the time at Wally World, used it paying taxes, used it at spas, and used it paying for a ticket or two without issue. However, Amex hit me with an FR due to using it for legal fees, or so said the CSR.
The story about the people who got their amex card closed for shopping at walmart had a LOT more information than people care to say. The people also had a mortgage with a subprime lender that (from what I read in the article about that) was doing very badly, and I think the mortgage firm ended up collapsing or being bought out or something. That was the main reason amex closed their card.
@compassion101 wrote:I didn't think the coding system was so sophisticated to know the difference between a charge for tire retread vs balancing your tires. I wonder if I am mistaken or the article is mistaken. Anyone know?
You are mistaken. MCC (coding system for Visa and MasterCard) DOES distinguish between tire retreading and a tire store.
5532 for tire shop, and 7534 for tire retreading.
I guess I'll make a mental note of not paying for porn or booze with a credit card. The porn part? No problem there... But seriously, drinks?
so using amex at a restaurant is okay but a bar no?
ok its cool hit me with a fr for 60 dollars worth of drinks.
Current: Fico ScoresEQ~706 TU~719 EX 709 4/28/23 Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE | Buy A Home Earn Cash Back | Amex Zync(Unicorn) Chase Freedom$1500 Discover IT$7,400 Citi DC $10,000 Citizens Mastercard$7,000 |
@trumpet-205 wrote:
@compassion101 wrote:I didn't think the coding system was so sophisticated to know the difference between a charge for tire retread vs balancing your tires. I wonder if I am mistaken or the article is mistaken. Anyone know?
You are mistaken. MCC (coding system for Visa and MasterCard) DOES distinguish between tire retreading and a tire store.
5532 for tire shop, and 7534 for tire retreading.
http://www.irs.gov/irb/2004-31_IRB/ar17.html
Thanks, that's a great link!