Reply
Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
0

Charge Card same as Credit Card?

Under new law from Obama Admn, restricts CCC's issuing the Credit Cards to one under 21 with out proof of income or parent PG. For this purpose is Amex Charge card is also considered as Credit Card or would it be exempt from this law? If Amex Charge Card is exempted from this law, does other CCC's start issuing their one version of Charge Cards to under age 21 population?
Established Contributor
Posts: 790
Registered: ‎09-09-2008
0

Re: Charge Card same as Credit Card?

I don't know the answer, but I highly doubt that charge cards don't count as credit card. You still get credit on a charge card, even if it's limited to something like 50 days max.
Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Charge Card same as Credit Card?


concorduser wrote:
Under new law from Obama Admn, restricts CCC's issuing the Credit Cards to one under 21 with out proof of income or parent PG. For this purpose is Amex Charge card is also considered as Credit Card or would it be exempt from this law? If Amex Charge Card is exempted from this law, does other CCC's start issuing their one version of Charge Cards to under age 21 population?

As I understand it, this under-21 garbage is only on the Senate version of the bill.

Now that both versions (House and Senate) have passed their respective chambers, the compromise version has to be hammered out.

I'd strongly advise anyone who disagrees with the <21 restrictions to contact both their Congressional Rep and their Senators and let them know.
* 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
Established Member
Posts: 49
Registered: ‎05-08-2009
0

Re: Charge Card same as Credit Card?

I think it doesn't matter if charge or real credit card. Charge cards only vary in the point that you have to pay in full at the due date.
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Charge Card same as Credit Card?


haulingthescoreup wrote:

concorduser wrote:
Under new law from Obama Admn, restricts CCC's issuing the Credit Cards to one under 21 with out proof of income or parent PG. For this purpose is Amex Charge card is also considered as Credit Card or would it be exempt from this law? If Amex Charge Card is exempted from this law, does other CCC's start issuing their one version of Charge Cards to under age 21 population?

As I understand it, this under-21 garbage is only on the Senate version of the bill.

Now that both versions (House and Senate) have passed their respective chambers, the compromise version has to be hammered out.

I'd strongly advise anyone who disagrees with the <21 restrictions to contact both their Congressional Rep and their Senators and let them know.

It was my understanding that a compromise version has all ready been sent to Obamas desk for signature....Congress intent upon completing prior to the holiday weekend.

 

Am I misinformed?

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Established Contributor
Posts: 790
Registered: ‎09-09-2008
0

Re: Charge Card same as Credit Card?


txjohn wrote:

haulingthescoreup wrote:

concorduser wrote:
Under new law from Obama Admn, restricts CCC's issuing the Credit Cards to one under 21 with out proof of income or parent PG. For this purpose is Amex Charge card is also considered as Credit Card or would it be exempt from this law? If Amex Charge Card is exempted from this law, does other CCC's start issuing their one version of Charge Cards to under age 21 population?

As I understand it, this under-21 garbage is only on the Senate version of the bill.

Now that both versions (House and Senate) have passed their respective chambers, the compromise version has to be hammered out.

I'd strongly advise anyone who disagrees with the <21 restrictions to contact both their Congressional Rep and their Senators and let them know.

It was my understanding that a compromise version has all ready been sent to Obamas desk for signature....Congress intent upon completing prior to the holiday weekend.

 

Am I misinformed?


I also heard that they all decided to just go with the Senate version and that is't all sealed and done.

Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Charge Card same as Credit Card?

Wow, my bad; I've never known the legislature to move that quickly, other than on a vote to adjourn!

Sorry for the misinfo, or confused info, at any rate.

Just did a quick search online, and I found every version under the sun, all dated yesterday.
* 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
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.