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Super Contributor
concorduser
Posts: 6,025
Registered: ‎09-18-2007
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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
Ulan
Posts: 790
Registered: ‎09-09-2008
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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.
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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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
Buckzball
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
txjohn
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?

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Established Contributor
Ulan
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.

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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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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

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