@Anonymous wrote:Just curious, why didn't you put that charge on a different card man
From the original post "balances are too high"
A charge card lets you get in real trouble short term if you are not careful with it.
@wasCB14 wrote:Doesn't PoT have something like a 20% APR? Using it seems like an act of desperation...if Amex even allows it.
OP, what are your BT options on other cards?
Mine has always been in the 14s/15s. I added it onto both of my charge cards around 2004 and it has always been the same as my Blue, so I'm not sure if that has changed over the years or not. I think most people do get 18.74% with the latest round of increases, though. Even so, OP said he could pay half of the $2000 and the rest probably within 30 days, so even a full month of interest at 18.74% would only be $15.62 which is far better than AA from AmEx and a 30 day late strike that could potentially cause AA from other lenders. OP, if you cannot pay then Pay Over Time would be your best bet. If that is not an option, BT (a standard 3% fee would cost you $30 to transfer $1000) to a non-AmEx card with a promo APR. If all else fails, virtually any credit card you have (even some store cards, particularly Citi-issued) will allow you to transfer at either your purchase or cash advance APR, often without a fee (CapOne does this). Last resorts would be open a new revolver with a 0% APR balance transfer offer (Citi Diamond Preferred, BankAmericard, etc...) immediately, or just call American Express up and explain that you will need more time and ask them what your options are to keep your account in good standing. I have heard that sometimes they allow you to schedule a future ACH and that commitment from you will keep them from shutting you down or reporting you late. Best of luck and keep us updated!
