Help with Amex charge card

[Anonymous]

So I have a large medical bill due by the end of this month, however, if I pay it in full by the 30th then I receive a 40% discount. My question is can I use my Amex charge card to cover it until my husband and I get our school stipends sometime between the 8th and 12th of August? My statement closes on the 14th. I can pay it using my revolvers if necessary I just don't want it to effect my utilization. However, if Amex isn't going to be happy I'll take the temporary score drop.

[Anonymous]

I don't see any real problem putting it on the charge. I don't know why Amex would be unhappy for using and paying off the card. They might even like to see that you responsibly handle your card on large purchases. 

As for utilization, it's a temporary factor anyhow. If you're not paying interest by paying it off, it shouldn't matter which you use unless you're apping for something big right now.

[Anonymous]

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@Anonymous wrote:

I don't see any real problem putting it on the charge. I don't know why Amex would be unhappy for using and paying off the card. They might even like to see that you responsibly handle your card on large purchases. 

As for utilization, it's a temporary factor anyhow. If you're not paying interest by paying it off, it shouldn't matter which you use unless you're apping for something big right now.

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Awesome! I am not too familiar with how charge cards work given that I have always paid before the statement cuts. Is it 30 days after the statment cuts that it has to be paid? So if it cuts July 14th, I'll have until August 13th max?

[Anonymous]

Pay before the statement if you don't want it reporting, or use your grace period if you don't care if it does. Even if things run late and it reports, it will be OK! A 40% discount on a big bill is worth a 30 day max effect on your score in my opinion. Way to go on getting the info you need. Before this forum, I just used to roll the dice on everything and hope for the best!

[Anonymous]

Ack! I misunderstood the question....I don't know what the grace period is on Amex charge cards. Check the card agreement to be sure! Typically, just pay by the "pay by" date on your statement.

[SouthJamaica]

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@Anonymous wrote:

So I have a large medical bill due by the end of this month, however, if I pay it in full by the 30th then I receive a 40% discount. My question is can I use my Amex charge card to cover it until my husband and I get our school stipends sometime between the 8th and 12th of August? My statement closes on the 14th. I can pay it using my revolvers if necessary I just don't want it to effect my utilization. However, if Amex isn't going to be happy I'll take the temporary score drop.

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I wouldn't want to cut it quite that close with Amex, they make me nervous. What if your stipend is a day or two late, then what?

If I were you I would use the revolving cards, and take a hit on your utilization. So what, it's totally temporary? As soon as your utilization goes down in mid August, you'll be getting back whatever points you lost.

[Anonymous]

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@Anonymous wrote:

Pay before the statement if you don't want it reporting, or use your grace period if you don't care if it does. Even if things run late and it reports, it will be OK! A 40% discount on a big bill is worth a 30 day max effect on your score in my opinion. Way to go on getting the info you need. Before this forum, I just used to roll the dice on everything and hope for the best!

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I know what you mean. I used to do that as well. Now that my husband and I have made so much progress on our credit were skittish about doing anything that may damage the progress we've made. Love this forum!

[creditguy]

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@SouthJamaica wrote:

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@Anonymous wrote:

So I have a large medical bill due by the end of this month, however, if I pay it in full by the 30th then I receive a 40% discount. My question is can I use my Amex charge card to cover it until my husband and I get our school stipends sometime between the 8th and 12th of August? My statement closes on the 14th. I can pay it using my revolvers if necessary I just don't want it to effect my utilization. However, if Amex isn't going to be happy I'll take the temporary score drop.

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I wouldn't want to cut it quite that close with Amex, they make me nervous. What if your stipend is a day or two late, then what?

If I were you I would use the revolving cards, and take a hit on your utilization. So what, it's totally temporary? As soon as your utilization goes down in mid August, you'll be getting back whatever points you lost.

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I agree, I wouldn't cut it that close either. I'd put it on the revolver and save the worry, School stipends I know from personal experience can sometimes be later than expected and you've heard of Murphy's law right? Fico has amnesia when it comes to utilization when it's paid back down. 

[SouthJamaica]

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@Anonymous wrote:

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@Anonymous wrote:

Pay before the statement if you don't want it reporting, or use your grace period if you don't care if it does. Even if things run late and it reports, it will be OK! A 40% discount on a big bill is worth a 30 day max effect on your score in my opinion. Way to go on getting the info you need. Before this forum, I just used to roll the dice on everything and hope for the best!

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I know what you mean. I used to do that as well. Now that my husband and I have made so much progress on our credit were skittish about doing anything that may damage the progress we've made. Love this forum!

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Well I know how you feel, I too have really gotten to enjoy this stuff. So when I decided to use up some of my 'credit score capital' by buying a new car, I knew my scores would take a hit, but I also knew that I'd enjoy seeing my scores rise again as I paid the loan down.

But in your case it's even an easier call to make, because the credit card utilization will be completely reversed in August when your stipends hit.

[Anonymous]

Thanks everybody for the advice. Cutting it close is what I was worried about. I think I'll use my revolvers instead. Just for reference, is it 30 days to pay for Amex charge cards after the statement?