Reply
Frequent Contributor
ficojoe
Posts: 310
Registered: ‎07-21-2012
0

How to treat new AmEx

I just got my AmEX BCE in the mail today. So far I used it at the gas station, jack in the box, and online. How should I be treating this card? Can I use it for everything and pay it multiple times per month? What is the best usage pattern to get a CLI? I heard that too many payments in a month is not welcomed by AmEx? What behavior do I want to avoid to keep AmEx happy with me?

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: How to treat new AmEx

Pay in full ... don't carry a balance... use for everyday spending. Don't use it to buy a car... other than that you're golden!

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Frequent Contributor
ficojoe
Posts: 310
Registered: ‎07-21-2012
0

Re: How to treat new AmEx


webhopper wrote:
Pay in full ... don't carry a balance... use for everyday spending. Don't use it to buy a car... other than that you're golden!

How often should I pay in full? Is it true paying too often scares AmEx? On my other cards I try to always keep a $0 balance, which means sometimes I pay them off 10 times in a month.

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: How to treat new AmEx

I pay my amex every other week. Sometimes I pay the same day from two different checking accounts since my balances are sometimes high. I would say pay between 2-4 times per month at most. There would likely be no adverse action for more.frequent payments other than.some might have to be "pushed" from your bank.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Valued Contributor
trumpet-205
Posts: 2,494
Registered: ‎11-11-2010
0

Re: How to treat new AmEx

AMEX's internal risk score prefers large payment vs multiple small payments. So answer to your question is try to consolidate your payment.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Contributor
JustinNguyen
Posts: 99
Registered: ‎10-20-2012
0

Re: How to treat new AmEx

[ Edited ]

they saying paying as much as you can.But don't pay more than you used lol

Contributor
RonDawg
Posts: 322
Registered: ‎10-19-2012
0

Re: How to treat new AmEx

[ Edited ]

To be honest when I got my card I would make a purchase and a payment on the same day.  Soon the "Check Spending" area on my account would allow me to authorize up to twice my credit limit, I find their charge cards work in the same way.  AmEx likes it when you make lots of payments at least from my experience anyways.  Oh and just so you know the purchases you make on your card this billing period will not earn cash back till the next billing period.  AmEx has some weird way they credit their points and cash back and it takes multiple billing cycles to get your earned cash back or points.

 

BTW congrats on getting a great card!

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: How to treat new AmEx


ficojoe wrote:

I just got my AmEX BCE in the mail today. So far I used it at the gas station, jack in the box, and online. How should I be treating this card? Can I use it for everything and pay it multiple times per month? What is the best usage pattern to get a CLI? I heard that too many payments in a month is not welcomed by AmEx? What behavior do I want to avoid to keep AmEx happy with me?


Best way to get a CLI? charge up a lot, pay in full, sign up for auto pay, muliple payments don't hurt, Amex likes LARGE charges and LARGE payments =)

 

pretty much if you look like you need it, you'll get it.

 

Also how you should be treating your new Amex? with roses and flowers, and whisper sweet nothings in their ears.... and also get a NFC chip cause the card will look like crap in a wallet after a while, and laminate the card :smileyvery-happy: jk jk


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Blogger
FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
0

Re: How to treat new AmEx


trumpet-205 wrote:

AMEX's internal risk score prefers large payment vs multiple small payments. So answer to your question is try to consolidate your payment.


This is EXACTLY why I only pay once a month and about 2-3 days before the statement cuts.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009
0

Re: How to treat new AmEx


FrugalRican wrote:

trumpet-205 wrote:

AMEX's internal risk score prefers large payment vs multiple small payments. So answer to your question is try to consolidate your payment.


This is EXACTLY why I only pay once a month and about 2-3 days before the statement cuts.


How do we know this?  Is there any evidence of this besides conjecture on this board?  Maybe it has been discussed before, but I can only ever recall people stating this without providing support. 

I usually pay once per month because that is what is most convenient.  However, at various times I make multiple payments in a month.  Never went so far as to make 10 per month, but I don't know that it would matter if you did.  There are plenty of people that report paying weekly without any sort of problem.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}