amex payments?

[bichonmom]

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@afbar1114 wrote:

with amex charge cards what is the real payment date? i spoke to several CSR's and they all said 30 days. i have a payment due the 23rd with is 15 days from when the statement cut. i called and made a payment to be made on the 24th is that ok? 

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Their grace period for charge cards is different than for credit cards. I have both Costco and Zync. They both close on the same date (13th, I think). My Zync is due on the 28th of each month and my Costco is due on the 7th of the following month. So, I get an extra 9 or so days to pay Costco than Zync.

The new CC laws set a time period for the time between the statement date and due date. I think that since Zync isn't a true credit card, that law/rule doesn't apply, which is why the time period between statement and due dates is shorter than with their CCs.

When you log in, you'll see your payment due date. That is the due date, regardless of what ANY CS rep says. I always make sure my payment is made at least 1 biz day BEFORE the due date, just to be sure I don't have a problem.

If your due date is the 23rd and you paid on the 24th, then you paid late, I'm sorry to say. If the payment is for August, then go online and EDIT your payment! Otherwise it will be late.

[Anonymous]

You have until the next statement closing date to pay without penalty.  If you don't pay by then you forfeit your MR points for that period; I think it's 10 more days after the next statment date that you would be assessed a late fee.  I think the "Please Pay By" date is meant as a suggestion to cardmembers to mail their payments by then so Amex can receive and process them in plenty of time.

[bichonmom]

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@Anonymous wrote:

You have until the next statement closing date to pay without penalty.  If you don't pay by then you forfeit your MR points for that period; I think it's 10 more days after the next statment date that you would be assessed a late fee.  I think the "Please Pay By" date is meant as a suggestion to cardmembers to mail their payments by then so Amex can receive and process them in plenty of time.

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I never noticed the difference in language. My Costco says "due date" and Zync says "please pay by." Still, with Amex, I don't think I'd risk that paying after their "suggested" date might trigger an FR (or even be a factor in one).

[CK_Charles_Lover]

Charge always says "please pay by" and its always 15 days. I always pay by then. I doubt they would close your account/FR/charge late fee if you missed by a few days once. Now if you make it an every month thing. I'm sure Amex is watching and you will be in trouble one way or another. Now the revolvers definitely say "DUE BY" and if you missed that you are screwed I'm sure. 

[Revelate]

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@bichonmom wrote:

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@Anonymous wrote:

You have until the next statement closing date to pay without penalty.  If you don't pay by then you forfeit your MR points for that period; I think it's 10 more days after the next statment date that you would be assessed a late fee.  I think the "Please Pay By" date is meant as a suggestion to cardmembers to mail their payments by then so Amex can receive and process them in plenty of time.

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I never noticed the difference in language. My Costco says "due date" and Zync says "please pay by." Still, with Amex, I don't think I'd risk that paying after their "suggested" date might trigger an FR (or even be a factor in one).

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It won't.  FR's are triggered when a cardholder's spend outstrips Amex's expected financial reality for that customer and their reported income.

I don't really see any reason not to pay by the please pay by date though, unless you're talking sums of money where the fractional interest difference over a 2 week period makes a non-trivial difference; however, the vast majority of people just aren't in that situation.

Edit: short-term cash flow issues happen to almost everyone and a two week additional float can admittedly make a difference, I just don't recommend this as being a standard state of affairs. 

[Brian_Trying_700]

My Amex is in time out for trying to p/c "auto pay zync hard limit $500.00". Cap 1 along with Orchard are complete **bleep** and are getting cut up. There customer service is crap. I'll going back 2 using cash.. I have 0% apr and all of my cc's r paid off.

[Revelate]

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@Brian_Trying_700 wrote:

My Amex is in time out for trying to p/c "auto pay zync hard limit $500.00". Cap 1 along with Orchard are complete **bleep** and are getting cut up. There customer service is crap. I'll going back 2 using cash.. I have 0% apr and all of my cc's r paid off.

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I don't recommend this, you're cutting off your nose to spite your face in this instance.

One of the things which gets lost on this forum is that lenders like to see your cards being used.  If you aren't using your current tradelines (and they do see payments made) then why would you switch gears and suddenly start to use their product if they give you one?  Nobody wants an unprofitable customer.

So you're stuck for a while waiting for better cards, but if you let your current ones go inactive, you're in for additional pain and suffering for nothing but maybe some random emotional pleasure.  That's just bad economics senor, have a beer, sleep on it for a few days, and re-think it would be my suggestion.

[Brian_Trying_700]

@ Rev.  .It gets so frustrating sometimes.

[RHAL]

I have had my PRG for almost two years now, and I can't remember ever paying before that "please pay by" date. I pay three or four days before my statment date every month and have never run into any issues.