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@n777ua wrote:I've used POT many times
~kn
@enharu wrote:
@Agent86 wrote:The charge cards all have fees of at least $95, which is higher than the $75 for the Blue Cash Preferred; you only get 1 point per dollar on charge cards (okay sometimes up to 3 on the gold preferred) vs. up to 6 cents per dollar on blue cash preferred, and the pay over time feature will apparently feeze your charging ability and possibly cause account closure, while blue cash cards are regular credit cards. I understand the platinum comes with fancy lifestyle perks like airport lounges, but in that case aren't you really just paying for a club membership rather than monetary incentives? I also understand that the psychological motivation of having to pay in full every month helps some manage their money and avoid a debt spiral, but you can still pay off your credit cards in full every month. What actual benefit do these charge cards offer?
The charge cards are NPSL, while the revolvers are not. This is useful for people who need to make big purchases and have the ability to repay them back in full.
Using the pay over time feature will not freeze charging ability or cause account closure. It's just rumors.
Treat it as a club membership or a card membership or whatever you want to. The perks benefit certain group of people and there's really no wrong in having it.
Different cards also have different benefits and serve different purposes.
There's no one card that is suitable for everyone. Just because a card might suit someone more, or just because one card may seem more prestigious, may not necessarily mean it's the right card for everyone else. If you don't see a point in getting a charge card, then chances are the card isn't really going to suit you well and you should therefore not get it.
+1 Great points!
Don't Amex PRG holders get treated with a higher level of customer service than Amex CC holders?
@TM82 wrote:
Amex charge cards can fit the right individual under the right situation but under most situations I would argue that there are better options out there for most cardholders. Yes for absolute utilization purposes having a charge card that doesn't reflect in scoring could be useful but if you are diligent and know when to make a payment to show low to no utilization you can accomplish the same thing. For instance all my Chase cards have a due date of the 5th. I have an autopay for full balance going out on that date. Then on the 7th I make an additional payment for the remaining outstanding balance between my statement balance and what I spent during that month. By doing that I'm able to make payments but also control my utilization.
Yes. One of the "right individual under the right situation" is probably the employee who has to pay for travel on his or her personal card, and then gets reimbursed. Since you cannot always control when your employer will pay, not having this count against your utilization can be helpful. But of course, utilization is regarded on this forum as much more important than it is, if you are not apping it really doesn't matter. And charging on a different card may well give better benefits.
So I agree with many here that there are cases where the charge cards are useful/very good/essential, and probably many more people have them than really benefit from them. But the same is true for almost any of the hot cards here!
longtimelurker wrote:
But of course, utilization is regarded on this forum as much more important than it is, if you are not apping it really doesn't matter.
Not true. I've had credit limits dropped due to high utilization Card company was soft pulling as many do
Good question. I've had my Amex Green charge card since 1988.
It's like cash. You pay what you charge every month without carrying debt. It works for me.
It also, unlike other credit cards, makes you THINK before making a purchase.
Can I really afford this? Do I really need this?? Can I pay it off in 30 days???
I think the best benefit to the card is it makes people THINK before making a purchase.
These cards are relics from the 70's & 80's, when credit cards were not abundant and not often used.
They were issued to only the best credit holders.
Yes, I remember when there were no authorization terminals, and the waitress had to look up your account number in a book of stolen cards to see if your card was on the list before imprinting your card with a charge slip.
However, history repeats itself. And I believe it won't be long before interest rates start to rise and credit gets very tight again - for years.
That's when these cards are the most attractive. Not when credit is easy and cheap, but rather when credit is hard to obtain and expensive.
These relic charge cards will once again become popular. And Amex is betting on it.
@annalog wrote:Good question. I've had my Amex Green charge card since 1988.
It's like cash. You pay what you charge every month without carrying debt. It works for me.
It also, unlike other credit cards, makes you THINK before making a purchase.
Can I really afford this? Do I really need this?? Can I pay it off in 30 days???
I think the best benefit to the card is it makes people THINK before making a purchase.
These cards are relics from the 70's & 80's, when credit cards were not abundant and not often used.
They were issued to only the best credit holders.
Yes, I remember when there were no authorization terminals, and the waitress had to look up your account number in a book of stolen cards to see if your card was on the list before imprinting your card with a charge slip.
However, history repeats itself. And I believe it won't be long before interest rates start to rise and credit gets very tight again - for years.
That's when these cards are the most attractive. Not when credit is easy and cheap, but rather when credit is hard to obtain and expensive.
These relic charge cards will once again become popular. And Amex is betting on it.
People really don't need to have a charge card (and be forced to PIF monthly), they just need to exercise some self-discipline. A charge card may help, but in many ways it's like a crutch. If people had more self-control over their spending, they should be able to use a revolver and always PIF anyways.
You shouldn't need a charge card to ask yourself "do I really need this?" That question is always a good idea regardless of whether you're paying by charge card, credit card, or cash.