topic Re: Why does the AMEX Gold Card have an APR? in Credit Cards

Why does the AMEX Gold Card have an APR?

luxlight — Wed, 10 Apr 2019 01:46:55 GMT

I recently received a mail offer in the mail from AMEX for the Gold Card. I don't plan on applying for it but as i was reading through the credit card agreement, I saw it contained an APR. Correct me if im wrong but isn't the Gold Card also a Charge card which means you can't carry balances because you have to pay it off every month? If so, why would it even need an APR

Re: Why does the AMEX Gold Card have an APR?

2GreenThumbs — Wed, 10 Apr 2019 02:28:11 GMT

@luxlight wrote:
I recently received a mail offer in the mail from AMEX for the Gold Card. I don't plan on applying for it but as i was reading through the credit card agreement, I saw it contained an APR. Correct me if im wrong but isn't the Gold Card also a Charge card which means you can't carry balances because you have to pay it off every month? If so, why would it even need an APR

The gold card has a pay over time feature that allows you to carry a balance for certain transactions.

Re: Why does the AMEX Gold Card have an APR?

pinkandgrey — Wed, 10 Apr 2019 15:19:45 GMT

As someone else said, there is Pay-Over-Time feature

Re: Why does the AMEX Gold Card have an APR?

Lucifer — Wed, 10 Apr 2019 15:24:44 GMT

There will also be interest if one is supposed to pay in full and on time but does not.

And then as mentioned, they now offer pay over time on their charge cards.

Re: Why does the AMEX Gold Card have an APR?

Anonymous — Wed, 10 Apr 2019 15:48:08 GMT

@Lucifer wrote:
There will also be interest if one is supposed to pay in full and on time but does not.

And then as mentioned, they now offer pay over time on their charge cards.

This. Isn't POT a feature that you may be offered later, at an APR TBD?

Re: Why does the AMEX Gold Card have an APR?

Anonymous — Wed, 10 Apr 2019 16:09:25 GMT

In the offer I currently have it is offered right off the bat for an insane rate of 33 percent. In the case of an emergency and someone had to use the POT feature I think it gives one more options instead of late fees or whatever but yes, it is a charge with POT.

Re: Why does the AMEX Gold Card have an APR?

Brian_Earl_Spilner — Wed, 10 Apr 2019 16:14:27 GMT

@Anonymous wrote:
@Lucifer wrote:
There will also be interest if one is supposed to pay in full and on time but does not.

And then as mentioned, they now offer pay over time on their charge cards.
This. Isn't POT a feature that you may be offered later, at an APR TBD?

Not on the charge card. It's stated up front that the apr will be 20.49%(or something like that) and the penalty apr will be 29.99%.

Re: Why does the AMEX Gold Card have an APR?

Anonymous — Wed, 10 Apr 2019 16:21:32 GMT

You are right!!! I just looked at the offer again.. I dont know where I got the 33 from!

Re: Why does the AMEX Gold Card have an APR?

drboxing — Thu, 11 Apr 2019 21:54:29 GMT

the APR is for the pay over time feature on the AMEX Gold

Re: Why does the AMEX Gold Card have an APR?

AverageJoesCredit — Thu, 11 Apr 2019 23:14:35 GMT

Im gonna say apr for POT?