topic Re: Amex Gold Question in Credit Cards

Amex Gold Question

Anonymous — Thu, 27 Jun 2019 00:06:43 GMT

Hoping to get the Amex gold card soon, scores are getting close (I’m at 690 Experian) and my question is the AF due by the first 30 days? I know it’s a charge card and they have to be PIF by statement just wondering if the same goes for the AF. Never had a charge card before.

Re: Amex Gold Question

-Wright- — Thu, 27 Jun 2019 00:12:48 GMT

Your annual fee will be attached to your first statement. If you spend $1,000 the first month, your first statement will be $1,250.

For the record, I was approved for my Gold card with an Experian score of 669

Re: Amex Gold Question

Anonymous — Thu, 27 Jun 2019 00:14:12 GMT

So it would be due after the first statement it doesn’t fall into the pay over time does it?

Re: Amex Gold Question

KJinNC — Thu, 27 Jun 2019 01:02:20 GMT

Also for the record, I got rejected for a Gold Card with an Experian score of 681, although that's at ground zero of a "thick build" with many new accounts and inquiries, and minimal account age(s).

I think you'll need to be prepared to PIF with the first statement. You probably wouldn't get the first statement for a while after getting the card, though.

Re: Amex Gold Question

Anonymous — Thu, 27 Jun 2019 01:17:47 GMT

@Anonymous wrote:
So it would be due after the first statement it doesn’t fall into the pay over time does it?

Fees don't fall into pay over time (which you may not have at first anyway. I didn't get it for 10 months!) They also don't count as spending to your sign-up bonus.

My Platinum Card was activated March 16th. Statement closed April 15th and payment (including the annual fee) was due May 10th.

Fair warning - if you need to pay charges of a few hundred dollars over time, this is not the card for you.

Re: Amex Gold Question

kdm31091 — Thu, 27 Jun 2019 01:27:20 GMT

To me if you aren't prepared (or just don't want to have to) pay in full every statement, this isn't the right product for you. Pay over time is not necessarily always available. At its core, this is a charge card. Amex retains the right to decide which charges you can or cannot pay over time. Otherwise you must pay in full. If you want more flexibility a revolving product is going to be a better choice.

Re: Amex Gold Question

Shadowfactor — Thu, 27 Jun 2019 02:01:08 GMT

I’m going to echo the previous two responses.

If you aren’t prepared to pay the annual fee in full at the first statement close this is not the product for you.

Amex has lots of pay over time options for its charge cards but when you are offered to ability to use them is anyone’s guess.

My gold card didn’t offer POT until month 11. It was my second Amex card and first charge. I still haven’t been offered it on my Platinum card and we are just at the year mark in 2 weeks.

Amex can revoke or even not allow any charge to be placed in POT , so even if the ability is offered to you don’t bank on it. Always expect to pay every charge on a charge card in full.

Since it seems like you are looking for a card to carry a balance on, maybe you should consider a Low APR card instead. You won’t earn any rewards but rewards are useless if you are paying more in interest which is almost always the case.

Re: Amex Gold Question

KJinNC — Thu, 27 Jun 2019 02:05:47 GMT

I am guessing that the OP is just trying to wrap his mind around a $250 annual fee, moreso than hoping to routinely carry a balance.

Re: Amex Gold Question

Anonymous — Thu, 27 Jun 2019 12:52:58 GMT

Similar to another poster above, I was approved 5/27. AF was added a couple weeks ago, due as part of the first billing cycle’s payment. Payment due date is 7/2. My BCP and Hilton Ascend also had their AFs added into the first month’s spend. I would assume most cards have this as standard, but I can promise that it is the way Amex does it.

Re: Amex Gold Question

Anonymous — Thu, 27 Jun 2019 11:30:57 GMT

When I was approved, my first statement was about 10 days after my approval date. Annual fee showed up on that first statement.

Re: Amex Gold Question

CreditInspired — Thu, 27 Jun 2019 11:43:05 GMT

@Anonymous wrote:
@Anonymous wrote:
So it would be due after the first statement it doesn’t fall into the pay over time does it?
Fees don't fall into pay over time (which you may not have at first anyway. I didn't get it for 10 months!) They also don't count as spending to your sign-up bonus.

My Platinum Card was activated March 16th. Statement closed April 15th and payment (including the annual fee) was due May 10th.

Fair warning - if you need to pay charges of a few hundred dollars over time, this is not the card for you.

Ditto!

My response was going to be similar to this.

Re: Amex Gold Question

drboxing — Thu, 27 Jun 2019 12:45:20 GMT

If your unsure about Paying in full why not consider 1 of Amex credit cards such as Delta blue or Gold. Then when your comfortable and feel u can handle a charge card then go for it.

Re: Amex Gold Question

Petit3tee — Thu, 27 Jun 2019 12:46:56 GMT

At least they add AF at the end of statemend unlike Chase though. I was surprise CSP put $95 right after you got done set up your account (at lease mine). It did bother me everytime I see $95 when I didn't use it yet. Like don't remind me, I know it come with AF kinda feeling you know

Re: Amex Gold Question

Anonymous — Thu, 27 Jun 2019 13:02:28 GMT

I pay in full on all my cards the PIF every month is not my issue it’s making sure I have a spare $250 in a month to pay the AF on top of my regular spend. I have plenty of revolving cards and carry little to no balance what’s so ever so that is not the issue, $250 is not a chump change to me and I just wanna be prepared that is all.

Re: Amex Gold Question

Anonymous — Thu, 27 Jun 2019 14:22:40 GMT

@Anonymous wrote:
I pay in full on all my cards the PIF every month is not my issue it’s making sure I have a spare $250 in a month to pay the AF on top of my regular spend. I have plenty of revolving cards and carry little to no balance what’s so ever so that is not the issue, $250 is not a chump change to me and I just wanna be prepared that is all.

I don't want to sound mean, but if $250 isn't chump change to you, maybe you should reconsider. To get the value out of this card you need to have a fairly high spend for the rewards to give you back more than the value of the annual fee.

Re: Amex Gold Question

Anonymous — Thu, 27 Jun 2019 17:32:20 GMT

I have high spend over 6 figure income but I don’t see $50 as chump change let alone $250. Have nice things we pay for and multiple properties (regular, rental, commercial) I appreciate all the negative feedback though thanks. I just hold myself different then others I guess but again thank you to all. Hooah!

Re: Amex Gold Question

Anonymous — Thu, 27 Jun 2019 17:51:48 GMT

To play devil's advocate, I don't think $250 is chump change to most people. Money is Money no matter the amount and has value. Sure to some it may not be as significant to othersin the scheme of things.

That said, if you're the high spender you claim to be. Then the $250 can be justified, as it would be offset by your spend as well as the many credits offered. If you're able to use it, the $120 dining credit knock that in half. Then there's the $100 Airline credit if you fly, as well as teh $100 Hotel Credit. There are plenty of chances to get that Money back in some form, if you're proactive about it.

However, if a person's first worry is affording/justifying the AF. That person should put some serious thought into whether a Charge is right for them or not. The AF is something you know is coming and can plan for though.

Re: Amex Gold Question

Anonymous — Fri, 28 Jun 2019 07:44:49 GMT

@Anonymous wrote:
Hoping to get the Amex gold card soon, scores are getting close (I’m at 690 Experian) and my question is the AF due by the first 30 days? I know it’s a charge card and they have to be PIF by statement just wondering if the same goes for the AF. Never had a charge card before.

My brother got the Amex gold with a low credit score maybe 560-620 ... but he received a pre approval offer in the mail. i technically use it tho ... I just checked all the statements from when he got it until now.. it’s almost 1 year. I think it’s been 10-11 months. No annual fee has ever been charged yet. He still doesn’t have Pay over time. The account is used a lot heavily every month and paid in full. But still haven’t been offered POT ... it might have to do with his credit score but I have no idea they’re confusing ... they pick and choose what to approve or deny ... your spending power is different every month. But don’t be scared to apply for it ... he got it with a low score ... high utilization... collection... 690 u should be good ... from my experience, annual fee wasn’t charged up front. Spend $2000 get the 50k points and use it for restaurants... grocery ... and whatever else gives bonus. I get about 10k points a month ... when we go out to dinner I’ll swipe the whole thing and just have everyone send me money so I can get the 4x ... you’ll get the annual fee back ... I have almost 100k points ... woulda had more but did a stupid thing of using 50k to pay charges which has a really bad value. 50k points should be $500 ... only got like $300 out of that

Re: Amex Gold Question

Anonymous — Fri, 28 Jun 2019 13:01:45 GMT

@Anonymous wrote:
To play devil's advocate, I don't think $250 is chump change to most people. Money is Money no matter the amount and has value. Sure to some it may not be as significant to othersin the scheme of things.

I don't consider $250 chump change either. But considering it's a fee on a charge card, where it would normally be dwarfed by the actual spending, if you're concerned about when you'll have to pay it and want to know if you can pay it over time, a charge card with an annual fee might not be a good option - especially if the SUB requires a couple of thousand dollar spend in three months.

Re: Amex Gold Question

Anonymous — Fri, 28 Jun 2019 13:00:09 GMT

@Anonymous wrote:
@Anonymous wrote:
Hoping to get the Amex gold card soon, scores are getting close (I’m at 690 Experian) and my question is the AF due by the first 30 days? I know it’s a charge card and they have to be PIF by statement just wondering if the same goes for the AF. Never had a charge card before.
My brother got the Amex gold with a low credit score maybe 560-620 ... but he received a pre approval offer in the mail. i technically use it tho ... I just checked all the statements from when he got it until now.. it’s almost 1 year. I think it’s been 10-11 months. No annual fee has ever been charged yet.

The offer till last fall was no annual fee for the first year.