topic Re: replace amex charge with amex credit? in Credit Cards

replace amex charge with amex credit?

afbar1114 — Sun, 22 Apr 2012 22:52:40 GMT

I was think about doing this if and when i got bcp. Any one think its a good idea?

Re: replace amex charge with amex credit?

LS2982 — Sun, 22 Apr 2012 22:59:28 GMT

@afbar1114 wrote:
I was think about doing this if and when i got bcp. Any one think its a good idea?

Appbar Jr,

Plotting for future new credit is just as bad as apping new credit!!!!

Re: replace amex charge with amex credit?

afbar1114 — Sun, 22 Apr 2012 23:03:04 GMT

Lol not for me i like to have a goal to shoot for and i was wondering if this is a bad idea

Re: replace amex charge with amex credit?

Anonymous — Sun, 22 Apr 2012 23:05:09 GMT

If you'd never use the card again, then it's not worth paying the annual fee. I've been wresting with a similar issue, as I think I'd rather just earn cash back instead of MR points.

Re: replace amex charge with amex credit?

afbar1114 — Sun, 22 Apr 2012 23:16:01 GMT

Yea me too. I think i would get a gc before i closed it though and then i would only have four cards. But i most likly would wait until i got a cli on it.

Re: replace amex charge with amex credit?

haulingthescoreup — Mon, 23 Apr 2012 00:13:43 GMT

I started with a Gold (no fee the first year), and decided I'd rather have a Blue. My brain doesn't "get" points cards.

Anyway, I did what others mentioned: got the Blue in month 10, made sure it reported, and canceled the Gold before it charged the fee. Worked fine.

However, for those who don't realize this, you can't PC (product change) from a charge to a revolver and vice versa. You'll have to do a new app (generally an EX pull.) But the card won't report as new, due to the backdating, and if you get it a month or two earlier than the first card, as long as it's January or later, the new card will report as older than the old.

So:

--old card opened in March 2010, new card in Feb 2011, new card will be dated Feb 2010, making it older

--old card opened in March 2010, new card in Dec 2010, new card will be dated Dec 2010, making it younger, which it is

So, wait until January at the earliest if you're in this scenario.

Re: replace amex charge with amex credit?

android01 — Mon, 23 Apr 2012 00:35:36 GMT

@haulingthescoreup wrote:
I started with a Gold (no fee the first year), and decided I'd rather have a Blue. My brain doesn't "get" points cards.

Anyway, I did what others mentioned: got the Blue in month 10, made sure it reported, and canceled the Gold before it charged the fee. Worked fine.

However, for those who don't realize this, you can't PC (product change) from a charge to a revolver and vice versa. You'll have to do a new app (generally an EX pull.) But the card won't report as new, due to the backdating, and if you get it a month or two earlier than the first card, as long as it's January or later, the new card will report as older than the old.

So:
--old card opened in March 2010, new card in Feb 2011, new card will be dated Feb 2010, making it older
--old card opened in March 2010, new card in Dec 2010, new card will be dated Dec 2010, making it younger, which it is

So, wait until January at the earliest if you're in this scenario.

Good advice! I wish I knew that before I apped for a new AMEX card in December of 2009. My original AMEX was from March of 1986, and the new card was backdated to December of 1986.

Re: replace amex charge with amex credit?

afbar1114 — Mon, 23 Apr 2012 00:38:47 GMT

So i am waiting til jan 2013 then to open a new card like bcp. Then cancel zync...

Re: replace amex charge with amex credit?

haulingthescoreup — Mon, 23 Apr 2012 00:39:30 GMT

@afbar1114 wrote:
So i am waiting til jan 2013 then to open a new card like bcp. Then cancel zync...

Sounds like a plan.

Re: replace amex charge with amex credit?

Revelate — Mon, 23 Apr 2012 00:44:57 GMT

@android01 wrote:
Good advice! I wish I knew that before I apped for a new AMEX card in December of 2009. My original AMEX was from March of 1986, and the new card was backdated to December of 1986.

Heh, because an extra 23 years of tradeline sucks so much amirite?

Re: replace amex charge with amex credit?

Brian_Trying_700 — Mon, 23 Apr 2012 00:56:04 GMT

Its funny because tonight I was looking tonight and the Blue Preferred. I will app next April though. I will keep my Zync also.

Re: replace amex charge with amex credit?

android01 — Mon, 23 Apr 2012 01:03:34 GMT

@Revelate wrote:
@android01 wrote:
Good advice! I wish I knew that before I apped for a new AMEX card in December of 2009. My original AMEX was from March of 1986, and the new card was backdated to December of 1986.
Heh, because an extra 23 years of tradeline sucks so much amirite?

Ha! If the truth be known, I didn't even know what backdating was at the time, so it was an extra bonus when I finally found out what it was. STILL missed out on nine months though....

Re: replace amex charge with amex credit?

Revelate — Mon, 23 Apr 2012 01:05:53 GMT

@android01 wrote:
@Revelate wrote:
@android01 wrote:
Good advice! I wish I knew that before I apped for a new AMEX card in December of 2009. My original AMEX was from March of 1986, and the new card was backdated to December of 1986.
Heh, because an extra 23 years of tradeline sucks so much amirite?
Ha! If the truth be known, I didn't even know what backdating was at the time, so it was an extra bonus when I finally found out what it was. STILL missed out on nine months though....

*cough* 11 months, oh the horror!

Just kidding of course, it's still a ludicrously fantastic backdate; oh how I wish I'd opened up an Amex back in the day when I could've gotten one shortly after my first attempt at college.

Re: replace amex charge with amex credit?

android01 — Mon, 23 Apr 2012 01:11:07 GMT

@Revelate wrote:
@android01 wrote:
@Revelate wrote:
@android01 wrote:
Good advice! I wish I knew that before I apped for a new AMEX card in December of 2009. My original AMEX was from March of 1986, and the new card was backdated to December of 1986.
Heh, because an extra 23 years of tradeline sucks so much amirite?
Ha! If the truth be known, I didn't even know what backdating was at the time, so it was an extra bonus when I finally found out what it was. STILL missed out on nine months though....
*cough* 11 months, oh the horror!

Just kidding of course, it's still a ludicrously fantastic backdate; oh how I wish I'd opened up an Amex back in the day when I could've gotten one shortly after my first attempt at college.

Ugh...Worse than I thought.

Re: replace amex charge with amex credit?

afbar1114 — Mon, 23 Apr 2012 01:34:06 GMT

i dont know if its me or not but on my charge my due date varies but only by a day one month it was one 21st the next it was the 22 and one was 23. so i assume amex charge cards may not fall in to the CARD act as its not a credit card. but i may still keep my zync as i feel there is more of a "prestige" with having a amex charge card. just might get rid of a pack or two.

Re: replace amex charge with amex credit?

haulingthescoreup — Mon, 23 Apr 2012 01:40:46 GMT

@afbar1114 wrote:
i dont know if its me or not but on my charge my due date varies but only by a day one month it was one 21st the next it was the 22 and one was 23. so i assume amex charge cards may not fall in to the CARD act as its not a credit card. but i may still keep my zync as i feel there is more of a "prestige" with having a amex charge card. just might get rid of a pack or two.

Not arguing with your plan, but prestige in whose eyes? (just curious) I don't know that lenders care.

Re: replace amex charge with amex credit?

afbar1114 — Mon, 23 Apr 2012 01:44:57 GMT

@haulingthescoreup wrote:
@afbar1114 wrote:
i dont know if its me or not but on my charge my due date varies but only by a day one month it was one 21st the next it was the 22 and one was 23. so i assume amex charge cards may not fall in to the CARD act as its not a credit card. but i may still keep my zync as i feel there is more of a "prestige" with having a amex charge card. just might get rid of a pack or two.
Not arguing with your plan, but prestige in whose eyes? (just curious) I don't know that lenders care.

when i got the zync my family was in pressed with it because most of them never could get except my dad. although some of my family members could get it they just never did.

Re: replace amex charge with amex credit?

haulingthescoreup — Mon, 23 Apr 2012 01:47:07 GMT

@afbar1114 wrote:
@haulingthescoreup wrote:
@afbar1114 wrote:
i dont know if its me or not but on my charge my due date varies but only by a day one month it was one 21st the next it was the 22 and one was 23. so i assume amex charge cards may not fall in to the CARD act as its not a credit card. but i may still keep my zync as i feel there is more of a "prestige" with having a amex charge card. just might get rid of a pack or two.
Not arguing with your plan, but prestige in whose eyes? (just curious) I don't know that lenders care.

when i got the zync my family was in pressed with it because most of them never could get except my dad. although some of my family members could get it they just never did.

OK, fair enough.

Re: replace amex charge with amex credit?

afbar1114 — Mon, 23 Apr 2012 01:50:45 GMT

and a mall by me had a lounge during the holidays for charge card memebers only. i thought it was really odd. but it also seems like you get more perks with charge cards then one does with the credit cards. i do plan on getting BCP next year just trying to see if i would keep zync. like i have said before i think my "magic number" is 5 cards with one of those 5 cards being my kohls. as i will also keep the 123, chase, and undecied what other two cards will fill those slots.

Re: replace amex charge with amex credit?

Open123 — Mon, 23 Apr 2012 03:42:14 GMT

@afbar1114 wrote:
i dont know if its me or not but on my charge my due date varies but only by a day one month it was one 21st the next it was the 22 and one was 23. so i assume amex charge cards may not fall in to the CARD act as its not a credit card. but i may still keep my zync as i feel there is more of a "prestige" with having a amex charge card. just might get rid of a pack or two.

I think the "prestige" is based on whose perspective.

Generally, Amex will have the best "customer service" for fee based cards, and the charge card is their flagship product. For some from the older generation, the charge card will always be the quintessential Amex product, which is why their most exclusive card--the Black--is still just a charge card. They view a charge card as a person who has the money to pay for everything charged, unlike a credit card that can be financed over time. While not prestigious per se, in some circles people to take notice that when using a charge card, you're essentiall using cash. The charge card is ultimately more a reflection of spending ability and income stream than credit worthiness.

Credit wise, the Amex revolvers have more prestige than the charge cards, especially when you consider it's more difficult to be approved for a revolver than any of the charge cards, except for the Centurion. Seeing someone with an Amex charge card gives very little insight on a person's credit worthiness, while it may be assumed that a person with an Amex revolver has excellent credit history and worthiness.