topic Re: AMEX email in Credit Cards

AMEX email

Anonymous — Wed, 25 Jul 2012 19:34:32 GMT

Earn 25,000 Points

View this e-mail: Mobile or Web.

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Is the above the generic email AMEX sends out to get people into a card of their choice. First email of this type I have recieved from them so just curious. This also brought up a question I wanted to ask regarding card types.

Credit Card vs Charge Card

what are the advantages and disadvantages of each type of card?

All of my cards so far have credit cards with limits around 10k or above each. Would it be advantagous to apply and get a charge card?

Re: AMEX email

espnjunkie — Wed, 25 Jul 2012 19:36:25 GMT

Carge cards don't report a credit limit so charges made on them are not factored into your utilization. Charge cards often times can have HUGE internal limits, basically allowing you to charge way more than a credit card would allow you to. Membership rewards points.

Re: AMEX email

trumpet-205 — Wed, 25 Jul 2012 19:39:52 GMT

Charge card - You pay your entire balanace by due date. You can't carry the balance to the next statement.

Credit card - You pay at least minimum balance by due date. You can carry the balanace to the next statement with interest charge.

Re: AMEX email

Anonymous — Wed, 25 Jul 2012 19:45:42 GMT

Right now my cards are as follows:

Discover, 18k CL joined in 1993

Wells Fargo Plat, 15k CL joined 2000

Blue AMEX AU, 12k CL joined 2005

I had never even considered getting a charge card before. I got that email and did not know if that is AMEX generic "Here come apply you might make it" ads. Or if it AMEX actively going you should apply we will get you a card. Just trying to decide if actually getting a charge card could be advantagous or not. If not no biggie I am happy with the cards I do have if not. No biggie

Thanks for the Input

Re: AMEX email

OptimalFICO — Wed, 25 Jul 2012 19:45:56 GMT

espnjunkie wrote: Carge cards don't report a credit limit so charges made on them are not factored into your utilization.

~~~~~~~~~~~~~~~~

Because there is no stated CL for charge cards, your credit report will reflect your highest monthly balance within the seven-year reporting period as your CL. This can adversely impact your FICO scores. I used to put all purchases on my AmEx Green card so my CR showed a very high CL. Now for the last several years I have only used the card enough to maintain periodic activity and instead mainly use my Blue Cash card, so my AmEx Green CL reports somewhere around only $100. It's my "golden account" and my scores are high enough to absorb the utilization hit when I use it, so I keep it.

Re: AMEX email

Walt_K — Wed, 25 Jul 2012 19:59:36 GMT

@OptimalFICO wrote:
espnjunkie wrote: Carge cards don't report a credit limit so charges made on them are not factored into your utilization.

~~~~~~~~~~~~~~~~

Because there is no stated CL for charge cards, your credit report will reflect your highest monthly balance within the seven-year reporting period as your CL. This can adversely impact your FICO scores. I used to put all purchases on my AmEx Green card so my CR showed a very high CL. Now for the last several years I have only used the card enough to maintain periodic activity and instead mainly use my Blue Cash card, so my AmEx Green CL reports somewhere around only $100. It's my "golden account" and my scores are high enough to absorb the utilization hit when I use it, so I keep it.

EQ and EX ignore charge cards for utilization purposes. TU98, the version you get here, will do what you are describing above. I'm not sure what TU04 does, but I think TU04 ignores them just like EQ and EX.

Also, to the OP's question about the mailer, it is generic. It doesn't indicate that you will be approved.

Re: AMEX email

Anonymous — Wed, 25 Jul 2012 23:37:23 GMT

American express charge cards do have a pay over time feature on purchases over 100 if enrolled