topic Re: Amex cards, need advice on which 1 in Credit Cards

Amex cards, need advice on which 1

quarius — Tue, 28 Aug 2012 14:20:01 GMT

Ok so i have been looking at some Amex cards but right now i don't understand why i would get 1 of there charge cards to have to pay it in full every month. The only thing that im seeing is that u don't get interest but would i just wanna pay in full on any card if i pay in full every month and then have the option to let a balance show? What im asking is the only difference that with the Amex cards like the zinc which is pif every month versus the other where u get the perks but get to pay in parts. Could it be they give u higher trade lines with the charge cards? I think the cards where i can pay it monthly would be better for me unless someone can tell me other wise.

Re: Amex cards, need advice on which 1

Anonymous — Tue, 28 Aug 2012 14:25:43 GMT

A lot of people (myself included) find charge cards particularly helpful, as they are used as a debit card replacement. Makes swiped transactions safer, and you get the excellent protections that Amex offers for being a card member (you get these with a revolver as well). Also helps me curb spending because I know I have to pay the whole thing at the end of the month. It's been helpful as I try to pay down my balances (slowly but surely!)

Seems like a revolver is what you want, but keep in mind that Amex APRs are typically slightly higher than other revolvers... it would be wise to PIF whether you use charge or revolver.

What's your history and scores? Amex revolver is tough to get a a starter.

Re: Amex cards, need advice on which 1

quarius — Tue, 28 Aug 2012 14:49:09 GMT

@Anonymous wrote:
A lot of people (myself included) find charge cards particularly helpful, as they are used as a debit card replacement. Makes swiped transactions safer, and you get the excellent protections that Amex offers for being a card member (you get these with a revolver as well). Also helps me curb spending because I know I have to pay the whole thing at the end of the month. It's been helpful as I try to pay down my balances (slowly but surely!)

Seems like a revolver is what you want, but keep in mind that Amex APRs are typically slightly higher than other revolvers... it would be wise to PIF whether you use charge or revolver.

What's your history and scores? Amex revolver is tough to get a a starter.

Well as of now my score is at 649 ex score watch and i have a long history of good payments never any lates. I was wondering which 1 i should try for as i never got any Amex before and im currently paying down my debt so i can apply for some new good cards and Amex is 1 of them im looking at. I just looking for some new decent lines of credit my highest line of credit is 12k BOA.

Re: Amex cards, need advice on which 1

webhopper — Tue, 28 Aug 2012 14:53:10 GMT

@quarius wrote:
@Anonymous wrote:
A lot of people (myself included) find charge cards particularly helpful, as they are used as a debit card replacement. Makes swiped transactions safer, and you get the excellent protections that Amex offers for being a card member (you get these with a revolver as well). Also helps me curb spending because I know I have to pay the whole thing at the end of the month. It's been helpful as I try to pay down my balances (slowly but surely!)

Seems like a revolver is what you want, but keep in mind that Amex APRs are typically slightly higher than other revolvers... it would be wise to PIF whether you use charge or revolver.

What's your history and scores? Amex revolver is tough to get a a starter.
Well as of now my score is at 649 ex score watch and i have a long history of good payments never any lates. I was wondering which 1 i should try for as i never got any Amex before and im currently paying down my debt so i can apply for some new good cards and Amex is 1 of them im looking at. I just looking for some new decent lines of credit my highest line of credit is 12k BOA.

A charge card is nice because you earn points on your spending and you are forced to pay in full, which doesn't let you accumulate debt. its a great tool for managing your spending responsible. Payment Protection is very good on the Amex. If you accidentally break the item, Amex will refund the money you spent for it. In a story posted last week, a guy broke a glass bong (water pipe) and received a $67 credit on his Amex account because he had paid for it with Amex.

Re: Amex cards, need advice on which 1

quarius — Tue, 28 Aug 2012 15:05:31 GMT

@webhopper wrote:
@quarius wrote:
@Anonymous wrote:
A lot of people (myself included) find charge cards particularly helpful, as they are used as a debit card replacement. Makes swiped transactions safer, and you get the excellent protections that Amex offers for being a card member (you get these with a revolver as well). Also helps me curb spending because I know I have to pay the whole thing at the end of the month. It's been helpful as I try to pay down my balances (slowly but surely!)

Seems like a revolver is what you want, but keep in mind that Amex APRs are typically slightly higher than other revolvers... it would be wise to PIF whether you use charge or revolver.

What's your history and scores? Amex revolver is tough to get a a starter.
Well as of now my score is at 649 ex score watch and i have a long history of good payments never any lates. I was wondering which 1 i should try for as i never got any Amex before and im currently paying down my debt so i can apply for some new good cards and Amex is 1 of them im looking at. I just looking for some new decent lines of credit my highest line of credit is 12k BOA.
A charge card is nice because you earn points on your spending and you are forced to pay in full, which doesn't let you accumulate debt. its a great tool for managing your spending responsible. Payment Protection is very good on the Amex. If you accidentally break the item, Amex will refund the money you spent for it. In a story posted last week, a guy broke a glass bong (water pipe) and received a $67 credit on his Amex account because he had paid for it with Amex.

Thats good 2 know i never new that they give u money back if u break something. Well im pretty good on my spending and paying bills, i make pretty good money. Well i was thinking maybe 1 of the blue cards would be good for me either the points or cash, but there is the zync card but thats the pif card. I just don't know what to make out of that charge card, kinda scared to comit to something like that.

Let me ask u guys this also within this month most of my debt will be reporting low util and i plan on asking for CLI on my current cards, should i apply for this Amex before, on or after asking for CLI? some of my cards like the 3 BOA cards i have will do a hp, i only have a few hp showing right now.

Re: Amex cards, need advice on which 1

Open123 — Tue, 28 Aug 2012 15:15:18 GMT

People prefer charge cards mainly for the NPSL spending power and the MR Program's airline transfer partners.

Re: Amex cards, need advice on which 1

Anonymous — Tue, 28 Aug 2012 15:25:53 GMT

This is where the charge cards comes in handy. Say, you want to buy something that is $6000 (or even $30,000), but you only have a total CL of $4,000 (or $25,000). You have the cash, but want to get rewards to help offset the cost of your purchase. In this case, the charge card works great because you can, if you have money in the bank, still put a purchase beyond your CL and get rewarded for the purchase (and some benefits such as warranty extension) rather than just writing a check.

Before I had a high limit revolver, I only had my Zync. When I bought my car, I wanted to be able to get some points for the downpayment. Instead of writing a check for $5k, I used my Zync and got 5,000 points instead of nothing with a check.

Or say, you are building your credit and you are having a difficult time getting decent CLs (stuck with the 500 here, 250 there etc). You want buyer protection, you have scores for a Zync, so you get yourself a Zync and instead of using debit cards (or contantly paying off your low limits so you can spend more) you can just use your Zync until you get some better cards.

Charge cards are also good for your Fico score because they do not count as utilization when used.

Re: Amex cards, need advice on which 1

Anonymous — Tue, 28 Aug 2012 15:26:26 GMT

Why do people use debit cards when you get no points, and lesserprotections? Same reason you would get charge card. Controls your spending. Additionally protections are great and you earn rewards. Other reasons are limits on amex charge cards grow faster. For those who use for expenses such as business, they can build up limits to the hundreds of thousands a month. No credit card will do that. They basically have no choice. There are fico scoring advantages with charge cards as well. Others get Amex charge card because they just don't qualify for Amex revolver. Amex prizes history with them so this is gateway to their revolver.

Re: Amex cards, need advice on which 1

quarius — Tue, 28 Aug 2012 15:51:47 GMT

Ok thanks everyone for your help on me deciding what to do, i will go for the zync card first. Didn't know u get all that stuff from the charge card.

Also what does this mean (NPSL spending power and the MR)? a poster before wrote that but i don't know what it means.

Re: Amex cards, need advice on which 1

Anonymous — Tue, 28 Aug 2012 16:00:10 GMT

No preset spending limit, they will let you charge as much as amex feels you can afford.

Re: Amex cards, need advice on which 1

jamesdwi — Tue, 28 Aug 2012 16:08:05 GMT

NPSL == no preset spending limit, it means you aren't told your limit its usually based on your income and your payment history with AMEX and fluxuates monthly. for most people its at least 50% of your monthly income. If you are ever declined call in make a payment, customer service rep will then allow the charge and your internal limit will grow if your income supports it in a few months.

When I last checked my Zync limit it was over $4000 (had $500 balance and checked my spending ability for a $3500 purchase approved. )

MR == Membership Rewards its AMEX reward system usually 1pt per dollar spend, you can redeem for resturant and store gift cards for a 1 penny a pt. AMEX gift cards are avaiblile but cost 1 pt per .65 cent.You can also transfer MR points freqent flyer programs

Zync has the option to get Packs that give 2pts per $ spend on specific catagories. but Zync Reward program is slightly different it has MRE's Membership Reward Express pt/s they can't be transfered to other programs but can be converted to MR pts, if you have a Green/Gold/Platinum card.

With AMEX charge cards the basic rules are, use it, pay in full before payment is due. and don't spend more than your monthly income in a month. Everyone will be happy.

Re: Amex cards, need advice on which 1

quarius — Tue, 28 Aug 2012 16:29:28 GMT

@Anonymous wrote:
No preset spending limit, they will let you charge as much as amex feels you can afford.

Very nice, i learned so much today. Thanks

Re: Amex cards, need advice on which 1

Pworld — Wed, 29 Aug 2012 17:59:36 GMT

I say apply for the Zync or Green at those scores. Criteria is the same. I applied for the zync, and also the green and got approved for both with your scores. I use the green just so my Zync points can be converted to standard MR points from MRE (called to have my MR combined under one account).

Re: Amex cards, need advice on which 1

ACsteel — Wed, 29 Aug 2012 18:12:46 GMT

I believe as posted before, a lot of people get the charge card as a gateway to their revolver w/AMEX and the backdating.

I also believe people get the charge cards for the "flash" value of it as it is AMEX's most noticeable and known cards.

Sure they have the NPSL but to me that is not a practical reason to get it, as you can build your credit cards (good ones obviously) to have a credit limit that is comfortable for your day to day life, NPSL is for people who are making purchases FREQUENTLY that are EXPENSIVE and most of us I would say safe to say are not buying a car every single month.

Try for the revolver you want, if you get denied for it, then I say get the ZYNC just to have your backdating available.