topic Re: AMEX- USAA & BoA...monthly payoff ???? in Credit Cards

AMEX- USAA & BoA...monthly payoff ????

jaxstraw — Mon, 02 Jun 2008 01:49:30 GMT

I've been reading on some of the other threads lately that not only does the 'real' AMEX cards want you to pay in full monthly , but also the 'branded' AMEX (I have USAA & BoA) are best used the same way.

I'd like to know where this policy information came from and if it can be explained in more detail if anyone cares to elaborate.

I'm under the understanding that it is only the 'real' AMEX charge cards that must be paid in full monthly , so how would that apply to other branded AMEX's that aren't charge cards but credit cards ??? And wouldn't the poicy be up to the card issuer and not AMEX ??

Jax

Message Edited by jaxstraw on 06-01-2008 06:49 PM

Re: AMEX- USAA & BoA...monthly payoff ????

Anonymous — Mon, 02 Jun 2008 02:13:04 GMT

Correct... the only thing "Amex" about a BoA Amex is the fact that it goes through the american express processing network. The issuing bank loans the money and is responsible for setting the terms of the account.

In the case of BoA and USAA, they generally don't care if you revolve a balance, just like their other MC/Visas so it's a non issue.

Re: AMEX- USAA & BoA...monthly payoff ????

Anonymous — Mon, 02 Jun 2008 02:25:31 GMT

Hey Jax,

You're right. The issuers of the co-branded cards set the policy

for how they should be repaid. If they don't have a problem

with you carrying a balance, feel free to do so.

However, if you have aspirations of getting a "real" AMEX I'd recommend

that you pay in full anyway. This way, you get in the habit of PIF'ing right

off the bat and you always handle the bill the same way - co-branded or not.

Think of it as dressing for success. You don't dress for the job you have

(co-branded AMEX) - you dress for the job you want ( "real" AMEX).

That's how I would handle it, but YMMV.

CanDo

"The right attitude is everything"

Re: AMEX- USAA & BoA...monthly payoff ????

jaxstraw — Mon, 02 Jun 2008 10:29:18 GMT

I actually PIF on all my cards since starting my credit again last year. It is what works for me.

I do have some cards that will carry the balance over the statement date just for FICO scores.

Others I use early in the month once and PIF online immediately so as to keep the card in use but not have a balance when the statement cuts and the CR comes out.

I do have a DeltaSkyMiles that I just received two weeks ago. I keep going to the web page for my account and the charges are there but it won't let me pay yet. Do I have to wait until they issue a bill at the end of the billing cycle ?? Or is this a glitch ??? I'm use to logging on to my accounts at any time and paying them immediately.

Jax

Re: AMEX- USAA & BoA...monthly payoff ????

haulingthescoreup — Mon, 02 Jun 2008 10:50:55 GMT

I think that with AmEx, as with BofA, you can't pay on their website until you get your first statement.

The way around that is to pay initially from your outside online checking account, thus forcing the payment into their unwilling hands. Some banks (but not AmEx or BofA in my experience) will put a hold on your payment for several days or more, so you'll want to give yourself plenty of lee-way on the calendar.

Once things get fully up and running on their site, you'll be fine. Be aware that AmEx reports the previous month's balance, so if you ever do have a balance post, it will affect your util for a while. I'm baffled as to why they do this.

FWIW, back before I knew better, I carried a balance on my USAA AmEx, and it didn't bother them a bit.

Re: AMEX- USAA & BoA...monthly payoff ????

Scamp — Mon, 02 Jun 2008 13:34:08 GMT

haulingthescoreup wrote:
Be aware that AmEx reports the previous month's balance, so if you ever do have a balance post, it will affect your util for a while. I'm baffled as to why they do this.

And if you ASK their Credit Bureau Dept. why they do this, they'll deny that they do it, insist to you that they report current info and that it's the CRAs' updating that's a month behind. And they'll continue to insist this even after you point out that their kind manual update to the bureaus of a zero balance on your account that they did for you a few weeks ago posted to all 3 CRA's within a couple of days.

Re: AMEX- USAA & BoA...monthly payoff ????

Jesedmotherof5 — Mon, 02 Jun 2008 13:42:34 GMT

intresting. I just got my card three weeks ago and I set up a payment online through my bank. I was suprised it only took three days to post. I like to pay weekly on all my credit card accounts so I can break it up. I had a hard time meeting all the statement cuts with my last payment last month so I hope it all works out well this month as I have 6 of my nine cards at zero.

Re: AMEX- USAA & BoA...monthly payoff ????

Anonymous — Mon, 02 Jun 2008 16:01:31 GMT

I believe BoA treats you differently. For instance my hubby and I both have BoA cards, they offered him the amex they offer him all the good things like give him best CLI's always offering to loan him money at very low rates always trying to raise his limits.

I on the other hand have a lower CL with them they never constantly try to get more business from me when I call in. They have never told me on my account (but have on his) that they want me to borrow any money I need from them. They never offer me 1.9% and my interest rate is higher than his.

I take care of both accounts and PIF both each mth (twice). The difference being we put mega money thru his account vs mine. I think they like heavy usage with PIF or at the very least way more than the min. payment. JMO Vicki

Re: AMEX- USAA & BoA...monthly payoff ????

jaxstraw — Mon, 02 Jun 2008 20:05:40 GMT

See ,that's what I'm talking about HTSU.

You say 'before I knew better with my USAA AMEX'. What do you mean ??

Are you talking about PIF in general on all accts ? Or do you mean a USAA AMEX ? I thought that it was resolved through answers above that it doesn't matter. USAA sets their own policy and it's fine to carry a balance.

Jax

Re: AMEX- USAA & BoA...monthly payoff ????

haulingthescoreup — Mon, 02 Jun 2008 22:46:35 GMT

@jaxstraw wrote:
See ,that's what I'm talking about HTSU.

You say 'before I knew better with my USAA AMEX'. What do you mean ??

Are you talking about PIF in general on all accts ? Or do you mean a USAA AMEX ? I thought that it was resolved through answers above that it doesn't matter. USAA sets their own policy and it's fine to carry a balance.

Jax

No, no, I'm talking about my life of happy credit oblivion, where one day I get a letter from USAA saying, "Do you want a MasterCard," and I say "Sure, why not?", and I use it for DD#1's engineering school tuition. And just about when I have it maxed out (despite several auto CLI's and vigorous paying down of balances), they send me an e-mail that says "Do you want an AmEx?" and I say, "Absolutely!" and I load that puppy up too, again on escalating college tuition. I didn't even realize that I had double points on the AmEx until my first year was almost up, although I did collect a pretty good chunk.

And despite my fat, dumb, and happy approach to credit, USAA never did the slightest bit of AA on me.

So, by "before I knew better", I meant before I had any idea what responsible credit behavior entailed. And if anyone needs proof that affiliated AmEx cards don't necessarily follow Centurion Bank/ AmEx's policies, my cheerfully idiotic use of credit should suffice.

Re: AMEX- USAA & BoA...monthly payoff ????

jaxstraw — Mon, 02 Jun 2008 23:43:04 GMT

Thanks, nice answer, kind of covers my question to the nth degree.

Good luck with that. LOL.

Jax.

Re: AMEX- USAA & BoA...monthly payoff ????

haulingthescoreup — Tue, 03 Jun 2008 00:46:09 GMT

Yes, I'm all about the nth degree thing. I figure if I throw it all out there, people can pick through it and maybe find something useful!

Re: AMEX- USAA & BoA...monthly payoff ????

jaxstraw — Tue, 03 Jun 2008 01:01:58 GMT

Quick story,

I got my BoA AMEX in the mail today. Went online to my acct to see if I could activate online (couldn't) and saw that they had my Rewards Card that I product changed listed as an AMEX w/a 7.5k cl AND the new AA AMEX w/ a 7.5K cl !

I said ' oh boy it's my lucky day ". Somehow they messed up and I got two cards. I don't need another card but I'll combine for 15k!!

I activate the one and then ask the CSR if I can combine the two. She takes a pause and says

'I see it's your birthday today Mr. A-------- , we here at Bank of America wish you a very happy birthday but we can't give you a gift like that. That other acct is now inactive now that you activated your new card. I hope like the new AMEX card and buy yourself a very nice present with it. It's a zero APR until October.'

I had to chuckle.

It's been a good birthday anyway.

Jax