Carrying a balance >50% with AMEX

[Anonymous]

My only contribution to this thread will be to ask: 

Is 5% really as low of an auto loan that you were able to find?

[Anonymous]

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@SomeGuyOnTheWeb wrote:

I'm going to purchase a car soon. The dealership with the car I wants accepts AMEX cards up to $6,000 total. My current CL on my BCE is $9,500. I was initially going to put $4,000 cash down on a car (about $16,000 total price, not including fees) and finance the rest at around 5% for four years. However, I'm thinking I'd rather use the AMEX card which has 0% APR until May (I think, it may be April) 2016, sock away that $4,000 and finance $10K instead of $12K. I'd essentially be saving ~5% on $2,000 over a four year loan. 

But before I do this, I would like some input from those with an AMEX card.

I've heard (well, read) that AMEX doesn't REALLY like to see you carry a high balance for a prolonged period of time. I would most assuredly pay off the balance long before tne promotional periods ends, but I'm not going to be in any rush to. I'd probably get it paid off by January 2016. I'd probably throw $500 - $600 towards the card monthly. Does anyone have any experience doing this, or even carrying a balance with AMEX for a long time to make use of the promotional intro period?

I'm just trying to weigh my options before I commit to anything.

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This is acceptable. I've put down payments for cars Multiple times on my BSP.

It's when you put a ton of little purchases and make small payments that it becomes a problem. But larger purchases are given a little more leeway.

For about 2+ years, 2011-2013 I pretty much ran a 40-60% balance on my BSP with no AA.

[taxi818]

Listen. i check with Amex car buyers program long ago. stop listening to the fear mongers here at myfico. you will be fine if you did just that. in fact amex encourages you to use the card for those kind of purchases. me personally i would go for it. and im not just saying that. as im buying a car in june. and like you. i will use my amex to put for down purchase. just too bad. the dearler im using was recommended by the amex car buyers website. but they will only take 2k for down payment thru that program.

try the link

 https://amexnetwork.truecar.com/main.html?referrer_id=ZAMX000521

[Anonymous]

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@taxi818 wrote:

Listen. i check with Amex car buyers program long ago. stop listening to the fear mongers here at myfico. you will be fine if you did just that. in fact amex encourages you to use the card for those kind of purchases. me personally i would go for it. and im not just saying that. as im buying a car in june. and like you. i will use my amex to put for down purchase. just too bad. the dearler im using was recommended by the amex car buyers website. but they will only take 2k for down payment thru that program.

try the link

 https://amexnetwork.truecar.com/main.html?referrer_id=ZAMX000521

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Interesting. When we bought our last car in July we put 4K down out of 7K CL I'd just gotten CLI for on my BSP.

[CreditCuriosity]

Ya really don't understand why people are scared to carry a balance on AMEX as long as you make healthly payments above the minimum payment.  They wouldn't offer 0% aprs if they were concerned.. You never hear the full story why people get FR'ed or whatever else that Amex might give you AA..  Even if you have an APR that isn't 0% amex makes extra money off this as well as long as swipe fees.  Be responsible and you will never have an issue with them as long as you don't do abnormal behavior.  Even if you do and have the income proof to back it up, you will be fine.  So sick of the people that are trolls on this forum

[CreditCuriosity]

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@taxi818 wrote:

Listen. i check with Amex car buyers program long ago. stop listening to the fear mongers here at myfico. you will be fine if you did just that. in fact amex encourages you to use the card for those kind of purchases. me personally i would go for it. and im not just saying that. as im buying a car in june. and like you. i will use my amex to put for down purchase. just too bad. the dearler im using was recommended by the amex car buyers website. but they will only take 2k for down payment thru that program.

try the link

 https://amexnetwork.truecar.com/main.html?referrer_id=ZAMX000521

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Interesting link although I use truecar to see what other people payed along with edmunds and other sources, I will never pay the medium of the price, I am usually the one that skews that stuff to the low side of the price on these things as an informed buyer is a smart buyer...

[red259]

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@CreditCuriousity wrote:

Ya really don't understand why people are scared to carry a balance on AMEX as long as you make healthly payments above the minimum payment.  They wouldn't offer 0% aprs if they were concerned.. You never hear the full story why people get FR'ed or whatever else that Amex might give you AA..  Even if you have an APR that isn't 0% amex makes extra money off this as well as long as swipe fees.  Be responsible and you will never have an issue with them as long as you don't do abnormal behavior.  Even if you do and have the income proof to back it up, you will be fine.  So sick of the people that are trolls on this forum

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This statement implies that every poster who mentions undergoing an FR or facing AA is witholding information in their post. This is not always the case and it is a broad generalization. I agree that people are too concerned about AA/FRs etc, but its also not appropriate to assume every single person who is posting stuff is not giving the complete story about what triggered the FR/AA. 

[taxi818]

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@CreditCuriousity wrote:

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@taxi818 wrote:

Listen. i check with Amex car buyers program long ago. stop listening to the fear mongers here at myfico. you will be fine if you did just that. in fact amex encourages you to use the card for those kind of purchases. me personally i would go for it. and im not just saying that. as im buying a car in june. and like you. i will use my amex to put for down purchase. just too bad. the dearler im using was recommended by the amex car buyers website. but they will only take 2k for down payment thru that program.

try the link

 https://amexnetwork.truecar.com/main.html?referrer_id=ZAMX000521

---

Interesting link although I use truecar to see what other people payed along with edmunds and other sources, I will never pay the medium of the price, I am usually the one that skews that stuff to the low side of the price on these things as an informed buyer is a smart buyer...

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I would never buy car from that link. was just trying to show op. how amex encourages the use of their care. or your card. for car purchases.

[Chris679]

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@red259 wrote:

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@CreditCuriousity wrote:

Ya really don't understand why people are scared to carry a balance on AMEX as long as you make healthly payments above the minimum payment.  They wouldn't offer 0% aprs if they were concerned.. You never hear the full story why people get FR'ed or whatever else that Amex might give you AA..  Even if you have an APR that isn't 0% amex makes extra money off this as well as long as swipe fees.  Be responsible and you will never have an issue with them as long as you don't do abnormal behavior.  Even if you do and have the income proof to back it up, you will be fine.  So sick of the people that are trolls on this forum

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This statement implies that every poster who mentions undergoing an FR or facing AA is witholding information in their post. This is not always the case and it is a broad generalization. I agree that people are too concerned about AA/FRs etc, but its also not appropriate to assume every single person who is posting stuff is not giving the complete story about what triggered the FR/AA. 

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Spoken like a true fear monger!  Once again you are agreeing with the statement being made but nit picking about it not being accurate 100% of the time.  I've been around here long enough to know that in the vast majority of cases people experiencing AA have it coming and they don't always make it clear in their angry posts.  CreditCuriosity is dead on balls accurate.

[red259]

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@Chris679 wrote:

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@red259 wrote:

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@CreditCuriousity wrote:

Ya really don't understand why people are scared to carry a balance on AMEX as long as you make healthly payments above the minimum payment.  They wouldn't offer 0% aprs if they were concerned.. You never hear the full story why people get FR'ed or whatever else that Amex might give you AA..  Even if you have an APR that isn't 0% amex makes extra money off this as well as long as swipe fees.  Be responsible and you will never have an issue with them as long as you don't do abnormal behavior.  Even if you do and have the income proof to back it up, you will be fine.  So sick of the people that are trolls on this forum

---

This statement implies that every poster who mentions undergoing an FR or facing AA is witholding information in their post. This is not always the case and it is a broad generalization. I agree that people are too concerned about AA/FRs etc, but its also not appropriate to assume every single person who is posting stuff is not giving the complete story about what triggered the FR/AA. 

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Spoken like a true fear monger!  Once again you are agreeing with the statement being made but nit picking about it not being accurate 100% of the time.  I've been around here long enough to know that in the vast majority of cases people experiencing AA have it coming and they don't always make it clear in their angry posts.  CreditCuriosity is dead on balls accurate.

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I'm not a fear monger and I would appreciate it if you would refrain from calling me names. I'm not nitpicking about accuracy. I'm taking issue with a statement that people who post on here for help or advice must be withholding information if they suffered AA. This is not always the case. Does it happen sometimes? Sure, but not everyone is doing that.