cancel
Showing results for 
Search instead for 
Did you mean: 

Charge card with purchase APR ?

tag
Panda-W
Member

Charge card with purchase APR ?

What is it?. I thought charge card = never purchase APR.

Message 1 of 4
3 REPLIES 3
FinStar
Moderator Emeritus

Re: Charge card with purchase APR ?

Can you clarify or expand a bit more on which charge card product you are referencing?

Message 2 of 4
Panda-W
Member

Re: Charge card with purchase APR ?

American Express Green card

Message 3 of 4
NRB525
Super Contributor

Re: Charge card with purchase APR ?


@Panda-W wrote:

What is it?. I thought charge card = never purchase APR.


The AMEX Charge Cards have the ability to delay payment on some balances, using features such as Pay Over Time. If the cardholder does not pay the entire balance by the due date, and AMEX allows balances to go into the Pay Over Time bucket, then the balances that are in that Pay Over Time bucket will be charged interest at the stated APR. The APR used may be the APR assigned to this cardholder, or it may be a promotional APR including 0% which AMEX has offered me on two charge cards, to encourage trying out the Pay Over Time feature.

 

Interest charges on a charge card are allowed. Even though the typical intent with a charge card is you pay it off monthly, it's still borrowing and can still be processed to charge interest costs. There is not a stated Credit Limit for the Charge Card, because the approvals of charges by AMEX are more dynamic for each cardholder, as compared to typical Credit Cards with a stated Credit Limit which the bank has to formally state any changes to that credit limit.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.