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Is Amex Optima a Charge Card or Credit Card ?

Rebuild2022
Super Contributor

Is Amex Optima a Charge Card or Credit Card ?

For FICO and scoring purposes Is Amex Optima considered as a Charge Card or Credit Card ?

Gardening since 08/2020
Message 1 of 38
37 REPLIES 37
CO_NATIVE
Valued Contributor

Re: Is Amex Optima a Charge Card or Credit Card ?

Optima is a revolving, credit card and is not a charge card.

 

Optima was introduced in 1987 as American Express's first credit card. American Express stopped offering Optima around 2008-2009 for new, credit worthy applicants only to be revived years later as a reward for consumers that repaid charged-off debt. 


Message 2 of 38
wasCB14
Super Contributor

Re: Is Amex Optima a Charge Card or Credit Card ?

Isn't the CL fixed as 1/3 (or some other fraction) of the repaid amount?

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 3 of 38
Rudy1
Frequent Contributor

Re: Is Amex Optima a Charge Card or Credit Card ?

As @CO_NATIVE stated it is a revolving credit card the only charge card AMEX issues are the Green, Gold, Platinum, and Centurion. When I met my husband he had the Optima Platinum from when they offered it as a actual card not for debt repayment he still has it. For him it is a good card to keep around low rate and nice CL.




Closed Cards/Accounts:
Message 4 of 38
Rebuild2022
Super Contributor

Re: Is Amex Optima a Charge Card or Credit Card ?

From FICO standpoint of view, is there a scoring difference between a Charge Card and Credit Card ?

Gardening since 08/2020
Message 5 of 38
Remedios
Moderator

Re: Is Amex Optima a Charge Card or Credit Card ?

There is difference 

Charge card balances are not "counted" towards utilization on newer scoring models, but they do count towards number of *cards with balances*. 

On older scoring models, highest balance on charge card is considered to be a limit. 

Message 6 of 38
Save-n-Invest
Frequent Contributor

Re: Is Amex Optima a Charge Card or Credit Card ?


@CO_NATIVE wrote:

Optima is a revolving, credit card and is not a charge card.

 

Optima was introduced in 1987 as American Express's first credit card. American Express stopped offering Optima around 2008-2009 for new, credit worthy applicants only to be revived years later as a reward for consumers that repaid charged-off debt. 


That's interesting. In 2003 I was at a VZW store. I purchased a mobile phone and signed a two year contract. I gave the manager American Express Blue. The transaction was declined with instructions for the store to call Optima. The place was busy so I just used a diferent card. 

 

At home I phoned Amex to learn why the sale was declined. The rep said it was flagged as a fradulent transaction. Reason provided was that I purchased a mobile phone six weeks prior. 

 

Was Optima in any way ever related to the company's fraud department? 

 

Thanks

Message 7 of 38
dacv01
Contributor

Re: Is Amex Optima a Charge Card or Credit Card ?

The Optima is a revolving credit card, and appears on CR as such. Have you been sent an offer to apply? 



FICO: 620 Exp, 5 Inquiries, AAoC 4 years, AoOA 6 years, 11 months as of August 2020
Message 8 of 38
Rebuild2022
Super Contributor

Re: Is Amex Optima a Charge Card or Credit Card ?


@Remedios wrote:

There is difference 

Charge card balances are not "counted" towards utilization on newer scoring models, but they do count towards number of *cards with balances*. 

On older scoring models, highest balance on charge card is considered to be a limit. 


Thanks

Gardening since 08/2020
Message 9 of 38
Rebuild2022
Super Contributor

Re: Is Amex Optima a Charge Card or Credit Card ?


@dacv01 wrote:

The Optima is a revolving credit card, and appears on CR as such. Have you been sent an offer to apply? 


Yes. I have mailed the application on 6/26/2020 by USPS mail. Waiting to hear back from them or receive the card.

Gardening since 08/2020
Message 10 of 38
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