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Why does the AMEX Gold Card have an APR?

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luxlight
Regular Contributor

Why does the AMEX Gold Card have an APR?

I recently received a mail offer in the mail from AMEX for the Gold Card. I don't plan on applying for it but as i was reading through the credit card agreement, I saw it contained an APR. Correct me if im wrong but isn't the Gold Card also a Charge card which means you can't carry balances because you have to pay it off every month? If so, why would it even need an APR



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Message 1 of 10
9 REPLIES 9
2GreenThumbs
Frequent Contributor

Re: Why does the AMEX Gold Card have an APR?


@luxlight wrote:

I recently received a mail offer in the mail from AMEX for the Gold Card. I don't plan on applying for it but as i was reading through the credit card agreement, I saw it contained an APR. Correct me if im wrong but isn't the Gold Card also a Charge card which means you can't carry balances because you have to pay it off every month? If so, why would it even need an APR


The gold card has a pay over time feature that allows you to carry a balance for certain transactions.


Message 2 of 10
pinkandgrey
Senior Contributor

Re: Why does the AMEX Gold Card have an APR?

As someone else said, there is Pay-Over-Time feature 

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Message 3 of 10
Lucifer
Frequent Contributor

Re: Why does the AMEX Gold Card have an APR?

There will also be interest if one is supposed to pay in full and on time but does not.

 

And then as mentioned, they now offer pay over time on their charge cards.

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Message 4 of 10
longtimelurker
Epic Contributor

Re: Why does the AMEX Gold Card have an APR?


@Lucifer wrote:

There will also be interest if one is supposed to pay in full and on time but does not.

 

And then as mentioned, they now offer pay over time on their charge cards.


This.  Isn't POT a feature that you may be offered later, at an APR TBD?

Message 5 of 10
Anonymous
Not applicable

Re: Why does the AMEX Gold Card have an APR?

In the offer I currently have it is offered right off the bat for an insane rate of 33 percent. In the case of an emergency and someone had to use the POT feature I think it gives one more options instead of late fees or whatever but yes, it is a charge with POT.

Message 6 of 10
Brian_Earl_Spilner
Credit Mentor

Re: Why does the AMEX Gold Card have an APR?


@longtimelurker wrote:

@Lucifer wrote:

There will also be interest if one is supposed to pay in full and on time but does not.

 

And then as mentioned, they now offer pay over time on their charge cards.


This.  Isn't POT a feature that you may be offered later, at an APR TBD?


Not on the charge card. It's stated up front that the apr will be 20.49%(or something like that) and the penalty apr will be 29.99%.

    
Message 7 of 10
Anonymous
Not applicable

Re: Why does the AMEX Gold Card have an APR?

 

You are right!!! I just looked at the offer again.. I dont know where I got the 33 from!  

Message 8 of 10
drboxing
Established Contributor

Re: Why does the AMEX Gold Card have an APR?

the APR is for the pay over time feature on the AMEX Gold




Message 9 of 10
AverageJoesCredit
Legendary Contributor

Re: Why does the AMEX Gold Card have an APR?

Im gonna say apr for POT?Smiley Wink
Message 10 of 10
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