AMEX

[Dorian_Gray]

I got kind of a shock today as I checked my mail. Inside was an American Express gold card. The only problem is that I never ordered one and never filled out an application for one. So within like 30 seconds I was on the phone with AMEX with some questions. Turns out the card is valid and came to me as an accident in a past application of several years ago. So the guy ordered me a new card with a new account number and let me keep it. In all actuality I would never in a million years be eligible for an AMEX card because my credit was ruined by someone but that's a long story. So BO-YA!! I've got me a shiny new AMEX Gold!!!

 

[ManlyBanisters]

Have I told you lately, XGX, what a fine and hansome man you are - and what wonderful taste you must have in buying expensive presents for women you have never met who happen live in France?

If I haven't told you all that it was very remiss of me :biggrin:

Financial institutions never cease to amaze me - throwing money at those who don't want it and can't afford it and yet somehow refusing those who really need it and can, in most cases, just about afford it. I'll never understand bankers.

 

[D_Thoraxis_Biggulp]

If they give it to people who can afford it, they can't make bank off of the overdraft and late fees.

 

[Dorian_Gray]

Have I told you lately, XGX, what a fine and hansome man you are - and what wonderful taste you must have in buying expensive presents for women you have never met who happen live in France?

If I haven't told you all that it was very remiss of me :biggrin:

Financial institutions never cease to amaze me - throwing money at those who don't want it and can't afford it and yet somehow refusing those who really need it and can, in most cases, just about afford it. I'll never understand bankers.

Why MB, wouldn't you like a new iPhone?? Of course the dollar is really weak against the euro right now so, IDK ?? Maybe!

 

[MASSIVEPKGO_CHUCK]

Lose the damn thing- that is to say, give it back to 'em. You already got a bad history of credit, this'll only exacerbate it at the 1st mistake. Either that, or let the damn thing collect dust or sweat in your wallet until absolutely necessary. Frivolous things like dining out, paying for gas at the pump, etc. etc. etc., all cash. That thing is an emergency card. I suggest you limit it's uses to just that.

 

[Hippie Hollow Girl]

Is there an advantage to having an American Express Gold card verses a Visa, Mastercard, Discover etc......other credit card?




Also......I would advise before you even think about using the American Express Gold card.....you read the fine print. What date will your payments be due? How much will it cost if you are late? How much is the minimum amount you have to pay? How much interest? Credit cards are an easy way to aquire debt. They are great for emergencies.....but it really isn't "free" money.

 

[TurkeyWithaSunburn]

Good you have a gold card now just treat it as a charge card.. everything you charge on it you should pay off at the end of the month. Wanna improve the credit score, do that.

 

[myka12]

its an amex, you have to pay it off at the end of the month. its really, as far as i know, the best card to have to fix your credit, but it can be the most destructive to it, because if you miss the payment, they fuck you hardcore. and if you miss 2 payments, they take the card away

 

[hockeyguy741]

you should check and see if there is a monthly fee attached to the card even if you seldom or never use it....I get applications from my credit card asking it I want to upgrade to platinum, and if you read the small print there is a monthly surcharge or fee even if your balance is zero

 

[Byron_Texas]

Gold cards have an annual fee. They may waive it for the first year. At one point, it was a $150 per year fee.

 

[Dorian_Gray]

There's no annual fee. AMEX cards are the hardest to get usually because you usually have to have very good credit to get them. Otherwise it's cool. I set it up to where it's kinda like prepaid. If I try to buy an item and there's no money on the card, then they call me at the point of sale to ask me if I really would like to go past the limit. Pretty sweet actually. This AMEX card is a helluva lot more "customizable" in terms of how you want it to work than Visa or Mastercard. I'm throughly impressed so far, and this is gonna rock my credit report!!

 

[CALAMBO]

amex is a great card...but you must pay in full each month...they only report bad info to cred bureau..so having it will not help your score...no preset limit like visa.mstrcard..my advice..destroy it...send it back...if you cannot handle your credit wisely in the past...amex is not for you...but those of us who can afford it...it can save your ass in an emergency...especially travel around the world...you tend to be treated better at hotels/restaurants...i know have been a member for many years

 

[Rikter8]

Credit Cards are the ultimate current day evil, However:

If you have bad credit, then you need to make sure that you LEAVE THE ACCOUNT OPEN, but SET A LOW BALANCE LIMIT like $200-500. DONT USE IT.

The longer the account is open and in good standing, the quicker your credit report rating will go up.

If you close the account, it will actually hurt your rating because it's lending on short term basis.
Every time you open a new account, it's a Hit against your credit rating. Likewise if you try to apply for several credit cards at the same time.

Seriously - if you have bad credit, this could help you immensely.
IF you charge it up, then Your only going to go deeper into bad credit hell - and then the REPO MAN a Commeth!

 

[YourAvgGuy]

Don't believe the hype! A card is a card is a card. They can be helpful, but hurtful as well, especially if you make a large purchase and are unable to pay for it at the end of the month.

I too have an AMEX gold and have had it for years (and Gold cards do not have a limit - which is dangerous for some folk). We only use it for really large purchase items (jewelry, cameras, or when we are internationally traveling and making a large purchase). However, a VISA/MC with a $5-10K limit for you might be just as feasible (depending on how well you manage your funds and if you are able to pay it off).

I hate them, but they are helpful when we do impulse buying (moreso my wife than I), but we are able to pay it off immediately at the end of the month.

Be careful..........

 

[Phil Ayesho]

AMEX is the best card. I live on it.

In lieu of carting around cash.


Most AMEX cards require that you pay them in full every month... but some corporate gold cards have a feature where any individual purchase over a certain amount is paid off over time... but much larger payments than on a normal credit card where paying the minimum will never pay off the balance due.


What is nice about the AMEX is NO CREDIT LIMIT... that is... they determine how much you can charge on it by looking at your payment history. Because it is not really a credit card...its not about if you can afford payments... more about if you look like the kind of person who can PAY the charge back within a month.

I have put the down payment on a new car on my gold card, without the slightest trouble... Charged thousands on it when I was stranded in overseas after 9/11...

If you are good about not living beyond your means... AMEX is a great card.

 

[Dorian_Gray]

AMEX is the best card. I live on it.

In lieu of carting around cash.


Most AMEX cards require that you pay them in full every month... but some corporate gold cards have a feature where any individual purchase over a certain amount is paid off over time... but much larger payments than on a normal credit card where paying the minimum will never pay off the balance due.


What is nice about the AMEX is NO CREDIT LIMIT... that is... they determine how much you can charge on it by looking at your payment history. Because it is not really a credit card...its not about if you can afford payments... more about if you look like the kind of person who can PAY the charge back within a month.

I have put the down payment on a new car on my gold card, without the slightest trouble... Charged thousands on it when I was stranded in overseas after 9/11...

If you are good about not living beyond your means... AMEX is a great card.

Hell, I know that's right. The situation with my credit was that another family member fucked it up, and they were very thankful I didn't take their ass to court. I'm actually very good about my monthly payments, eg: My AT&T Bill is automatically debited out of my account every month as are most of my bills, so being late is NEVER a problem. I'm just so happy I have one though, it will seriously give me a chance to rebuild at least some of my credit.