Community Chat

[Trinity11]

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@aroc3435 wrote:

@kaydee50 American Express is a charge card.  You must pay off the total balance of items/services you purchased each month in full.  No "credit line to pay over time" is offered.

Hope this helps to clarify the difference.

aroc3435

Washington, DC 

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Actually @aroc3435 , Am Ex have a blue card now, with interest you can make monthly payments. It's free with no monthly fee. My kids out of college had it until they were older..

[froggy]

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@gertrudecloset wrote:

Won't these "paid off credit cards each month" soon be cancelled?  I mean the companies aren't making any money off of your spending habits (if you Pay it off each month).  They make money by charging you interest and carrying a balance.  Charge cards are better for closing your balance at the end of every month.  Credit Card issuers expect you to carry a balance (at some point) in order to make money.  Yes, they will close your account if they don't make any money off of you via interest and the APR.

Everyone knows this.

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Not true. The CC companies charge all the companies I purchase from a fee for using their cards. The more I use the card the more they make, even though they give me cash back for using the card, and even though I pay it off each month.

Many small businesses will give you a better price if you pay cash so that they don't have to pay the CC fee.

[gertrudecloset]

• Payment Flexibility with Pay Over Time and Plan it Features: American Express has added flexibility to payments on its cards with its pay over time feature, which is for charges over $100, with a revolving line of credit that charges interest on any balances carried forward. Their Plan it feature also allows payments on large purchases up to the Pay Over Time credit limit to be split up and paid over a set number of months in exchange for a fixed fee.

Cons Explained

• Relatively High Annual Fee: An annual fee is hardly unusual for a travel card, but this card's fee of $150 is higher than those of many other competing cards. Less-pricey cards include the Chase Sapphire Preferred, which costs $95, and the Wells Fargo Propel American Express card, which has no annual fee. 

https://www.investopedia.com/american-express-green-card-review-4800347

[aroc3435]

@Carmie   The original, traditional AMEX charge card is the one I am describing.  They did expand and offered an Optima card at one time that might have later been discontinued.  Probably now have a credit card division--would not surprise me.

aroc3435

Washington, DC

[GenXmuse]

I think there are a lot of people here that live on the edge, juggling easy pays but they're not going to post here. 

[gertrudecloset]

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@froggy wrote:

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@gertrudecloset wrote:

Won't these "paid off credit cards each month" soon be cancelled?  I mean the companies aren't making any money off of your spending habits (if you Pay it off each month).  They make money by charging you interest and carrying a balance.  Charge cards are better for closing your balance at the end of every month.  Credit Card issuers expect you to carry a balance (at some point) in order to make money.  Yes, they will close your account if they don't make any money off of you via interest and the APR.

Everyone knows this.

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Not true. The CC companies charge all the companies I purchase from a fee for using their cards. The more I use the card the more they make, even though they give me cash back for using the card, and even though I pay it off each month.

Many small businesses will give you a better price if you pay cash so that they don't have to pay the CC fee.

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@froggynot all cards offer cash back.  You know one does have to "shop around for good rates and perks for their credit cards.  And you must have excellent credit to get the good cards don't you?

[happycat]

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@skatting44 wrote:

Well, that's up to the posters . For me it works that I pay off credit card  balance  each month . I learned a credit lesson  when I was 19. I bought  a recliner chair  and  a swivel chair as a gift to my Mother . I put it on credit  at a store where I worked. When I figured out how much interest , I was paying . I decided to never buy that way again unless, I absolutely had to such as when I had major  car repairs or needed big appliances unexpectedly . I manage my monthly account closely . I do have friends and family that spend alot and say they don't worry abt paying off their debit because they feel life is so short , so they enjoy themselves with whatever they want . I'm wondering if  my appraoch to finances is to old fashion ?

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That was sweet of you to buy that for your mom, @skatting44 

We have bought many things on credit, and God only knows how much has been paid in interest over the years. I hate to even think about it. 

[gertrudecloset]

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@aroc3435 wrote:

@Carmie   The original, traditional AMEX charge card is the one I am describing.  They did expand and offered an Optima card at one time that might have later been discontinued.  Probably now have a credit card division--would not surprise me.

aroc3435

Washington, DC

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Exactly @aroc3435 

Charge Cards with no pre-set spending limit

American Express Charge Card comes with no pre-set spending limit4, offering you a higher purchasing power and the flexibility to spend be it a family wedding, or your dream vacation, the flexibility provided by a charge card is unmatched

World of Privileges with Amex Charge Cards

Besides providing greater flexibility in spending, Amex Charge Cards come with a bouquet of  features and 24-Hrs Card related assistance on any card related query.

24X7 dedicated Platinum Concierge

• Assisting with locating or sourcing goods
• Assisting with personal arrangements
•  Organising personal events on personal occasions 
• Dining reservations
• Golf Bookings
• Gift and flower delivery
• Movie and theatre ticket bookings
• Reservations for 'By Invitation Only' events and much more

https://www.americanexpress.com/in/charge-cards/

[skatting44]

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@froggy wrote:

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@gertrudecloset wrote:

Won't these "paid off credit cards each month" soon be cancelled?  I mean the companies aren't making any money off of your spending habits (if you Pay it off each month).  They make money by charging you interest and carrying a balance.  Charge cards are better for closing your balance at the end of every month.  Credit Card issuers expect you to carry a balance (at some point) in order to make money.  Yes, they will close your account if they don't make any money off of you via interest and the APR.

Everyone knows this.

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Not true. The CC companies charge all the companies I purchase from a fee for using their cards. The more I use the card the more they make, even though they give me cash back for using the card, and even though I pay it off each month.

Many small businesses will give you a better price if you pay cash so that they don't have to pay the CC fee.

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 Agree, I've been to  craft fairs and  small privately owned speciality shops where  they have asked if I would pay cash for a discounted price on items they were selling.

[froggy]

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@gertrudecloset wrote:

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@froggynot all cards offer cash back.  You know one does have to "shop around for good rates and perks for their credit cards.  And you must have excellent credit to get the good cards don't you?

@gertrudecloset  I didn't say they did. My point was that the CC companies make money whether or not they give rewards or whether you pay the balance every month.

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