How is an American Express card different from any other credit card?
Credit Card
Anonymous asked:
I was reading an article about avoiding debt, and it said that this certain consumer has never owned a credit card, that she only uses an American Express card when absolutely necessary. How is that different from using any other credit card?
Caffeinated Content
I was reading an article about avoiding debt, and it said that this certain consumer has never owned a credit card, that she only uses an American Express card when absolutely necessary. How is that different from using any other credit card?
Caffeinated Content
February 19th, 2009 at 11:53 am
Caffeinated Content for WordPress
AE IS A CHARGE CARD NOT A CREDIT CARD…EACH ITEM CHARGED EACH MONTH MUST BE PAID IN FULL ON RECEIPT OF THE STATEMENT THE FOLLOWING MONTH
February 22nd, 2009 at 1:32 am
Caffeinated Content for WordPress
American Express typical card (not the blue or whatever it’s called) is a Charge card, not a revolving credit like visa and mastercard. That means you pay the whole balance every month. If you spend $200 this month, you pay $200 at the end of the month. If you spend $9, you pay $9. Spend $10,000, you pay it all at the end of the month.
No interest rate (unless you have late/unpaid balances), but the catch is a $150/year membership fee, I think. But if you spend tons and keep paying it off every month, then it’s better than having a typical interest rate since the fee never changes.