Quote:
Originally Posted by Slava
I love my Amex, but it’s definitely not zero interest or low interest. I don’t know if it’s the same, but mine is a charge card where you have to pay it off or the interest rate is insane. I would have to look and see what that rate is, because you have to be diligent (I want to say it’s north of 30%?).
I think they just made it so you can carry a balance of some sort, but there are some rules around it. I don’t know exactly what those rules are, but carrying a balance isn’t something that people should be interested in, if it’s at all avoidable. I can’t recommend people look at that in good conscience though. Even if that rate is like 10%, you should be avoiding this, and knowing Amex it’s probably still something outrageous.
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Yeah the Platinum is a charge card and something that is paid off every month but for his stated need where sometimes he forgets to pay off his card in full the new feature with Amex might be useful. It looks like new feature which I think they call "pay down over time" is 15% to 22% vs the 30% standard rate on the card. I'm not entirely sure how it works though as I didn't really pay attention because my balance is always paid.
Edit: disregard what I said here. I decided to look at some of details with that new Amex feature and apparently it is only for "new purchases" and not balances which are carried over. I guess you have to apply for a pre planned purchase to be able to use this installment payment feature. Balances are still charged at 30%.