New AMex acct. Need opinions.

[eeyoresmom]

I just set up autopay for my new amex credit card but now I'm wondering if I should have. I normally use my cc like a debit and pay it off as soon as a charge posts. I have certain amount budgeted each week for food and gas. Anything I don't spend gets sent right to savings. So lets say I budgeted $125 for food. If I only charged $110, I pay the $110 and $15 goes to savings. If I accidentally carry a balance with amex what happens?

 

[CalDisneyMomof2]

Is there a reason you can't continue to pay as you did before?

 

[FairestOfThemAll37]

I just set up autopay for my new amex credit card but now I'm wondering if I should have. I normally use my cc like a debit and pay it off as soon as a charge posts. I have certain amount budgeted each week for food and gas. Anything I don't spend gets sent right to savings. So lets say I budgeted $125 for food. If I only charged $110, I pay the $110 and $15 goes to savings. If I accidentally carry a balance with amex what happens?

Do you have an Amex charge card or credit card?

 

[SharonZ]

You can set up your automatic payment on your AmEx to either pay a set amount every month, the minimum amount due, or statement balance. I don't understand what you mean by "what if you carry a balance," is a true credit card or prepaid card?

 

[eeyoresmom]

Its a cc. I've never had an amex. Just remember from 30 years ago that these had to be paid in full each month. Of course this was long before online payments were a possibility. I guess my question is can I make online payments several times a week?

 

[FairestOfThemAll37]

Its a cc. I've never had an amex. Just remember from 30 years ago that these had to be paid in full each month. Of course this was long before online payments were a possibility. I guess my question is can I make online payments several times a week?

Yes you can make payments whenever you want.

If it's a credit card then you can carry a balance and the only consequence is that you'll pay the interest rate. It's another story on their charge cards as those must be paid in full every month.

 

[supersnoop]

Its a cc.

That doesn't clarify it.

American Express has "Charge" cards, green, gold, platinum, and centurion. Charge cards have to be paid off entirely every month. They also offer "credit" cards which tend to be the co-branded or rewards cards; hilton, blue cash, etc. You can carry a balance on those.

 

[Anthony1971]

It depends... Amex has different cards these days.. the majority of the cards do not have a set option for you to pay a minimum and are supposed to paid in full as there is no set limit on the card but you can call and they will finance for a fee... Amex can also call you if you make a large purchase that you usually to make sure you have the funds available. If you have a branded Amex like jet blue (no longer) or Blue by Amex they work like a normal V/MC with minimum payments. Call Amex or log on to your account to see what terms you have. I can tell you if you have a traditional Platinum, Gold, Green or business they are not set up for Financing.

 

[barkley]

I just set up autopay for my new amex credit card but now I'm wondering if I should have. I normally use my cc like a debit and pay it off as soon as a charge posts. I have certain amount budgeted each week for food and gas. Anything I don't spend gets sent right to savings. So lets say I budgeted $125 for food. If I only charged $110, I pay the $110 and $15 goes to savings. If I accidentally carry a balance with amex what happens?

I use my amex the same way-but I just check the balance on-line once or twice a month and do a payment.

if I wanted to pay more frequently I would likely use the no fee credit card at my credit union b/c I can hop on-line and do a transfer from checking to pay the card, and then checking to savings much more easily/faster. this in fact is the way dd does her college expenses. she uses strictly the credit union card b/c I can transfer the money from her savings to pay it in full when a charge is made (and I use the notation section to document what the specific expense is for-food/gas/books/fees.....so she can track her budget more easily/I can track tax records better).

for the most part I use our amex for items I want their protection behind-on line purchases with unfamiliar/untested companies, things I want extended warranties on, travel protection.

 

[eeyoresmom]

Sorry, it's a credit card. I did just remove the aut-opay feature and will pay 1-2 times per week as I was doing with my Disney Visa. This card is perfect for my spending habits. I don't spend a lot on stuff or dining, really just groceries and gas. This gives me back 6% at grocery stores, 3% at gas stations and 1% for all other purchases. I will also get a $150 statement credit after I spend $1000 in 3 months. Much better rewards than the Disney Visa.

 

[bearzabout]

FYI- I just received notification that my Delta airlines Amex card has an interest rate of over 29%, so make sure you never pay it late. I can't imagine how this can be legal. I just make sure my the account I use to cover the auto pay has plenty of cash in it.

My Chase card automatically adjusts the autopay statement balance to reflect any credits. Call them and ask if it is on auto pay, whether your periodic payments will decrease the statement balance amount collected through auto pay. If so, you will never have to worry about a late payment, as long as the account you use for auto pay always has adequate money in it.

Also ask if you still receive points if you make payments early. They may calculate points once a month at statement time and you may not get points on purchases paid for before the statement is generated.

 

[eeyoresmom]

FYI- I just received notification that my Delta airlines Amex card has an interest rate of over 29%, so make sure you never pay it late. I can't imagine how this can be legal. I just make sure my the account I use to cover the auto pay has plenty of cash in it.

My Chase card automatically adjusts the autopay statement balance to reflect any credits. Call them and ask if it is on auto pay, whether your periodic payments will decrease the statement balance amount collected through auto pay. If so, you will never have to worry about a late payment, as long as the account you use for auto pay always has adequate money in it.

Also ask if you still receive points if you make payments early. They may calculate points once a month at statement time and you may not get points on purchases paid for before the statement is generated.

OOOOhhhh. I never thought of that. I definitely will. Thanks

 

[bearzabout]

You can just make the periodic payments into the account that you use to make the automatic payment if that helps you stick to your budget.