Credit Cards With No Preset Spening Limits
Author: jefftraore
Posted: Sat Jul 01, 2006 7:28 pm
Post subject: What with AMEX One ?
I just received my new Amex One with No pre-set spending limit . Not knowing the limit, I really dont know what to do with it. Some told me that I might my suprise about the limit one. Please, advise.....
(13 months credit history, 721 Experian, 5 open)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Sun Jul 02, 2006 12:05 am
Post subject: Re: What with AMEX One ?
Quote:
"jefftraore"
I just received my new Amex One with No pre-set spending limit . Not knowing the limit, I really dont know what to do with it. Some told me that I might my suprise about the limit one. Please, advise.....
(13 months credit history, 721 Experian, 5 open)
NOT ON MY AMEX WANT LIST!!!
Easy guess...DON'T go over $1,000...and PIF before the due date
Author: jefftraore
Posted: Sun Jul 02, 2006 1:41 am
Post subject:
Ohh my God, so I am alone on this forum with this card ? Why you guys dont like it. Imagine that you have a card with "no pre set limit" and that you shouldn't spend more than a G. Really, thank you for your advice cuz my expense can't be more than that.
Thank again
Author: mouse
Posted: Sun Jul 02, 2006 1:47 am
Post subject:
Quote:
"jefftraore"
Ohh my God, so I am alone on this forum with this card ? Why you guys dont like it. Imagine that you have a card with "no pre set limit" and that you shouldn't spend more than a G. Really, thank you for your advice cuz my expense can't be more than that.
Thank again
I have 3 cards...WITH STATED LIMITS
I know what I can spend at any given moment
KNOWN or UN-KNOWN EXPOSURE LIMITS WON'T CUT IT WITH ME
Even "IF" they tell you on the phone that your "EXPOSURE LIMIT" is $5,000...they may or may not approve each purchase when you get over $3,000
(just a guess)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: nessaness
Posted: Sun Jul 02, 2006 3:47 am
Post subject: What with AMEX One ?
I have an Amex One. I like the idea of 1% of my purchases being deposited into a savings account rather than cashback being wasted by my husband.
You should treat it no differently than you would an Amex Green Rewards charge card. Use it conservatively and pay it in full every month.
Author: hdporter
Posted: Sun Jul 02, 2006 7:55 am
Post subject: Re: What with AMEX One ?
Quote:
You should treat it no differently than you would an Amex Green Rewards charge card. Use it conservatively and pay it in full every month.
Nowhere near the same. Green is a charge card -- all charges due in full after each statement. One is a credit card -- you can carry a balance month to month.
One puts your 1% Reward into a savings account. However, another key difference is that new charges NEVER attract interest during their first month of billing, even if you've carried a balance over. Thus, if you frequently carry a modest balance over from month to month, this card may save you a lot of interest. (There's an annual fee, however.)
However, with rates starting at P+5.9%, it's not the most competitive card if you tend to carry large balances.
In terms of monthly charging activity, there's no reason to handle the account any differently than any other credit card.
- Harry
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sat Jul 01, 2006 7:28 pm
Post subject: What with AMEX One ?
I just received my new Amex One with No pre-set spending limit . Not knowing the limit, I really dont know what to do with it. Some told me that I might my suprise about the limit one. Please, advise.....
(13 months credit history, 721 Experian, 5 open)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Sun Jul 02, 2006 12:05 am
Post subject: Re: What with AMEX One ?
Quote:
"jefftraore"
I just received my new Amex One with No pre-set spending limit . Not knowing the limit, I really dont know what to do with it. Some told me that I might my suprise about the limit one. Please, advise.....
(13 months credit history, 721 Experian, 5 open)
NOT ON MY AMEX WANT LIST!!!
Easy guess...DON'T go over $1,000...and PIF before the due date
Author: jefftraore
Posted: Sun Jul 02, 2006 1:41 am
Post subject:
Ohh my God, so I am alone on this forum with this card ? Why you guys dont like it. Imagine that you have a card with "no pre set limit" and that you shouldn't spend more than a G. Really, thank you for your advice cuz my expense can't be more than that.
Thank again
Author: mouse
Posted: Sun Jul 02, 2006 1:47 am
Post subject:
Quote:
"jefftraore"
Ohh my God, so I am alone on this forum with this card ? Why you guys dont like it. Imagine that you have a card with "no pre set limit" and that you shouldn't spend more than a G. Really, thank you for your advice cuz my expense can't be more than that.
Thank again
I have 3 cards...WITH STATED LIMITS
I know what I can spend at any given moment
KNOWN or UN-KNOWN EXPOSURE LIMITS WON'T CUT IT WITH ME
Even "IF" they tell you on the phone that your "EXPOSURE LIMIT" is $5,000...they may or may not approve each purchase when you get over $3,000
(just a guess)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: nessaness
Posted: Sun Jul 02, 2006 3:47 am
Post subject: What with AMEX One ?
I have an Amex One. I like the idea of 1% of my purchases being deposited into a savings account rather than cashback being wasted by my husband.
You should treat it no differently than you would an Amex Green Rewards charge card. Use it conservatively and pay it in full every month.
Author: hdporter
Posted: Sun Jul 02, 2006 7:55 am
Post subject: Re: What with AMEX One ?
Quote:
You should treat it no differently than you would an Amex Green Rewards charge card. Use it conservatively and pay it in full every month.
Nowhere near the same. Green is a charge card -- all charges due in full after each statement. One is a credit card -- you can carry a balance month to month.
One puts your 1% Reward into a savings account. However, another key difference is that new charges NEVER attract interest during their first month of billing, even if you've carried a balance over. Thus, if you frequently carry a modest balance over from month to month, this card may save you a lot of interest. (There's an annual fee, however.)
However, with rates starting at P+5.9%, it's not the most competitive card if you tend to carry large balances.
In terms of monthly charging activity, there's no reason to handle the account any differently than any other credit card.
- Harry
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 8:25 PM
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