Aug 24, 2001 11:39 PM
8602 Views
The American Express(Green) Credit Card is not your everyday revolving card, so beware!
I know I've written about credit cards, in general(and what can happen with misuse), but The American Express (Green) Card is somewhat different.
You're lured in by their beautifully written invitations to accept their credit card after filling in a short application form.
So you say, ''why not, what's another credit card?'' Well. this one is very different!
With this card you have no spending limit..(Oh wow!) BUT..........You also have to remember that whatever it is you spend during the month, must be paid, in full at the end of each month or you're subject to a 21% interest rate(according to the last invitation I got)!
And with American Express, once you don't pay in full, and start paying off the balance monthly, they will put a stop on your card, so you can not use it again, until the balance is paid in full. And it is at their descretion to cancel your card at this time if they want to also.
Another stipulation of American Express(Green Card) is that if you've ever filed for a bankruptcy or had any major credit problems, EVER, you will not be issued a card. No how, no way!
So, unless you know that you will not overspend, and unless you know you can control urge purchases(that you can't afford), my suggestion is that you stay far away from the American Express(Green ) Card.
Note that I emphasize GREEN CARD. That is because that is the non revolving credit card, that must be paid in full at the end of each month. There are other revolving cards that American Express offers at high interest rates, that do not have to be paid in full monthly.
