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Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
American Express One
Posted by:
pgens
()
Date: July 19, 2006 04:20PM
Some people much be really loaded. I just saw a commercial for American Express One card, which puts 1% of your purchases into a savings account earning 4.25%.
The first year's annual fee is waived, but once you are in year #2 and have to pay $35 a year you would have to charge over eighty thousand dollars on the card in one year, just to break even with the annual fee. If someone is charging close to $7,000 a month on a credit card and paying off the balance each month, it seems they could find better ways to invest their money than get this card.
The first year's annual fee is waived, but once you are in year #2 and have to pay $35 a year you would have to charge over eighty thousand dollars on the card in one year, just to break even with the annual fee. If someone is charging close to $7,000 a month on a credit card and paying off the balance each month, it seems they could find better ways to invest their money than get this card.
Re: American Express One
Posted by:
kit.car
()
Date: July 29, 2006 08:49PM
isn't 1% of $3500= $35 so as long as you charged more then $3500 in a year you would be making money?
Re: American Express One
Posted by:
pgens failed failed math in grade sch
()
Date: July 29, 2006 10:12PM
looks like pgens isn't the sharpest knife in the drawer. BTW, How is spending 3500 + interest to get the 35 annual fee back making money? U can't... credit cards are the oldest scam in the books and how banks like citibank/bank one et al. became huge. my advice is cancel ur credit cards
Re: American Express One
Posted by:
TheMeeper
()
Date: July 29, 2006 11:05PM
>my advice is cancel ur credit cards
They're not the "oldest scam in the books", they are a useful financial tool. Try renting a car without a credit card sometime, and you'll see how fast you're suddenly standing in the back of a Greyhound line. Or try to book a flight online without one, just send them email telling them you'll send them a money order, see how that works. Better advice is to never carry a balance on your card and never pay them a cent in interest.
They're not the "oldest scam in the books", they are a useful financial tool. Try renting a car without a credit card sometime, and you'll see how fast you're suddenly standing in the back of a Greyhound line. Or try to book a flight online without one, just send them email telling them you'll send them a money order, see how that works. Better advice is to never carry a balance on your card and never pay them a cent in interest.
Re: American Express One
Posted by:
pgens
()
Date: July 30, 2006 11:57PM
Yeah, reading back I must have been drinking early that day.
Re: American Express One
Posted by:
mad max, JD
()
Date: July 31, 2006 12:52AM
Date: July 19, 2006 04:20PM
Re: American Express One
Posted by:
pgens
()
Date: July 31, 2006 07:02AM
Yup. I am glad someone called it out though. I guess I was thinking that was amount of principal it would take to generate $35 worth of interest in a year. For some reason I totally disregarded the 1% getting kicked in.
As it is though I rarely put more than $300 on a card in a month.
As it is though I rarely put more than $300 on a card in a month.
Re: American Express One
Posted by:
charge master
()
Date: November 18, 2018 11:59AM
Trump taught me how to handle credit cars. Charge them up big on flights, hotels and fine restaurants. Make only the minimum payment for a few years then just declare bankruptcy. Repeat every 7 years. Enjoy life on someone else's dime!