My intro & American Express Gold questions...

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NYC_Dweller
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My intro & American Express Gold questions...

Postby NYC_Dweller » Wed May 18, 2011 1:53 pm

Hello all,

I stumbled on this forum while surfing the web for CC info and bettering my credit score. I must say this is a very helpful forum.

Since this is my first post I believe it is a norm to provide a quick intro. I was born and currently live in the great city of NY. My credit was dragged through mud and dirt during my college years (I'm 31 now). It still amazes me on how CC offers and brochures are provided to students before they take their first business/finance course.

During the darkest times of my credit profile all my CC's were sent to collections with credit score in the 500's. This was due to me being laid off and carrying a full college course load all while adjusting to living away from home for the first time.

Present day - I would like to think that I am doing OK with my credit management and my credit report is looking good. I still have some student loans left over and the only balance that I carry is for my Greece Honeymoon (wife and I splurged but nothing we can't handle). I must admit it was a tough and uphill battle cleaning up my report but I managed.

Four months ago I accepted American Express' offer for Gold (I declined their Platinum). I been using this card a bit more and been charging approximately 2-3K per month. My questions are:

- Can I make partial payments to the balance before the "please pay by" date? ex. 3K balance - pay 1,500 one week and another 1,500 another week. Balance paid before "please pay by" date or is one lump sum needed?

&

- What exactly is the "please pay by" date? I read somewhere that this is not the actual due date. I always pay my bills when the statement is available but I'm just curious about all the "please pay by" conversations found on the internet


Thanks in advance for the help and I looking forward in becoming an active forum member.


milkthatcard
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Postby milkthatcard » Thu May 19, 2011 6:09 pm

I don't think your situation from your college days is unusual at all in this day and age. The important part is that you have learned from your mistakes and that is what matters. Don't beat yourself up for the past that cannot be changed.

You can surely make multiple payments before the pay by date.

The "please pay by" date must be limited to their charge cards. If you pay late I think there is a late fee but as far as I know the charge cards do not tack on finance charges for being a few days past the due date.

NYC_Dweller
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Postby NYC_Dweller » Fri May 20, 2011 10:22 am

The "please pay by" date is for the charge cards; I should have been more clear on that. I read somewhere that the "please pay by" date is not the actual due date. It is a phrase used by AMEX to encourage charge card holders to pay earlier. I make it a habit of paying my bills when the bill is received but I am curious to see if this is true.

Acquitted
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Postby Acquitted » Mon May 23, 2011 9:09 am

Your credit history sounds a lot like mine. College and graduate school destroyed my credit (even a little after my first job). Credit was in the low 500s. For about the past 5 years I have religiously been attentive to my credit and have just recently begun to receive offers for chase freedom, sapphire, discover more and other cards that are not high interest rate/low limit cards.

In any event, I received the Amex Gold card about 9 months ago (and was delighted when I was approved). I have on occasion (the first few months I had the card) made partial payments during the month. Never had a problem doing so. I then stopped after about 3 months and started just paying the balance at the end. I never received any problems for that either.

The "please pay by" date is not the actual date payment is due. It is the suggested date. Payment is due the day before the close of your next cycle. In other words, if your billing cycle goes from May 20 to June 20, then sometime around June 20/21 you will get the "please pay date" of roughly July 7. Payment is not due on July 7, it actually is due by July 19 (the day before the closing of the next cycle). I always pay the bill the day I receive the "please pay by" message, so I would pay the bill on June 20/21. I have never waited until the "please pay by" date or the day before the close of the next cycle, so I am not sure if that would trigger concern from Amex.

Enjoy the card, I really do.

NYC_Dweller
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Postby NYC_Dweller » Mon May 23, 2011 4:22 pm

Thanks for the responses - greatly appreciated...

Acquitted
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Postby Acquitted » Tue May 24, 2011 8:19 am

Anytime. Good luck with your continued credit improvement.

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danpass
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Postby danpass » Wed May 25, 2011 1:15 pm

my situation was pretty close to yours. I was just recently able to get my AMEX back again (so to speak) :D

DoingHomework
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Postby DoingHomework » Fri May 27, 2011 2:29 pm

You can make multiple early payments in a month. Just do it online.

I'm not sure what teh please pay by date is. I think it is the due date. At least I always pay by that date.



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