Which AmEx for my 18 yo son?

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rsdofny
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Which AmEx for my 18 yo son?

Postby rsdofny » Thu Dec 12, 2013 2:34 pm

My son has just turned 18. He will go to college next summer. I want him to start building up his credit. He is approved for the green charge card. But I am not too crazy about paying membership fee after the first year as well as the no spending limit for the card. I plan to ask him to switch the green card to a Amex Blue Cash. I have a few questions:

1) How soon can I have Amex change the card to a credit card?
2) Will it be easier to ask my son to spend $10-50 a month to get some transaction history?
3) Since I am the person to pay the bill every month, I would prefer the card to have a lower credit limit? What type of credit limit will they give to a kid without a job?
4) Do I have to wait until he finish with high school before switching over?

Thanks for your input.

JN


thom02099
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Postby thom02099 » Fri Dec 13, 2013 4:24 pm

I presume you're referring to the no annual fee AMEX Blue Cash Everyday? Unfortunately, you can't do a product change from a charge card (AMEX Green) to a revolving credit card (AMEX BCE) or vice versa. Charge to charge, revolver to revolver.

You state you're paying the bill. Is he going to be an Addtional Card Member on your account? Or is he getting a Green on his own? If he's a ACM on your account, then you can place limits on him, for spend and maximum charge. That's what I did with both my kids.
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djrez4
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Postby djrez4 » Fri Dec 13, 2013 4:35 pm

Three options:

1) Have him apply for a no fee Amex. You can't change a charge product into a credit product, as thom02099 says. It's unlikely he'll be approved at 18 with no history.

2) Call Amex and ask to have the card downgraded to a Senior Green. The annual fee is only $35. It does not earn rewards.

3) Leave things the way they are.
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rsdofny
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Postby rsdofny » Sat Dec 14, 2013 8:48 am

Thanks for the inputs.

He is approved for the green card on his own. He has my credit card for some time.

I plan to have him buy grocery for the next year to build up a transaction history on his card. I don't know if it helps to get him his own credit card then.

I don't really care about the rewards, this is solely for starting his credit history early. I read somewhere that the one of the key piece of info in deciding the credit score is the longevity of the longest outstanding credit card.



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