Is American Express Care Program a bad idea?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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twhite_1984
 
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Location: Houston, TX

Is American Express Care Program a bad idea?

Postby twhite_1984 » Thu Jul 05, 2012 5:05 pm

I am trying to payoff my Amex Blue Cash card as quickly as possible; however, the interest rate is 17.99%. I applied for a Citi Simplicity Card due to the 0% BT and was approved for $1200. My balance on my Amex is around $1700.

Should I contact Amex to see about lowering my interest and the Care Program? And then, After doing that with Amex, transfer at least 1200 to my Citi card?


Money card
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Postby Money card » Wed Aug 01, 2012 10:58 pm

what I would do if I were you, assuming you get the card, use your citi card, pay as much as you can on your Blue cash card DO NOT CALL AMERICAN EXPRESS. they will be continuing to send you monthly statements, pay as much as you can DON'T use this card until that 1700 comes way down. like to 150.00 when you have normal numbers then you can go back to using your Blue cash card.

GoBeavs
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Square

Postby GoBeavs » Wed Aug 01, 2012 11:32 pm

You could always download the Square app for free and then charge yourself 1200 on the Citi card. Instead of paying 3-4% on a BT you'll only pay 2.75% on the merchant fee, earn 1200 simplicity points, and have the new balance on the purchase rate and not the BT rate.

American
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Postby American » Sat Aug 18, 2012 8:28 pm

GoBeavs wrote:You could always download the Square app for free and then charge yourself 1200 on the Citi card. Instead of paying 3-4% on a BT you'll only pay 2.75% on the merchant fee, earn 1200 simplicity points, and have the new balance on the purchase rate and not the BT rate.


Wow! I have never even thought about that. Seems like Signup bonus Hax.
American Express '02: Platinum, Blue Cash Preferred 6k, SPG 2k, Delta Gold 1k
Barclaycard '11: Apple Financing Card 2.5k
Citi: Diamond Rewards 1.5k
Chase: Freedom 500
Discover '12: Discover IT 1.5k

ckbig
 
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Location: southern

Postby ckbig » Mon Aug 27, 2012 11:49 am

GoBeavs wrote:You could always download the Square app for free and then charge yourself 1200 on the Citi card. Instead of paying 3-4% on a BT you'll only pay 2.75% on the merchant fee, earn 1200 simplicity points, and have the new balance on the purchase rate and not the BT rate.


hey thank you for the mentioned info. didn't know about it. good bonus thing i assume.

American
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Postby American » Tue Aug 28, 2012 8:54 pm

From what I've read, credit card companies are quick to shut down accounts when people are paying themselves… I recommend a trusted friend/spouse to help you.
American Express '02: Platinum, Blue Cash Preferred 6k, SPG 2k, Delta Gold 1k
Barclaycard '11: Apple Financing Card 2.5k
Citi: Diamond Rewards 1.5k
Chase: Freedom 500
Discover '12: Discover IT 1.5k



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