Charge cards and credit utilization

For just about anything you want to get off your chest about credit cards.
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FutureBillionaire
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Charge cards and credit utilization

Postby FutureBillionaire » Wed Apr 25, 2012 4:52 pm

I was trying to find the preexisting thread, but was unable to do so. Someone mentioned that the charge cards don't count towards your credit utilization. I was able to verify that this is the case. This is an excellent way to carry a balance for a short period of time and have no impact on your credit. Thanks to whoever shared this fact. I love this site!
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape


Crashem
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Postby Crashem » Wed Apr 25, 2012 6:05 pm

Be careful you understand what we mean by charge card. It doesn't mean a card from a department store or some such thing.

A charge card is where you are obligated to pay the balance off every month. AMEX zync/green/gold/plat are examples of charge card. If you can "revolve" a balance it isn't a charge card. Not sure how reporting handles the AMEX carry a charge option with AMEX charge cards. I was just a bit concerned since you said it was a great way to carry a balance a short time.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

FutureBillionaire
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Postby FutureBillionaire » Wed Apr 25, 2012 7:46 pm

I have the Amex gold. If I charge something after the cycle date, I have a pretty long period before I have to pay for it. I can let the cycle close and then pay it about 14 or 15 days later and not pay any interest or have any impact on my credit utilization.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

DavidNY
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Postby DavidNY » Wed Apr 25, 2012 10:37 pm

You can do the same with your BofA Cash rewards Visa Signature.

JCarter
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Postby JCarter » Thu Apr 26, 2012 1:16 am

Crashem wrote:Be careful you understand what we mean by charge card. It doesn't mean a card from a department store or some such thing.

A charge card is where you are obligated to pay the balance off every month. AMEX zync/green/gold/plat are examples of charge card. If you can "revolve" a balance it isn't a charge card. Not sure how reporting handles the AMEX carry a charge option with AMEX charge cards. I was just a bit concerned since you said it was a great way to carry a balance a short time.


I've never carried a balance on American Express, but I have heard stories of people who have on charge cards. Put it this way, imagine you're in high school in today's day & age and have an obsessive significant other who wants to know where you are 24x7. It's very similar from what I hear. Your phone will ring off the hook, and they will send you all sorts of email spam.

Department stores, do in fact issue charge cards. But they are not as common anymore with merchant co-branding.

Crashem
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Postby Crashem » Thu Apr 26, 2012 9:00 am

David, the reason is that bofa isn't reporting the balance on visa signature currently. Careful because that can change at any time. In fact there are already changes to reporting to allow reporting of visa signatures where they report it as flexible spending limit and some issuers are reporting balances and limits.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k



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