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Author: HELJinCT One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308367  
Subject: Amex Blue: No Finance Charges? Date: 7/8/2007 10:59 PM
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Hello all.

After a few years of having no credit card debt, I regret to admit I have some again.

For the last few years I have been using the Amex Blue Cash (which gives back 5% on gas and groceries and 1.5% on everything else) for almost everything, which amounts to about 4K per month. I even pay some bills with it. At the end of the year, it adds up nicely for a decent sized reward.

Recently we had a problem getting water in our basement, which was a health concern, so we opted for a basement system that ran us 5K. I paid it with the Amex, and at the end of the month couldn't stand to part with 9K all at once, so I only paid 7K and left 2K on the balance, realizing I was going to pay a finance charge on that outstanding 2K (which was going to amount to roughly $30, give or take).

Strange thing happened. The next month, when the bill came, Amex said there was no finance charge. I scoured the bill, nothing. I looked at the section which shows your rate (13.25%) and next to that it shows an average daily balance of $0 and as a result, no finance charge ...

So the next month, I do the same thing. I pay all but 2K of the bill ... and once again, no finance charge, 2 months in a row now.

I always though that it worked like this: Once you have a balance, when the bill comes you either pay it off by the due date, or get charged a finance charge on what is outstanding. That doesn't seem to apply with Amex?

Thanks in advance for the help!

Helj
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Author: Fuskie Big funky green star, 20000 posts Top Favorite Fools Old School Fool Ticker Guide SC1 Red Winner of the 2010 Rule Breakers Challenge Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 255376 of 308367
Subject: Re: Amex Blue: No Finance Charges? Date: 7/8/2007 11:07 PM
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Is it possible you have a 0% promotional rate you didn't know about?

Fuskie
Who thinks you have it right how it usually works...

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Author: SeeFoolRun Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 255377 of 308367
Subject: Re: Amex Blue: No Finance Charges? Date: 7/8/2007 11:58 PM
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Two-cycle billing? Will show up next month with average of this month + next month's balances. In effect you will pay a finance charge on everything you purchase next month since there is a balance carried over.

SeeFoolRun {Thinks that's correct for 2-cycle billing}

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Author: aj485 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 255378 of 308367
Subject: Re: Amex Blue: No Finance Charges? Date: 7/9/2007 7:33 AM
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Two-cycle billing? Will show up next month with average of this month + next month's balances. In effect you will pay a finance charge on everything you purchase next month since there is a balance carried over.

If it were two cycle billing, there still would have been a finance charge the 2nd month. It is more likely, as Fuskie suggests, that there is a 0% promo rate on purchases that the OP is unaware of. I have an AMEX Blue and I seem to recall that around Christmas they were offering 0% on purchases for the next 12 months.....trying to get you to spend more for Christmas, I guess.

AJ

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Author: HELJinCT One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 255454 of 308367
Subject: Re: Amex Blue: No Finance Charges? Date: 7/11/2007 11:12 AM
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There is no 0% promotional code that I am aware of (and I certainly do not want to call and check to remind them that they should have been charging me interest :P)

What was odd was that on both statements, the average daily balance for the period said $0 ... when for two consecutive months I left around 2K unpaid on the card.

I guess I will wait and see what happens next month.

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Author: aounfest2007 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 256673 of 308367
Subject: Re: Amex Blue: No Finance Charges? Date: 7/30/2007 5:14 PM
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I have AMEX Blue Cash! And I know that there is 0% APR for the first 6 months. Cool, huh? :D

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