Geoffrey Taucer Posted September 30, 2008 Posted September 30, 2008 For the last week or so, American Express has rejected all my attempts to buy anything on my card. I figured the problem was just with my account, and planned on calling AmEx to get it sorted out when I got the chance, but then Bahamut said the same thing was happenning with him. Is this happenning to anybody else as well? Anybody know what's going on? My suspicion is that it's related to the current financial crisis. Quote
Bleck Posted September 30, 2008 Posted September 30, 2008 This is happening to my cousin in New Jersey as well. Quote
Schwaltzvald Posted September 30, 2008 Posted September 30, 2008 I've heard the same thing from a couple of friends who were trying to pay for some new clothes. Makes me glad I went for Visa/Mastercard but that's besides the point. http://www.etsy.com/forums_thread.php?thread_id=5831950 I'm seeing a lot of posts about AmEx cards being frozen but for a variety of reasons... edit* Why is it that AmEx cards are not used as easily compared to visa/mastercard cards..? Quote
Hale-Bopp Posted September 30, 2008 Posted September 30, 2008 Maybe you're experiencing the ensuing trickling affect of Bush's scare tactics. We're doomed!! Quote
Schwaltzvald Posted September 30, 2008 Posted September 30, 2008 Maybe you're experiencing the ensuing trickling affect of Bush's scare tactics. We're doomed!! If that were the case I'd imagine more would be affected than the AmEx cards... Quote
DoctorDevice Posted September 30, 2008 Posted September 30, 2008 Why is it that AmEx cards are not used as easily compared to visa/mastercard cards..? my understanding of it is that to accept a particular credit card as payment, you have to sign a deal with the managing company, which also entails what sort of fees you have to pay them for the right to accept their card. from what I've been told, AmEx's fees are higher than those charged by other companies. anyone who knows more about it, please feel free to correct me. Quote
Bahamut Posted September 30, 2008 Posted September 30, 2008 I agree with Taucer on the suspicions part, I also suspect that I haven't been able to use it due to the current credit crisis. I have an American Express Platinum Card in particular, so my credit is pretty damn good. Quote
Schwaltzvald Posted September 30, 2008 Posted September 30, 2008 I agree with Taucer on the suspicions part, I also suspect that I haven't been able to use it due to the current credit crisis. I have an American Express Platinum Card in particular, so my credit is pretty damn good. Can I assume it's something on the 1k or 5k range on your credit limit..? Because I think they just slap the word "platinum" on just about any card these days as I have another friend who uses a capital one platinum mastercard with a credit limit of $500. He just got it and is starting up on building his credit for the first time. Quote
Bahamut Posted September 30, 2008 Posted September 30, 2008 Can I assume it's something on the 5k or 10k range on your credit limit..?Because I think they just slap the word "platinum" on just about any card these days as I have another friend who uses a capital one platinum mastercard with a credit limit of $500. He just got it and is starting up on building his credit for the first time. The requirement to even get invited to upgrade to the Platinum Card is 2 years with American Express (Green or Gold Cards) and excellent credit. I pay an annual fee of $450 for it, and it comes with lots of perks, mostly luxury. This is a charge card, so the balance is paid in full each month. Quote
starla Posted September 30, 2008 Posted September 30, 2008 my understanding of it is that to accept a particular credit card as payment, you have to sign a deal with the managing company, which also entails what sort of fees you have to pay them for the right to accept their card. from what I've been told, AmEx's fees are higher than those charged by other companies.anyone who knows more about it, please feel free to correct me. This is pretty much right. The business has to pay a certain percentage fee of each transaction made by credit card, and AmEx and Discover are much higher than Visa/MC. Quote
Sinewav Posted October 1, 2008 Posted October 1, 2008 Maybe you're experiencing the ensuing trickling affect of Bush's scare tactics. We're doomed!! It's part of the takeover plan dude. The election is right around the corner... if he doesn't start now, someone may actually get elected to office before his devious conspiracy is fully realized and he can declare himself Galactic Emperor. Quote
The Joker Posted October 1, 2008 Posted October 1, 2008 All hail the Galactic Emperor! *trumpet fanfare* Quote
I-n-j-i-n Posted October 1, 2008 Posted October 1, 2008 Honestly, that is some pretty scary newsbit. I stopped using credit cards to live my life, but tons of people (especially Americans) do. Now it's all impinging on everyday life. This is getting serious. Quote
Schwaltzvald Posted October 1, 2008 Posted October 1, 2008 The whole trick behind credit cards is just have only one card, Keep track on what you purchase with the card and don't spend more than what you know what you're able to pay... Quote
Bahamut Posted October 1, 2008 Posted October 1, 2008 The whole trick behind credit cards is just have only one card, Keep track on what you purchase with the card and don't spend more than what you know what you're able to pay... Having only one card is a recipe for disaster, and can be detrimental for building good credit. Quote
Schwaltzvald Posted October 1, 2008 Posted October 1, 2008 Having only one card is a recipe for disaster, and can be detrimental for building good credit. Only if you fuck up and don't pay attention, especially since my credit is quite good. Plus it helps to have friends on the inside. Quote
Avatar of Justice Posted October 1, 2008 Posted October 1, 2008 Having only one card is a recipe for disaster, and can be detrimental for building good credit. Why is it a "recipe for disaster"? I managed to get through all of college without any credit card at all and only recently got one in order to build credit. I used a check card in place of a credit card for 4 years (should've gotten a credit card to build credit, I know). I charge only 30% of the limit each month and immediately pay it off, as I have no real need of the card. If I actually need money, that's why I have a savings account laying around that can keep me alive for 6 months in case of a job loss. I'm not saying a credit card isn't helpful in emergencies, but it isn't the only way. There are interest free ways (hell money in a savings account will earn you a miniscule amount of interest) directly under your control. Unless you are able to get a few credit cards with high limits, having a bunch of credit cards to match what you could gain with a savings account doesn't seem to have a point to me. Quote
Schwaltzvald Posted October 1, 2008 Posted October 1, 2008 To be fair I did find this... http://www.bankrate.com/brm/news/credit-management/20080114_reasons_multiple_credit_cards_a1.asp A good reason may be because credit cards are prone to identity theft. Using one card exclusively for online purchasing the other for regular use. For now though in my case, I'm content with just one and you can technically say it never leaves my side; exception being showering... Quote
Bahamut Posted October 1, 2008 Posted October 1, 2008 Why is it a "recipe for disaster"? I managed to get through all of college without any credit card at all and only recently got one in order to build credit. I used a check card in place of a credit card for 4 years (should've gotten a credit card to build credit, I know). I charge only 30% of the limit each month and immediately pay it off, as I have no real need of the card. If I actually need money, that's why I have a savings account laying around that can keep me alive for 6 months in case of a job loss. I'm not saying a credit card isn't helpful in emergencies, but it isn't the only way. There are interest free ways (hell money in a savings account will earn you a miniscule amount of interest) directly under your control. Unless you are able to get a few credit cards with high limits, having a bunch of credit cards to match what you could gain with a savings account doesn't seem to have a point to me. Immediately paying off a card doesn't build your credit much. All creditors look at your credit report & score, and one of the things the report mentions to them is whether you are able to take out a large amount for something (i.e. purchasing a TV, computer, etc.) with your credit and pay for it over a period of time. Sure, you lose some money this way in the short term, but in the long term it means you will save a lot more in interest when you finance the purchase of a car or take out a mortgage to pay for a house. In addition, if your one credit card gets stolen, then you can be in a tight spot in terms of daily expenditures until you get your replacement card. Or if one card gets compromised somehow, then you have no other to fall back on. And lastly, having only one line of credit open doesn't look very good to creditors. Quote
Schwaltzvald Posted October 1, 2008 Posted October 1, 2008 Also this doesn't seem too bad for those starting out... http://articles.moneycentral.msn.com/CollegeAndFamily/MoneyInYour20s/9waysToBuildAKillerCreditScore.aspx http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/WhyYouNeedMultipleCreditCards.aspx Quote
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