Yahoo! Answers*
Question:
American express?
I applied for an american express card and was approved and now i just found out that with american express you have to pay the balance at the end of each month, is it like that with all american express'? i got the american express air miles.
Answers:
1) As with any other credit card, you can choose to revolve and just pay the minimum required payment for the month. The remaining balance will be subjected to interest which you can slowly pay off each month. This would in the end have you pay more than you should when you settle your credit within the month, the opportunity cost for flexible credit.
2) the bill indicates amount, the total and a minimum, payable by a specific date. if you pay only the minimum, or don't, financing charges are padded the next time
3) When you have to pay the balance in full each month the card is called a charge card. It becomes very expensive to carry a balance on a charge card. A credit card allows you to have a revolving balance at a set interest rate (fixed or variable). American Express offers both credit and charge cards.
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