American Distress
May 24, 2008
I know that most of you are familiar with American Express and have seen the advertising, offers and slogans behind it. However, I tell you, this is one credit card that you want to avoid.
So, here’s how American Express (what I call American Distress works). If you buy something at the beginning of the month, you have to pay it by the end of the month, no matter what the balance is. For those that have a higher income and just need to wait until the pay check, or just want to get “a little extra something” this may seem good.
What happens if you don’t ‘pay in full’ by the end of the month is the interest rate sky rockets. Yep. Something you won’t be able to pay back.
Here’s the thing about the American Express, from what I’m finding. It was really made for corporations, businesses and those who don’t want to spend money unless it is at one time of the month. By doing this, they are able to build up their credit and always have extra income flow coming in. For the average American; however, it’s something I wouldn’t recommend. Unless you are rich or have a ton of money that allows you to completely pay at the end of the month, this is one credit card that won’t help your credit rating.
So, if you are considering to go the American way, with the land of the free, American Express may be for you. However, my suggestion would be to look at the history of how this credit company works and exactly what is behind their system. You may be surprised to find that it is not necessarily something that is built for the common good.
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Excellent information if you want to report abuse or rotten behavior on the part of any company you can go to www.ripoffreport.com and they have extended files on different companies. You can do searches just like the Better Business Bureau, but it’s not as carefully editted from consumer comments so you get more of a refreshing perspective.