Question:
Answer:
I have had an AMEX Optima card since 1984 (according to the stamp
on the front of the card). It can be used everywhere any other
AMEX card can be used, but it is functionally the same as a VISA
or Mastercard. That is, you are assigned a credit limit and must
make a minimum payment each month. If you want to pay it off each
month it's up to you. It would be very advisable, since they
charge interest rates in the upper 'teens and the interest is
no longer tax deductable (in the US).
That's about it. If you're status conscious you may want to have a
gold or platinum card. Also if you need to jump on a transoceanic
flight on a moments notice. For the normal person the credit limits
should be sufficient so it doesn't matter which card you have.
A friend of mine recently cut up his Optima and sent it back with a nice
letter explaining that it was too expensive. AmEx called him and, after a
little chit-chat, informed him that the interest rate was dropping in
March, and, for some customers, again in April. The April drop is
supposed to take it to 12.xx% percent. Anyone else heard about this?
it usedta be that you had to have a cardholder relationship with american
express before you would be issued an optima card (even though the optima
card is through american express centurion bank, which is not a part of the
division of american express which issues The Card).
I cut up my Optima early last year for the same reason.
Last week I got a STATEMENT from Optima showing $0.00 balence.
There was no explanation but it did show a purchase interest
rate of 13%!!
Maybe this is a new advertising ploy?
Anyone else get a $0.00 statement more than a year
after cancelling?
Credit card companies often send out statements to card holders
(and past card holders if their computers aren't up to date!)
for a number of reasons, regardless of the balance. Such
things as a change in the credit terms (usually a little
brochure explaining the new changes is included) and/or
a report of interest for the year for tax purposes...
I think the original poster was referring to AMEX's annoying habit of
sending Optima stmts after you have CANCELLED the card. I am still an
Amex card member, but I cancelled my Optima back in Sept 1990! Last
week I received a stmt from them. It certainly wasnt for tax purposes.
I called them and told them to stop it.
