American Express Care Program
65
Care Program By American Express
I guess I can start off by telling you that isn't my Amex card. I decided to write this article because of the way the economy is and I know a great deal of people are searching for answers.
If you are worried about making your American Express payment, worry no more. The American Express Care program is designed to alleviate your stress and show you that your are truly a valued card holder. If you have a card that is suppose to be paid in its entirety every month you can arrange a monthly payment plan. For cards that are not due in full every month you will receive 0% interest for the first six months and 9.9% interest for the six months following that.
Drawbacks
You must carefully listen to all the terms and conditions and really ask questions or you could be really upset at the end of this.
You must forfeit all of your rewards points!
You cannot use your card or cards during this period. Although if you pay a balance off you can use your card again.
The most important thing is this one. ** American Express can report negatively to the credit bureau and cancel your accounts. This is only if you take too long to repay them, I believe it is a little over 300 days. Make sure you ask them and possibly email them so this doesn't happen to you.
Other than that The American Express Care Program is a terrific program and I hope those that need it are able to utilize it and good luck.
Best Wishes!
CommentsLoading...
A much needed article during these tough times. Thank you once again!!
A much needed article during these tough times. Thank you once again!!
I recently signed up for the care program with american express. What a disaster!!! They Lied they set you up on a payment plan for 12 months and 3 months in they cancel your credit cards than give you a 90 days late with the credit bureau. It prevented me from refinancing and paying the credit card off. It bump my credit score from 680 to 580 so I can not refinance until they get paid off. I will never use them again. One department does not know what the other department does. I have had perfect credit with only 3 lates in 7 years. I would have been better off filing banrupcty or consumer counceling than dealing with this pack of liars. BEWARE DP NPT SIGN UP FOR THE AMERICAN EXPRESS CARE PROGRAM. MY TAX DOLLARS BAILED THEM OUT AND THEY DO NOT HELP THE TAX PAYERS.
I am sorry to hear that Dan. Maybe we will here from others about their experiences with this program. I have heard good things about it, sorry that happened to you.
This program saved my credit.
Great to know.
I signed up for the care program and they said that my credit was not to be affected. However, they have done the same thing to me as they did to Dan. They have reported to the credit bureau that I was late and it did affect my credit drasticly
That is interesting Fmb. It would be good for American Express to put out the complete rules to make sure this doesn't happen.
American Express Lies about the care program. After setting me up to "help" me, and after paying on time as agreed, they cancelled my card (which they said would not happen), reported me as "write off uncollected debt" while accepting my payments, and when contacted by an AmEx administative assistant, I was told that it is not what is written in the agreement, but what was "intended" by what is written.
They screwed me, my credit, my ability to run my company and keep employees working and my personal credit was severly damaged by AmEx "help", and failure to live up to their own written agreement.
SO i just got off the phone with AMEX to discuss the CARE program. if you pay it off, great! they do suspend or cancel your card during this period and yes, the account still shows as an aging payable... however once its paid OFF you need to call them back and reinstate your account and ask them to make sure your credit is clean..
if you don't call, don't ask you'll never know.
AMEX screwed me on the Care program as well. They tell you whatever you want to hear until they get their money back and then they drop you like a hot potato. Both my accountant and attorney told me they are one of the most aggressive creditors in the world. I was willing and able to make good on the debt but 3 months in they closed all of my accounts which dropped my credit score. At that point, I skipped a payment and they sued me in local district court. They called my house and told my children that because daddy didn't pay his bills, we would lose our house and they would have to live on the street. The harrassment became so intolerable that I filed for bankruptcy protection. Trust me....when they offer you the program, tell them that you DO NOT "care."
I just signed up for the care program. They were very clear that I would continue to be reported as late on my credit reporting until the overdue pay in full amount and monthly amounts due on my payover time portion are paid in full. They also were very clear that if I failed to get it caught up within 90 days of entering the program that my account would be closed, but could be reinstated when account is paid in its entirety. I know for some people this is bad, but the benefit of the plan for me is I plan on getting it caught up within the 90 days. By entering into the agreement I can make two lower payments before the last larger payment and I keep my lower apr on my pay overtime portion, avoid the monthly late fees and yes my credit will be dinged for a few months... but it will allow me to get back on track without mutilating my credit. My situation was caused by a family emergency that put me a month behind... I've tried to catchup, but the late fees and penalty charges were killing my efforts... plus collections were calling me 8 times a day from multiple numbers. All in all, this is definately not a plan for everyone... but it should be just what I need to help me through a rough time.
Li, I hope it works for you!
I too signed up for the "Care Program" and they have screwed me. I was told I was a monthly payment amount and have been paying it faithfully for the past 11 months. When I called to find out what my payments will be when the program was over I was informed I was only paying a portion of what was due and that they were getting ready to send me to collections. I had called a couple time in the past regarding my account and not once did anyone let me know I was delinquent or not paying the right amount. Prior to joining the "program", if my payment was a day late, they were calling me at home, on my cell and at work; why the change in policy? Do they want us to fail so they can start charging us the outrages percentage rate knowing we will never be able to make six consecutive payments getting back to the 9.99%? I was on this program before and I had no problems what so ever but it seems once the new laws passed for creditors, they started playing dirty.
basketballbloggin 2 years ago
This one was a life saver!!!