Does American Express add interest to persona cards paid off in 30 days?

[gcmoore]

I can't remember the name of this card, but it's the American Express card that allows customers to make charges which they pay off in 30 days. If you owe a debt on that card, is interest added since technically a set line of credit was not provided. Hope that makes sense.

[willingtocope]

If you're talking about the original AMEX "green" card, then you are expected to pay it when due. If you do, no interest is charged. If you don't, then they hit you with "late fees", which is not quite the same thing as interest.

[gcmoore]

If you're talking about the original AMEX "green" card, then you are expected to pay it when due. If you do, no interest is charged. If you don't, then they hit you with "late fees", which is not quite the same thing as interest.

Yes it was the original card. What if the account was charged off? Would the collection agency add the late fees for a few years?

[willingtocope]

What if the account was charged off? Would the collection agency add the late fees for a few years?

Charge off is just an accounting term that means "charge against income for tax purposes". Doesn't mean they'll stop charging late fees. As long as they still own it, they can charge you late fees each month you didn't pay.

Now, if your credit reports show "Charge off / sold to another lender", then some junk debt buyer has it now. As to whether the JDB can tack on fees, it would depend upon the original agreement...my guess is no.

[gcmoore]

Charge off is just an accounting term that means "charge against income for tax purposes". Doesn't mean they'll stop charging late fees. As long as they still own it, they can charge you late fees each month you didn't pay.

Now, if your credit reports show "Charge off / sold to another lender", then some junk debt buyer has it now. As to whether the JDB can tack on fees, it would depend upon the original agreement...my guess is no.

Ok, thanks.