whats the big deal about a green american express charge card. are they tough to get.. do you have to be rich.

Question

or are they for people without alot of credit and are forced to pay or suffer the crazy 30 percent rate.. they seem to be the card for rich folk.
peace

Answer 1

It comes down to charge card vs. credit card.

A charge card, you have to pay off the balance each month as it only reflects the money you really have. It was kind of the forerunner to debit cards. Typically used by middle and upper class that had more money to spend up front.

Credit cards are basically miny loans that you can pay back over time or pay off right away. They were used by all money classes to cover something you needed/wanted right away but wouldn't be able to pay for until later.

Answer 2

I don't know what the hell the person above me is talking about. A charge card and a credit card are the same thing.

American Express is only offered to those who have established a good credit worthiness. You don't have to be rich, but you do have to have a good credit score and credit history.

An example is this. I make a lot more money than my wife does. She has a better credit ranking and score than I do. She has 3 American Express cards, I can't even get them to offer me one.

On your credit report, it doesn't matter who you have credit through, what does matter is your ability to manage your credit and pay your bills on time.