AMEX Balance advice needed!

archie1

Hi
I hope someone can give me some advice please, I took Martin's advice and got an AMEX PLATINUM on 4th Nov to do all my Xmas shopping.
I have now received my first statement which is to pay a monthly figure of £146 - the full balance is £1453; Would I be charged interest if I do not pay in full by the end of Jan and/or would you advise whether I should pay the monthly sum above or the full amount?
Of course like most people I could not pay eveything off in full in Jan as this is a bad month, would it be feasible if I take out a 0% card from eg Tesco to pay back the full amount so I am not charged interest - please advise me as it would be most appreciated. Kind regards archie001

p00hsticks

Assuming it doesn't have a 0% for purchases introductory offer, then you'll have to pay off the balance in full by the payment due date if you want to avoid getting charged interest.

archie1

Hi p00hsticks, thank you for your reply and advice - I am sure I got 0% for the first 3 months with the AMEX card, however, not sure what the % will be for the interest after that as I am not really that clever to work it out.. perhaps I best have a look at their website and try and understand the lingo/jargon?
rgds Archie001

marksoton

Assuming you are talking about the Amex platinum cashback card then you ALWAYS need to pay in full each month. Any interest incurred will negate the cashback gained.

The golden rule of cashback cards is to pay in full each month.

td_007

archie1 wrote: »

Hi
I have now received my first statement which is to pay a monthly figure of £146 -

You must make this minimum payment at the very least to avoid paying fees the next month. Also, if you do not make at the least the min payment you will not get any cashback on the amount you have spent so far!

archie1 wrote: »

the full balance is £1453; Would I be charged interest if I do not pay in full by the end of Jan and/or would you advise whether I should pay the monthly sum above or the full amount?

If you pay the full amount you will not pay any interest. If not then the you will be charged interest on the amount from the date of purchase. Paying the full amount is the best option otherwise the maximum possible

archie1 wrote: »

Of course like most people I could not pay eveything off in full in Jan as this is a bad month,

This is very broad generalization and spending needs to be in line with income - a credit is to be used as a convenience and not as an license to spend beyond means.

archie1 wrote: »

would it be feasible if I take out a 0% card from eg Tesco to pay back the full amount so I am not charged interest - please advise me as it would be most appreciated. Kind regards archie001

My guess is realistically you do not have time to apply for a new card and arrange for BT before the payment due date on Amex. If you are struggling, make at least the minimum payment to Amex and apply for a 0% BT card in parallel- if you are successful then keep in mind you have to pay BT fees of approx 4%.