Can the McCains Pay Their AMEX Bill?

[babylonsister]

http://www.boomantribune.com/story/2008/6/14/131646/442

Can the McCains Pay Their AMEX Bill?

by BooMan
Sat Jun 14th, 2008 at 02:14:20 PM EST


It must be nice to be so rich that you carry over a quarter million dollars of credit card debt without it being of much concern to you. Maybe I'm not rich enough to get the good cards, but aren't you supposed to pay your AMEX bill every month?

Senators John McCain and Barack Obama released their Senate financial disclosure statements on Friday, revealing that Mr. McCain and his wife had at least $225,000 in credit card debt and that Mr. Obama and his wife had put more than $200,000 into college funds for their daughters.

The bulk of the McCains’ obligations stemmed from a pair of American Express credit cards that are held in Cindy McCain’s name. According to the disclosure reports, which present information on debts in a range rather than providing a precise figure, Mrs. McCain owed $100,000 to $250,000 on each card.

Another charge card, held by what was described as a “dependent child,” had also accumulated debts of $15,000 to $50,000. In addition, a credit card held jointly by the couple was carrying $10,000 to $15,000 in debt, the filing indicated, at a stiff 25.99 percent interest rate.

At least McCain is consistent about one thing. He likes paying interest on staggering debt.

[onehandle]

1. There are Amex cards that work like regular credit cards too.

And on a regular Amex card, you can opt to pay less than the balance and pay interest.

[babylonsister]

2. I'm just wondering why they don't pay their balance off if they're so

loaded instead of opting to pay that huge interest rate. Doesn't sound too fiscally responsible to me.

[City Lights]

3. Much of Cindy's AmEx debt is at 0% interest!

:mad:

From HuffPost:

<snip>

But not all credit card debts are created equal. In fact, according to a prior disclosure form filed in May that was provided to The Huffington Post, a significant amount of the McCains' credit card debt is being held by American Express at an interest rate of zero percent -- making their debt a lot less like the costly credit card pitfalls facing many Americans and a lot more like the big sweetheart loans that can get national political figures in hot water.

<snip>

more... http://www.huffingtonpost.com/2008/06/13/ready-to-laugh-at-mccain_n_107008.html

[DeeDeeNY]

4. Interesting and very curious

From the same link: "Zero-percent credit card interest rates are not exclusively for the rich or well-connected, of course. But the most common offers of that kind are often capped at a few-thousand dollars and shed their zero percent rate after six to nine months."

[City Lights]

6. Can you say, "Conflict of interest?"

John passes legislation affecting credit card companies while AmEx carries Cindy's $200K debt for free. How nice of them!

[babylonsister]

7. I wish someone would point this out loudly and publicly. nt

[City Lights]

11. It really irks me that they mention the "stiff 25.99%" they're paying on

a small portion without mentioning that the bulk of their debt is interest free. And all the information came from the same disclosure form. How convenient that they notice one without noticing the other. :grr:

[truthisfreedom]

9. Conflict of "Interest" indeed... Someone needs to be making more of this.

Zero-percent credit cards for the well-connected?

How did McCombover vote on credit card interest/fee regulation bills? How about the bankruptcy bill?

[Rosemary2205]

14. The business owner that employs me has one of these AMX

he's had up to $400,000 on it interest free. AMX gets a good hit from the transaction and currency conversion fees so they still make money.

[babylonsister]

5. And the rich get richer...double standard, anyone? nt

[RUMMYisFROSTED]

8. Just as I suspected when I heard the story.

Although I ventured that it was set at Prime.

[NotThisTime]

10. Not according to MSNBC which said the rate was 25% as of last night on their website

[City Lights]

12. The link to HuffPost in post #3 has a link to the disclosure form

that breaks down their debt by percentage rate.

[tibbiit]

13. when i read this I had a question

are there special deals for rich people on their credit card debt?
I just was fortunate enough to pay off 4 credit cards and become debt free from 29.9% interest on those cards!
It was killing us.

So do Old, Old Senators or Drug Stealing
Beer Heiress's get special deals on interest rates?
I think that is a real issue to find out about.
tib

[City Lights]

15. Genevieve provided info on the AmEx "Centurion Card" in another thread...

most likely the type of AmEx card the McCain debt is on:

http://en.wikipedia.org/wiki/Centurion_Card