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All right George, it's time for our question of the day and it comes from Nick in New York.

Nick says, I wanted to ask your thoughts on getting an American Express charge card.

I'm completely debt free and see there are major benefits

in terms of points and airline miles for using these cards that you pay back the next month

and never carry a debt. What is the downside to using them like a debit card? This is a question

we get very often, Ken. And the part that frustrates me is that you can't use a credit card

like a debit card because they're so different.

You're using other people's money and paying it back later versus using your money and paying it

right now.

And so you can't say, well I I use it just like a debit card.

What's the difference?

There's a huge difference.

And number one, American Express, they're known for the charge card, Ken,

which means you pay the full balance every single month.

The, where they get you is with very high annual fees.

They're known for having some of the highest annual fees. They're also known for

having the highest transaction fees. So when you have you ever seen these signs

at a business we do not accept American Express. You've seen those?

Oh sure because they don't want to pay the percentage. They don't want to, and American Express has fees upward of 3.5% versus, you know, a 2.5 with the other cards.

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