The American Express Card is younger than John McCain.
When the American Express card was introduced, the annual fee was $6.00. It was made of paper and the Cardmember’s name was typewritten.
This card (as opposed to the subsequent Optima and Blue cards) was – and continues to be – a “charge” card as opposed to a “credit” card… one distinction being that balances are due in full at the end of each billing period. “Credit” cards, on the other hand, require that only a nominal amount get paid at the end of each billing period. The cardholder then gets charged an atypically high interest rate for the privilege of carrying a balance.
On a related subject, Senate financial disclosure statements released this past Friday show John and Cindy McCain have at least $225,000.00 in credit card debt – the bulk of which stems from a pair of American Express cards in Cindy’s name.
By contrast, Barack and Michelle Obama put a comparable amount into college funds for their daughters.
(Thanks to Jennifer Y. for the tip!)
the mcinsain’s NEED plastic? they don’t pay OFF the plastic?
is that the kind off leadership america can afford? more red ink republikkkans?
Comment by pansypoo — June 14, 2008 @ 1:41 pm
As much as I dislike McCain, I think it is worth mentioning that since his wife is a multi-millionaire he can afford for her to use her Amex card about as much as she wants. Especially since, as the article states, it is a charge rather than credit card. So, since they pay the full balance off each month, it doesn’t really count as debt. Also, I’m sure the reason they didn’t put away as much for their kids as the Obamas have, is because back then that amount would have been the nation’s GDP (cheap shot, I know) and they were loaded already so they didn’t need to. It just seems as though the article is written very much to attack the McCains, when we all know there’s really no need to-McCain’ll probably pass away before the election’s over anyway…
Comment by Callum McGavin — July 31, 2008 @ 10:12 am