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Flexible Spending Credit cards

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cathyphifer2000



Joined: 01 Jul 2010
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Posts: 1



82 Magic Points

Subject: Flexible Spending Credit cards
 
Posted on Thu Jul 01, 2010 9:02 pm  

Lately I am seeing flexible spending credit cards on credit bureaus but they are NOT associated with flexible spending health accounts..what kind of credit cards are these? I am a credit loan officer and never saw this until the last 6 months.
vfsalinas05



Joined: 24 Jun 2010
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Posts: 61



999 Magic Points

Subject: flexible spending credit cards
 
Posted on Sat Jul 03, 2010 1:05 am  

I wish I could help you but I have no idea what flexible spending credit cards would be..
Aaron

Aaron

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Subject: flexible spending credit cards
 
Posted on Sat Jul 03, 2010 10:31 am  

Hi cathyphifer,

Welcome to this forum Smile

A flexible spending credit card is more like a debit card. Such account lets you to put money aside free of tax for important expenditures. Flexible spending credit cards combines the advantages of both revolving accounts and open accounts.

Hope this helps.

Thanks,

Aaron
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vfsalinas05



Joined: 24 Jun 2010
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Subject: good info
 
Posted on Mon Jul 05, 2010 2:14 am  

Thanks again for the good info! They sound like a good idea..What is the difference between a revolving and open account? I am pretty sure a credit card would fall into the revolving account but is there any difference between a revolving and open account? thanks...happy 4th
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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1916 Magic Points

Subject: insurance
 
Posted on Mon Jul 05, 2010 12:51 pm  

AARON...a debit card? So..it's NOT a CC? Is it credit that is ALREADY put on a CC for you..or..do you add money to it (like a pre-paid debit card? I've never heard of this, either. Where do you apply for this?
Aaron

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Subject: reply
 
Posted on Tue Jul 06, 2010 11:22 am  

sdchargers,

No Flexible Spending Credit Cards are not debit cards. They are credit cards with a cash reserve. I mentioned about debit card only in regards to the cash reserve. That is you need to deposit money into this account from the beginning.

Hope this helps.

Regards,

Aaron
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sdchargers_63

sdchargers_63

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Subject: credit
 
Posted on Thu Jul 08, 2010 11:00 am  

Oh I see..ok.....that explains it pretty well. Thanks.
Ah, clem
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Subject: flexible spending credit card
 
Posted on Mon Sep 20, 2010 12:45 am  

A flexible spending credit card is a credit card without a preset limit on spending.

It is not a debit card, and the two I have do not require prepaying anything.

I do pay my CC balances every month.

AMEX and VISA SIGNATURE are both this type of card. Before my VISA changed to flexible spending, it was a platinum card with a 33K credit limit.
Aaron

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Subject: flexible spending credit cards
 
Posted on Mon Sep 20, 2010 11:03 am  

Hi Ah clem,

Yes, it is very true. Flexible spending credit cards are not debit cards. These are credit cards with a cash reserve. I think it is always better to use a flexible spending credit card as you can avoid incurring debt.

Thanks,

Aaron
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melissa Smith
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Posted on Mon Nov 22, 2010 9:03 pm  

switching to a flexible account with no limit after you have had a credit limit previously will effect your credit score negatively if you have a balance as it did with my mine....dropping my score by 80 points
Eli
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Subject: Flexible spending credit card
 
Posted on Sat Jun 18, 2011 6:44 pm  

Yes ,the bad part it is not showing a credit limit on your credit report it reads any balance as max out credit line even $1 dollar banace becouse there is no credit limit showing on your report my score droped from 735 to 699 since the card was changed to the bank of America Flexible spending credit card
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1916 Magic Points

Subject: credit
 
Posted on Sun Jun 19, 2011 1:27 am  

Are there actually 'bad credit' CC's that are flexible spending CC's? However..I would think if there is something like that, that the % rate would be very high. Looking for something to re-build my credit with. I have a CC now..with a $250.00 credit limit.
Barrentine

Barrentine

Joined: 20 Jun 2011
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27 Magic Points

 
Posted on Tue Jun 21, 2011 10:22 am  

Flexible credit cards are going be in the wallets of all the middle class salaried persons. This would allow them to spend money before they will receive the monthly salary with little interest to pay for it.
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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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1916 Magic Points

Subject: credit
 
Posted on Thu Jun 23, 2011 12:24 pm  

True..but, it seems like people with 'excellent credit' are the ones that can be approved for the 'Flexible CC's'. I've looked on the web and was looking for CC's to re-build my credit. I was looking for (possible?) reward points and 'flexible credit'. However..I found nothing.
sid
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Subject: flex spending cc
 
Posted on Fri Jul 13, 2012 3:49 pm  

So if an individual has a large balance showing on a "flex spending credit card" along with a payment amount, would that mean he/she OWES money that has NOT been put into the account on a pretax payroll deduction? I have a person with a $23k balance and a $422 payment. Is that a debt or not?

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