Well I heard many rumors about the American express prepaid card helping users of such a card to get preaproval for a charge card. And I also find this info on this link http://www.bankrate.com/financing/credit-cards/a-learners-permit-for-credit/. Ok since I know. Many of you all have American express. Should know better if it is true or not please let me know thanks for the time guys
@arredondo3417 wrote:
Well I heard many rumors about the American express prepaid card helping users of such a card to get preaproval for a charge card. And I also find this info on this link http://www.bankrate.com/financing/credit-cards/a-learners-permit-for-credit/. Ok since I know. Many of you all have American express. Should know better if it is true or not please let me know thanks for the time guys
It's too early to tell how this program is working because it hasn't been around long enough. They basically say 6 months they will SP you and see if your eligible. In a few more months, I'd imagine people will start piping up with offers if its legit.
Bump. Just signed up for one before I read this thread.
On their own site, there was a bullet point within the specifics of the Make Your Move Program. It said something to the effect of only helping new people to credit, not people with past credit mishaps. I was disapointed when I read it.
@archieb wrote:On their own site, there was a bullet point within the specifics of the Make Your Move Program. It said something to the effect of only helping new people to credit, not people with past credit mishaps. I was disapointed when I read it.
Oh hrm, I'm nearly 100% confident that wasn't there when they released the program. Have to see if I can find an old Google cached copy or similar I guess if I care enough to do so.
Disappointing to say the least.
I want to point something else out that didn't sit right with me at first. I couldn't figure out why AMEX would advertise for you to use Direct Deposit on a Prepaid card. I know all of this is speculation. Do you think its due to income verification purposes down the road when you apply for a charge card?
@Open123 wrote:
@buildingitbackup wrote:I want to point something else out that didn't sit right with me at first. I couldn't figure out why AMEX would advertise for you to use Direct Deposit on a Prepaid card. I know all of this is speculation. Do you think its due to income verification purposes down the road when you apply for a charge card?
Possibly, but I'd imagine the main reason is that funds orignating from a DD have a much lesser chance of being fraudulent or have the transaction reversed. For instance, when you make a transfer from your bank, it is possible for the funds to be "bad," such as from "check kiting" or "forged check" that erroneously cleared etc...
Add that to the fact they have other uses for the money while it's sitting in your account (reserve requirements et. al). That's the primary reason why effectively every banking institution now offers benefits if you have a direct deposit setup to one of their accounts. Amex FSB is no different than BofA in this regard.
@Anonymous wrote:I just signed up for this card, lets see if I recieve any offers in 6 months!
With your scores, you shouldn't need a prepaid.....