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AMEX Prepaid to Convert Charge Card

Contributor

AMEX Prepaid to Convert Charge Card

Amex is trying to get people to sign up for thier prepaid cards... It looks like they'll review your account and possible send an offer for a charge card.

 

The following is from the AMEX Prepaid Site:

 

HOW IT WORKS

  1. Order an American Express Prepaid Card in your name.
  2. Use it regularly for your everyday needs to create a history with American Express.
  3. Once a good track record is developed, you may be invited to apply for an American Express Charge Card. It's just one more way to work toward financial independence.

 

I'd say that anyone out there craving an Amex card should sign up for this deal


January 2011 Score: 663
Current Score: 704
Goal Score: 750
Message 1 of 38
37 REPLIES
Super Contributor

Re: AMEX Prepaid to Convert Charge Card

 

I know that people have asked in the past if getting a PrePaid AMEX card would help get them in the door, so  I guess we have an answer now....

 

Thanks for posting !

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 38
Senior Contributor

Re: AMEX Prepaid to Convert Charge Card

Its weird they state that it spends like cash been in all reality I do not think it does, I do not think you can pay yorur mortgage with it

Message 3 of 38
Valued Contributor

Re: AMEX Prepaid to Convert Charge Card

Invited, not pre-approved. Smiley Very Happy

Message 4 of 38
Moderator Emeritus

Re: AMEX Prepaid to Convert Charge Card


trumpet-205 wrote:

Invited, not pre-approved. Smiley Very Happy


"Use it regularly for your everyday needs to create a history with American Express."

 

Yes, but it sounds like it will help to get a foot in the door, as they'll have some sort of track record to look at which might affect their decision to approve. I think that this is a good opportunity for individuals who are just starting out.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Message 5 of 38
Frequent Contributor

Re: AMEX Prepaid to Convert Charge Card

someone remind me, do they pull your credit for prepaid


TU08 762
NFCU Visa Signature $20,000, Citi Prestige $15,500, USAA Mastercard $11,000, American Express Platinum, Barclays American Express $4700, Best Buy Mastercard $400, Orchard/Capital One $700
Message 6 of 38
Super Contributor

Re: AMEX Prepaid to Convert Charge Card

 

No AMEX does not pull your credit for the PrePaid card.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 7 of 38
Super Contributor

Re: AMEX Prepaid to Convert Charge Card

While its good that AMEX says that, it's not a pre-approval by any means. When you apply for a prepaid card, your credit is not pulled at all.

 

They will just monitor how you spend with the prepaid but what if you use it well for 1 year and decide you want a charge card? The will still pull your credit. Maybe they will factor your payment history on the prepaid card into their internal scoring model?




Message 8 of 38
Valued Contributor

Re: AMEX Prepaid to Convert Charge Card

Payment history? You load the money into prepaid card first before spending.

Message 9 of 38
Frequent Contributor

Re: AMEX Prepaid to Convert Charge Card

I just signed up. I need all the help/pull I can get with Amex. I really want to qualify for one of their charge cards (Zync is my best bet). So basically I will just load what I want to spend for the month onto this card and use it instead of my debit card. Hopefully after 6 months of this, and some work on my credit reports, they will deem me worthy of their cards. 

 

FYI...they do not do a HP or SP (as far as I can tell) and the card in no way affects your credit. They do need your SS # though, which is probably how they end up tracking you for offers. 



Scores: EX: 793 EQ: 804 TU: 801
Message 10 of 38