Reply
Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008

Re: AMEX Zync Cardholder, Just Approved for Amex Platinum - Some details from my CSR talk...

Congrats OP!

 

I love my Zync especially no one now can get it and its different since its white.

 

The Zync was discontinued because AMEX has gotten fined heavily because it was found that it's approval criteria was based on age which is discriminatory and against policy


$100K in Credit
Last Credit Card App: 11/16/13
Moderator
Revelate
Posts: 8,334
Registered: ‎12-30-2011

Re: AMEX Zync Cardholder, Just Approved for Amex Platinum - Some details from my CSR talk...

[ Edited ]

chnceit wrote:

Congrats OP!

 

I love my Zync especially no one now can get it and its different since its white.

 

The Zync was discontinued because AMEX has gotten fined heavily because it was found that it's approval criteria was based on age which is discriminatory and against policy


Source please?  I do not think that is entirely factual with regards to Amex's discontinuing the Zync.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: AMEX Zync Cardholder, Just Approved for Amex Platinum - Some details from my CSR talk...

[ Edited ]

These articles were published just as the application button for the zync stopped working.

 

http://prospect.org/article/cfpb-catches-american-express-breaking-law

http://www.uspirg.org/blogs/eds-blog/usp/cfpb-fdic-fed-and-occ-slap-amex-credit-card-numerous-violat...

http://www.consumerfinance.gov/pressreleases/cfpb-orders-american-express-to-pay-85-million-refund-t...

http://money.cnn.com/2012/10/01/pf/american-express-refund/index.html

http://www.nytimes.com/2012/10/02/business/american-express-to-refund-85-million.html?_r=0

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Moderator
Revelate
Posts: 8,334
Registered: ‎12-30-2011

Re: AMEX Zync Cardholder, Just Approved for Amex Platinum - Some details from my CSR talk...


trishdadish wrote:

Are all Zyncs not PCable, or is it just the Zyncs that had a credit limit assigned to them? I read somewhere on here that the NPSL Zyncs could (at least, at some point in time) be product changed. Inquiring minds want to know...:smileylol:

 

although, with the crazy back-dating that I got when I finally got an Amex again, it might be smarter to just open up a revolving AMEX, when the time comes. i think that doing that would have the least amount of impact on my AAOA.


The hard limit Zync originally prevented people from acquiring another Amex charge card.

 

The original policy on Zyncs obtained as Zyncs is that they could not be PC'd.

 

The original policy as we understand anecdotally from people who PC'd down to the Zync, were able to PC back to something else.

 

Post-discontinuation, all bets are off.

 

That list all said, if one is earning MR points, the Zync usually more than pays for itself.  As a result, unless you don't have a use for Amex's higher level charge cards (travel or otherwise) at any point in the future, it seems to be worthwhile to keep the Zync until they change the reward acceleration policy.  While I personally will be opening a BCE or BCP (or maybe a SPG) in the future, and I don't have a use for a higher level charge card product for the forseeable future, I will hold onto the Zync just in case as frankly the AF is pretty trivial in comparison to the rest of my financial life.  

 

Oh noes, I have to referee one more soccer game a year, the horror! :smileyhappy:

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Moderator
Revelate
Posts: 8,334
Registered: ‎12-30-2011

Re: AMEX Zync Cardholder, Just Approved for Amex Platinum - Some details from my CSR talk...

[ Edited ]

Dustink wrote:

These articles were published just as the application button for the zync stopped working.

 

http://prospect.org/article/cfpb-catches-american-express-breaking-law

http://www.uspirg.org/blogs/eds-blog/usp/cfpb-fdic-fed-and-occ-slap-amex-credit-card-numerous-violat...

http://www.consumerfinance.gov/pressreleases/cfpb-orders-american-express-to-pay-85-million-refund-t...

http://money.cnn.com/2012/10/01/pf/american-express-refund/index.html

http://www.nytimes.com/2012/10/02/business/american-express-to-refund-85-million.html?_r=0


"Also, in 2010, American Express Centurion Bank used a credit scoring system discriminated against new account applicants based on age."

 

If it had already been redressed, I find it hard to believe that they cancelled a product two years after that fact.  In my estimation, it's a long walk intellectually to draw the conclusion that is the main reason they discontinued the Zync.  Admittedly I could be wrong, but that strikes me as somewhat silly from a business perspective, and Amex isn't unsavvy.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: AMEX Zync Cardholder, Just Approved for Amex Platinum - Some details from my CSR talk...

[ Edited ]

They canceled it right after legal action was taken against them for the discrimination.

 

Maybe the courts made some odd ruling that forced them to discountinue that product base upon the passed discrimination. 

 

OR maybe AMEX decided the best course of action was to just end the product line to prevent future lawsuits.

 

More logical answer is that the zync didn't make them enough money.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Moderator
Revelate
Posts: 8,334
Registered: ‎12-30-2011

Re: AMEX Zync Cardholder, Just Approved for Amex Platinum - Some details from my CSR talk...


Dustink wrote:

They canceled it right after legal action was taken against them for the discrimination.

 

Maybe the courts made some odd ruling that forced them to discountinue that product base upon the passed discrimination. 


That almost certainly would've been made public in this case?  Where's Duncan for the legal analysis? :smileyhappy:

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008

Re: AMEX Zync Cardholder, Just Approved for Amex Platinum - Some details from my CSR talk...

Thanks Dustink for posting the link! I couldnt find it

$100K in Credit
Last Credit Card App: 11/16/13
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: AMEX Zync Cardholder, Just Approved for Amex Platinum - Some details from my CSR talk...

Companies will always do their best to hide their nasty side.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: AMEX Zync Cardholder, Just Approved for Amex Platinum - Some details from my CSR talk...


chnceit wrote:
Thanks Dustink for posting the link! I couldnt find it

It took some digging. It wasn't something AMEX was proud of.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+