Reply
Valued Member
Cranski
Posts: 94
Registered: ‎07-21-2012
0

Re: AMEX prepaid card-any benefit?

I know this is close to three weeks old.

 

You guys do know the term data mining correct?

 

"We may provide certain Cardholder Information to companies, including our affiliated companies that perform business operations or services, including marketing services, on our behalf. We may provide certain Cardholder Information to others outside of American Express as permitted by law, such as to government entities or other third parties in response to subpoenas. We may develop marketing programs and send you offer for products and services. We do not share customer addresses with other companies for them to market their own products and services."

 

Sincerely Amex.

 

Stawman >_>

CS 701, CK 682, Credit.com 719/ TU FICO 666 (DIS 8/12) EU FICO 658 (8/12)
After spree CS 738, CK 684, TU FICO 666 (Dis 8/5)

WF Secured 600Cl (7/11), Discover More 1.5k (8/12), Walmart 150CL(8/12), Cap1 Platinum w/Credit steps($300) (8/12)
Moderator
Revelate
Posts: 9,013
Registered: ‎12-30-2011
0

Re: AMEX prepaid card-any benefit?


Cranski wrote:

I know this is close to three weeks old.

 

You guys do know the term data mining correct?

 

"We may provide certain Cardholder Information to companies, including our affiliated companies that perform business operations or services, including marketing services, on our behalf. We may provide certain Cardholder Information to others outside of American Express as permitted by law, such as to government entities or other third parties in response to subpoenas. We may develop marketing programs and send you offer for products and services. We do not share customer addresses with other companies for them to market their own products and services."

 

Sincerely Amex.

 

Stawman >_>


Not certain what you're getting at here honestly; yes, we're aware Amex looks thorugh it's customer data, and yes, we're aware (since Prepaid inception) that Amex would "theoretically" be looking at our spending to see if we are justified for a higher card.

 

That said, they state publically the prepaid isn't for people in a rebuilding mode: arguably, anyone other than a thin file, need not apply; however, with a clean sheet of six months history you can get a Zync anyway, it really limits the benefit of the prepaid.

 

Also as it's not membership (no backdating) it serves little purpose.  Like another poster, I haven't seen Amex softing my reports.  I got schooled, and am glad I stopped using the card as a result.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
New Member
imaconsumer
Posts: 3
Registered: ‎12-10-2012
0

GONNA TRY IT AND SEE: AMEX prepaid card-any benefit?

[ Edited ]

WILL THIS LEAD TO A TRADITIONAL CARD OFFER THAT REPORTS TO MY CREDIT REPORT? That's my goal

I also want to know if getting a prepaid Amex card will improve my chances of getting "back in the club".  I just bought a house and can't get a $300 credit card to save my dash-burned life.  I have two cards HSBC $500 and Orchard $300. I want to dump them due to the $59 annual fee and down-right refusal to increase the limit. They won't even give me one at $800.  I want "name brand" cards and credit to start improving my history and benefits.  NOTE: My mortgage has not hit my credit report yet, not sure what it will do for my score, but the 5 hard pulls trying to get cards to replace those two has killed me. I sort of pannicked and applied for 5 different cards over the course of two days (retail, gas, etc).

 

TORE MY BRITCHES WITH AMEX IN 1990

Anyhew...  I had an Amex issued to me back at age 19 in 1990 (do not do the math!!).  I was responsible with it, but had a relative steal the number and go on a cheap shopping spree.  Looking back now, it was a cheap shopping spree - I should have just paid it (around $300, which is a million to a 19 year old).  I was super young and super scared of the credit card company and just shrank from the whole thing and only paid the charges that were mine.  I told them the number was stolen, they said too bad - should have said the whole card was stolen.  Back then, you could give merchants your card number from memory and charge without the card (especially if a friend was the cashier) - believe it or not.

 

MAKE YOUR MOVE

I found that the "Make your Move" does indicate that if you use the pre-paid card in a healthy way and continue to refill it, you may be "invited to apply" for blah, blah, blah...  Go to the Amex site and search for "Make your Move" and there is a link that reads:

 

What is Make Your Move?

Your American Express® Prepaid Card can help you build a history with American Express through Make Your Move. All you need to do is load and use your Prepaid Card regularly and you may be invited to apply for an American Express Charge Card.

 

WHY AMEX?

Regardless of what people say, Amex is an impressive card to have and very hard to get. With their "pre-paid" card, I can get my money back at any time, should economics dictate, rather than wait a year or more to get my deposit back.

 

WHAT I'M GOING TO TRY: Opinions are nice, but we want real experiences, right?

  1. I don't know if AMEX will give me the time of day for the prepaid or a charge/revolving for a 20 year old gaff.
  2. I have a tidy sum in savings, even after closing on the house about 3 weeks ago
  3. I'm going to get the prepaid card with $1500 on it, and increase it by $1000 over the next three months and see what happens

I'll report back here to let you know what happens. After the 5 pulls, my score has gone from 650 to about 550! So my plan B is secured cards... Planning on a second house to be an investment property come next fall.

New Member
imaconsumer
Posts: 3
Registered: ‎12-10-2012
0

GONNA TRY IT AND SEE: AMEX prepaid card-any benefit? UPDATE 1: Ordered Card

[ Edited ]

12/10/12

OK, ordered the card.  Looks like the amount must be between $25 and $2,500.  I ordered one for $1000 - hoping the high amount makes me look good.

 

Here's what I got:

Your order has been submitted to our system and is being processed. In addition, you will receive an Order Shipment e-mail once your Card has shipped with instructions on how to set up an account.

 

If you have used a bank account to fund the Card: (I did)

1. Watch for 2 small deposits to your account within the next 3 days.
2. Once the deposits are complete, you will receive an e-mail from us to verify the deposits.
3. Follow the instructions for setting up an account and verifying your deposits.
(Please note: This does not apply if you have already ordered a Card with this bank account)

 

12/12/12

Got an email to verify the two small deposits.  I completed the verification process.

 

12/14/12

Got an email saying there was a "problem" with verifying my account and to call a number.  Called, got poor/distrustful treatment, they wanted permission to call my bank on the other line, I told them if they wanted to talk to my bank about my money, I wanted to listen - American Express could also be committing fraud, they agreed.  They verified some information on my account with the bank - said all was well.

 

12/14/12

$1000 taken out of my account.

 

12/20/12

No card in sight while AMEX uses my money interest-free.

 

Note: To those who want to chime in with their experience and helpful information - THANK YOU - your good, old-fashined humanity shines through!!! To those who want to condescend, laugh and riducule ->crickets. Particularly those designated as "contributors with a zillion posts" who should know better.

 

Moderator
09Lexie
Posts: 25,360
Registered: ‎09-13-2012
0

Re: GONNA TRY IT AND SEE: AMEX prepaid card-any benefit? UPDATE 1: Ordered Card

My DH applied for and was denied the green card ( score was 687) his denial email came with the invitation for the pre-paid.  After a few weeks of doing nothing he finally completed the online form and the card arrived within 2 days (Pin the next day-although once you activate card you can change your Pin). Just verified the acct today with deposits so I, too am watching the calendar to see if the 6 month thing works.  

 

I applied last month but was declined with a 702 Exp but did not receive the 'invitation ' so maybe he will be lucky....maybe they are still monitoring denials/prepaids through that 'Make Your Move Program.'  

New Member
imaconsumer
Posts: 3
Registered: ‎12-10-2012
0

Re: GONNA TRY IT AND SEE: AMEX prepaid card-any benefit? UPDATE 1: Ordered Card

[ Edited ]

09Lexie...

 

You know - I think the companies do what works for them, when it works for them - it's hard to pin down what's what.  Obviously it's a big shot of free CASH to AMEX to have people deposit money for a "prepaid" card.  They can technically "use" my $1000 intrest free, along with tons of other deposits, during the time it takes them to get my card to me.

 

I'm under the impression Amex might ask to "make a move" after about 3 months.  I'm going to try by using the card a ton and put money right back in - to the tune of the $2500 max, just using it to pay bills. I am encouraged that we at least answered the question about the legitimacy of "making the move" directly thru Amex web site.

 

Thanks for sharing - we'll see...

Established Contributor
toppers555
Posts: 551
Registered: ‎09-28-2012
0

Re: GONNA TRY IT AND SEE: AMEX prepaid card-any benefit? UPDATE 1: Ordered Card

I am game for experimention. I just order a card for 500. I will use 100 or so on it a month , and reload it back to 500.  Let see if Make you move is triggered or not. I am in the garden anyways to May, and free 25 bucks. 



TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!


Valued Contributor
armbenderc
Posts: 1,339
Registered: ‎09-11-2012
0

Re: AMEX prepaid card-any benefit?

[ Edited ]

Duncanrr wrote:
I had applied for AMEX and was denied. Recently, I asked them to resend my rejection letter and today I receive email saying since I was denied why not get their prepaid card.

Is there any benefit to my next AMEX app if I have this card and Have history of using this card responsibly? I know the card doesn't impact my CR.

:smileysurprised: What did you apply? I thought you already got 2 amex. More drapping? j/k

 

Anyway, sorry to hear that you get denied. The serve card is nice. I was looking at it for my kids.

 

Edit: saw the date of the orginal post. :smileysurprised:

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Valued Contributor
Duncanrr
Posts: 2,843
Registered: ‎06-08-2012
0

Re: AMEX prepaid card-any benefit?

This is an old thread. My first app was March 2012 and I was denied for delta card. I got the prepaid card as part of my rebuild and pushed a good bit though in in 3 months. I applied for zync in sept 2012 and instant approval. I did second app for delta and it was a triple pull but basically instant approval.

While I can't say my use of prepaid card had anything to do with approvals the fact I was borderline approval means any little thing could had helped. Last week I was instantly approved for 3xcli on delta. Now at 6k CL.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Valued Contributor
armbenderc
Posts: 1,339
Registered: ‎09-11-2012
0

Re: AMEX prepaid card-any benefit?


Duncanrr wrote:
This is an old thread. My first app was March 2012 and I was denied for delta card. I got the prepaid card as part of my rebuild and pushed a good bit though in in 3 months. I applied for zync in sept 2012 and instant approval. I did second app for delta and it was a triple pull but basically instant approval.

While I can't say my use of prepaid card had anything to do with approvals the fact I was borderline approval means any little thing could had helped. Last week I was instantly approved for 3xcli on delta. Now at 6k CL.

Triple pull... dang. Atleast you got approved and with 3x CLI.... btw, did they ever sp you yet?

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%

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
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+