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American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

Super Contributor

ew Re: American Express SECURED card offer !

Few years ago they used to have optima card offered as secured card and later they cancelled it. One way it is good to build relationship with amex but I would put that money and get a secured card with local credit union.

Message 11 of 44
Frequent Contributor

Re: American Express SECURED card offer !

I applied for an Amex Green in June 2010 and was denied due to an old BK Chapter 13 that was appearing on the Teletrack.  I got a copy of my report which showed the BK reporting. It was discharged in 4/2008 and was removed from all the CRAs in May 2010, but Teletrack says they will report public records for the full 10 years instead of the 7 years that the big 3 CRAs report. Bummer.

 

BJ

Fico:EQ 689 (1/8/17) EX 692 (2/8/17) TU 692 (1/8/17
C1 Venture One $10,000 / C1 Quicksilver Visa Sig $10,000 / C1 Quicksilver WMC $10,000 / Penfed Plat Rewards Visa Sig $9,500 / Penfed Power Cash Rewards Visa Sig $10,000 / Logix FCU Plat MC $12,000 / SDCCU Plat Visa $2,500 / Barclays Rewards MC $1500 / Best Buy Visa $2000 / Chase Amazon Prime Visa Sig $500 / Consumers Credit Union Plat Visa $2500 / Sams Club Store Card $437 / JCPenney $1,800, Fort Knox CU Plat Visa $5,000 / Lowes $7,000 / HSN Card $3,000 / Walmart Card $2,000 / Macys $800 / Target Red Card $800
Message 12 of 44
Frequent Contributor

Re: American Express SECURED card offer !

I too got the call from 1-866-929-5161 after being declined for a zync, and I applied only yesterday. It was on my recorder when I got home today. Ill call tommorow, see if it is the same deal.

 

I would probably do it if they dropped the 10k to 5k but I make more money playing in the stock market with the extra cash, so we will see.

 

Report back Smiley Happy

Scores: EQ (FICO) - 730 | EX (FICO) - 722 | TU (FICO) - 713 - 06/25/2014



US Airways MC (5 K) | US Airways World MC (10 K) | Chase United Airlines Sig VISA (5K) | BOA Rewards Sig Visa (10K) Citi Dividend Plat MC (5.6K) | Discover Miles (6.6K) | AMEX BCE (7 K) | AMEX Plat Delta (11 K) | BOA PLAT (7.5K)


Message 13 of 44
Valued Member

Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

$10K security for the gold card? ridiculous! No card should require security (one may argue wealth management accounts requiring minimum balances act as quasi security for certain cards), let alone the gold card for $10K. It's a great deal for amex though, as you would essentially be paying them (through the AF) to take your deposits.

Message 14 of 44
Frequent Contributor

Re: American Express SECURED card offer !

Well here it is, the standard "Were sorry we can't qualify you at this time" BS  But lucky you because you have been chosen for a special secured program...yada..yada...yada....

 

Bottom line its 10k at 0,9% return cd. They will re evaluate you at one, two and three years for an unsecured card.

 

I told the lady my credit wasn't that bad thanks but no thanks.

 

I think they pick and choose who gets this special offer by income and credit. I have average credit and as an overseas contractor pull in $150k a year, so they figure why not get some of it LOL.

 

Amex must be looking for capitol.

 

Anyways, just thought I would pass that on.

Scores: EQ (FICO) - 730 | EX (FICO) - 722 | TU (FICO) - 713 - 06/25/2014



US Airways MC (5 K) | US Airways World MC (10 K) | Chase United Airlines Sig VISA (5K) | BOA Rewards Sig Visa (10K) Citi Dividend Plat MC (5.6K) | Discover Miles (6.6K) | AMEX BCE (7 K) | AMEX Plat Delta (11 K) | BOA PLAT (7.5K)


Message 15 of 44
Contributor

Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

 


waqaszm1 wrote:

** just a quick edit ** we just got the paper response as to why her app was rejected; it states, "Information reflected in a report obtained from Teletrack consumer reporting agency."

 

 

My wife had recently received a "Pre-Selected" offer for an American Express Premier Rewards gold card. She applied and was denied. Yesterday, she received a call from American Express 1-866-929-5161 offering her the same card if she was willing to put $10,000 in a CD with American Express Centurion bank for a period of 1 year. She was told that her card would function exactly like a charge card, where she would pay back the charges in full each month, have the same rewards etc., but have a hard limit of $10,000 secured by her CD. After one year, Amex would review the account to unsecure tha card.

 

Well, i guess its official - Amex does have SECURED cards !!!


If I have 10K "just laying around," I wuold use it on something else. But nice to know Amex is offering this option for some people.

 

Message 16 of 44
New Member

Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

This is ridiculous, 10K for a crappy 1%ish interest rate. Invest your money where you can get a better return rater than an Amex card. I have an Amex, citi, discover, chase, etc credit card. Nothing make the Amex more special than the other cards. As a matter of fact, Amex had denied me some transactions while in store when the so called limit is unlimited. I don't get the myth behind having an Amex. It's not a privilege at all, it's debt. I really don't get it.

Message 17 of 44
Established Contributor

Re: American Express SECURED card offer !

Why would anyone do this just to have an AMEX??  Not worth it nor is it a good financial decision!!

Barclays US Air $17K| TTCU $15K| Citi Diamond $10.5K| Discover IT $9000| CapOne $2K| Best Buy $2K
Message 18 of 44
Established Contributor

Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).


mtallam wrote:

This is ridiculous, 10K for a crappy 1%ish interest rate. Invest your money where you can get a better return rater than an Amex card. I have an Amex, citi, discover, chase, etc credit card. Nothing make the Amex more special than the other cards. As a matter of fact, Amex had denied me some transactions while in store when the so called limit is unlimited. I don't get the myth behind having an Amex. It's not a privilege at all, it's debt. I really don't get it.


Great post!!

Barclays US Air $17K| TTCU $15K| Citi Diamond $10.5K| Discover IT $9000| CapOne $2K| Best Buy $2K
Message 19 of 44
New Contributor

Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).


mtallam wrote:

This is ridiculous, 10K for a crappy 1%ish interest rate. Invest your money where you can get a better return rater than an Amex card. I have an Amex, citi, discover, chase, etc credit card. Nothing make the Amex more special than the other cards. As a matter of fact, Amex had denied me some transactions while in store when the so called limit is unlimited. I don't get the myth behind having an Amex. It's not a privilege at all, it's debt. I really don't get it.


It's true!  It's the imlication of prestige that makes it "worth it."  AmEx has always been such a valuable brand that people clamor for it because it used to denote a particular status.  I just don't think AmEx carries the prestige it used to. And actually, I don't think prestige manifested by a charge card is prestige at all anymore.  Nobody ever carried my groceries to the car because I swiped a Platinum Card at Von's.

 

True, a prestige card might make you "fit in" at the George V in Paris, but chances are that if you can spend $4,000 a night on a hotel room, you could pay with euro coins from a sock and get excellent service.

 

Yes, the airport lounges are cool.  All of the AmEx benefits (extended warranties, purchase protection, etc.) are nice, but most people never use them, which is why AmEx can afford to offer them.

 

But when you weigh the archaic "prestige" of an AmEx against the "will this transaction be approved because my account DOES have a credit limit, I just don't know it;" "will they want to financial review me;" "will they close my account because my utilization is high this month because I forgot to pay BEFORE MY STATEMENT EVEN PRINTED (what!?)," I'm not so sure it's worth it.

 

Message 20 of 44