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07-19-2011 09:13 PM
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.
Keep both your credit and your body in top shape!
08-09-2011 05:52 AM
08-09-2011 12:37 PM
** 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 !!!
I wounder how many 'other' CRAs are out there and if there is a trend in companies starting to check more than just the main three.... What are the 'other' CRAs should folks be checking for accuracy?
08-09-2011 03:36 PM
09-20-2011 03:46 PM
@Young CEO - Here is some information that I have been gathering about the Amex Secured Card:
Overall, I think this is a good program, not for everyone though. It provides more options for folks that are in a rebuilding stage.
09-20-2011 05:14 PM
If it were me and i had the chance to get a black card for a 10k CD i would do it in a heart beat!
If i call them and say i heard someone got this deal will they offer it to me as well?
09-20-2011 08:04 PM
I dont believe you will get a secured centurion (AKA Black Card). It doesn't exist........(There are some banks overseas that require 2 million in deposit for the black ICC Centurion card. TEchnically, not a secured card and a far cry from 10,000....LOL)
03-11-2012 08:24 AM
Just a heads up, though this is an old thread, I did find that USAA does offer a secured Amex card that doesn't require you to put up a 10k CD. You do have to put up the secured amount that you want the limit to be, and it will go into a 2 yr CD.
It's an option and I don't think USAA has membership contraints like NFCU does, at least not anymore.
03-11-2012 08:35 AM
If its a secured offer, they need to call it that, otherwise what you were told is shady and illegal. You can't tether products in order to sell more. Making a person open a CD for a year before granting them a credit card is illegitimate.