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!
** 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 $10,000 secured by her CD. After one year, Amex would review the account to unsecure tha card.
Well, i guess its official - Amex does have SECURED cards !!!
I wounder how many 'other' CRAs are out there and if there is a trend in companies starting to check more than just the main three.... What are the 'other' CRAs should folks be checking for accuracy?
Amex offering secured cards? Sounds like they are hungry for intere$t
@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.
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?
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)
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.
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.