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Senior Contributor
Posts: 5,220
Registered: ‎07-16-2011
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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.



Well said

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New Member
Posts: 4
Registered: ‎04-24-2011
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Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

I am new to these forums but have been reading them for a while. I have a considerable amount of cash in AMEX personal savings bank but no CDs right now. My credit was destroyed (floating around 600 now) from my business failing in 2009. I have since rebuilt the business and revenues and profits are better than before. About 5 years ago I got mad at AMEX for declining a charge and closed 3 of my 4 cards with them in good standing. The final account eventually charged off but I paid the charge off in full in 2009. My question is - will I be able to call the number listed in this forum to request a secured card? I have no problem with the deposit. The purchase protection offered by AMEX will surely make up for the interest I will not be getting. Also, can I go for platinum out of the gates? Or do I need to work my way up? Thanks in advance for your advice.

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Posts: 67
Registered: ‎09-19-2007
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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 !!!


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?

New Contributor
Posts: 61
Registered: ‎07-09-2011
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Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

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.
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New Contributor
Posts: 163
Registered: ‎03-04-2010
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Re: American Express SECURED card offer !

Amex offering secured cards? Sounds like they are hungry for intere$t

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(21 years old)
Valued Contributor
Posts: 1,442
Registered: ‎05-05-2010
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Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

@Young CEO - Here is some information that I have been gathering about the Amex Secured Card:

 

  1. The secured card program was designed to expand its cardmember base without the risk or jeopardizing its "prestige,"  hence the $10K minimum.
  2. The target group are individuals who have an above average annual income and who's credit profile is showing an upward trend, i.e. people that show signs of recovering from bad credit.
  3. You must also have paid off any outstanding balance to Amex.
  4. Ways to get the secured card are by solicitation from Amex or applying for a card and if rejected they will counter offer you with a secured card or you can call them up and make the request.
  5. You might also want to call them and inquire about the program as well.

Overall, I think this is a good program, not for everyone though. It provides more options for folks that are in a rebuilding stage.

 

 

 

 

Regular Contributor
Posts: 172
Registered: ‎03-02-2008
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Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

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?

Regular Contributor
Posts: 219
Registered: ‎06-17-2011
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Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

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)

Valued Contributor
Posts: 3,001
Registered: ‎02-09-2012
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Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

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.

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Mega Contributor
Posts: 15,453
Registered: ‎04-09-2011
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Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).


Padunkadunk wrote:
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.

+1




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