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@Tommy5746 wrote:Based on everybody's knowledge... What Credit score would you say Amex usually looks for when applying for the Zync card? I've heard of possible low 6's but I find that hard to believe as its still an Amex..
If they don't have any data on you, I'd say they're looking for the 680 + range, give or take.
If they do have extensive data on you, then your scores aren't relevant (assuming no bks, recent derogoties, massive outstanding debt) so long as you have a minimum of 6 month history with some revolving credit.
It appears to me that if you qualify for the Zync, you'll qualify for the Green or Gold. I'd imagine the Platinum may have a slightly higher income requirement, but are awfully similar. Tanner is correct that they could just as easily place a low limit on a Platinum as they can a Zync. I'm sure there are many Zyncs out there that has a much higher NPSL than many Platinums.
Either way, good luck!
Their thought is that why would a person want to apply for cards with significantly higher annual fees if they did not have the income to back it up. 95/125/175/450 are significantly more expensive fees than the Zync so they are self selecting to an extent. While the requirements for any of them may be very similar, it is doubtful that there are many people that will spend $450.00 per year for annual fees on one card if they do not have a high income. There are exceptions of course, but most people would consider that annual fee to be too expensive to justify.
I just got the green, and the more I think about it I don't really know if it makes sense to upgrade it in a year. The difference between green and gold is very little. If you use the AMEX online store catalogue you can get most of the 3X point bonuses you would get from PR Gold anyways, so what are you really paying extra for? The spending power of the cards is not related to what color they are either.
The more I think about it... An Amex charge card, or any charge card for that matter seems almost dangerous. We all love to think we are financially secure and you shouldn't have a credit card unless you are BUT not having the ability to roll your payment over to the next month in case you run into a financial crisis is almost stupid. Granted, like I said before you shouldn't be charging more than you can afford but still.. Why would anybody want to restrict themselves like that? of course charge cards offer rewards etc.. Maybe its just me being paranoid
You don't charge more than you can afford though because it is a charge card. If there is any doubt about being able to pay in full you wouldn't make the purchase with one. AMEX also requests information regarding your bank account assets. Charge cards are like debit cards that offer you far greater rewards, spending power, build your credit, discounts, benefits, etc. The same can be said about making monthly payments on a revolver, so I don't really buy the "what about unforseen financial hardship" argument as it being any greater for a charge card. Also you can always call AMEX and explain the situation. They can offer flexible payment ooptions in that case.