Info for anyone considering the Amex "Oasis" program

[Anonymous]

Amex sent out notifications this month stating that they made a mistake in allowing people to product change "Oasis" Optima cards at or after the one year mark.   They've since done what they called a "mass-conversion" on those accounts, changing them back to the Optima product.  

And they've made it very clear that the Optima account must be closed before any other card can be issued.

While I'm a little disappointed that they've yanked my Blue's membership rewards, it really doesn't affect me much since I don't carry a balance.   I can wait a year or so until my last negative falls off and then I'll decide if I want to close my current account and go with whatever they're offering then.

So just an FYI for those hoping to go the Oasis route:  Pay off the old debt and you'll get your Optima, but you won't be able to convert/change it without closing the account completely.

[Red1Blue]

mjgray, are you saying they took away your blue and sent you new oasis optima card to you or just converted the card online and you can still use your blue card with out rewards? I have closed my Oasis converted Blue card few weeks ago. Do you think I should ask them to send my Oasis card back with $5k CL? Are they just doing the product change back to Oasis or are they reducing the CL's on the Oasis cards?

[Anonymous]

They removed the membership rewards program from my account and assigned a new interest rate -- a couple of points higher than the APR for Blue, but lower than my original "Oasis" interest rate.   My credit limit stayed the same.   

No new card was sent.  I'm still using the Blue one.

It was definitely a product-change back to Optima within their system.  When I log in, it shows the Optima heading and card icon.    When I spoke to them, they said that after the mistakes were discovered, they did a "mass-conversion".

If I remember correctly, they reduced your credit line on the Clear after it was converted from the Optima.  I don't suspect they would reopen an "active recovery" card.   If by some miracle they did agree, I'd be willing to bet it'd be at the lower limit.    Normally I'd say "couldn't hurt to try", but with Amex it can.

Good luck, if you decide to.

[Red1Blue]

Quite honestly, I dont care any more about the Optima Card. I dont like how  Amex treated some of their customers. I got Platinum Business Charge Card couple of weeks ago and I use to for small expenses and to pay for CreditSecure. I am waiting for  Business Plum Card decision. That is all. I have no desire now to carry Amex personal card or to get one. May be in another year or two I might look into getting a personal Amex card. For now I am happy with my life and moving on. I have no regrets for what I have done or what might happen in the future. It is a good lesson learned.

Message Edited by concorduser on 07-24-2009 01:53 PM