Just apped for zync amex

[Revelate]

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@OptimasPrime wrote:

It's a dead end because there have been numerous accounts of people who have had the $500 hard limit zync for over a year and amex has refused to remove the hard limit. Thus, in order to get an npsl amex charge one would have to reapply for another card. Also to my knowledge the current amex policy states that zync cannot be pc'd to any other charge card, so one would have to reapply to upgrade. These two factors serve to make the $500 hard limit zync something of a dead end.

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While all correct, since Amex backdates and PC's in other organizations cost you a HP anyway, it's really no trouble to just open the card you do want later and close the Zync if so... though given the way the Zync can function as a reward accelerator for the higher-level charge card products, it's probably worth keeping anyway.

They may well change either policy as well, the Zync is still a new card in the Amex universe, there's probably going to be some tweaks over time to it I would imagine.

[Revelate]

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@Anonymous wrote:

Why is the Zync card a dead-end? Wouldn't it be easy to PC to another charge card since Zync is a charge itself. Also, they should really lower the annual fees on their charge cards -- it's ridiculous. 

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The AF is there to offset the rewards.  Like any AF, if the rewards outweigh the cost, then it's worth paying.  On the PRG and Plat where the AF's are kinda high compared to the universal average, Amex does expect a rather higher spend from their typical customer than most other lenders traditionally.

AF's vs. Rewards may change soon anyway as the merchants have a legitimate gripe with the proliferation of rewards-based charge cards: either the extra will be tacked on to the customer, or on the banks... which in turn will find a way to pass those back to the customers anyway since everything is done on the margin in prime card territory.

[CreditScholar]

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@OptimasPrime wrote:

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@Anonymous wrote:

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@CreditScholar wrote:

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@Revelate wrote:

That almost certainly means you won't get a revolver; you were barely approved for the Zync as that's their counteroffer.

Regardless, you're better off applying for the revolver next year anyway and taking advantage of the backdating... big congrats on your approval!  It is a big benefit to get that membership date established.

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+1. A revolver is out of the question.

Another thing to note is that hard limit won't go away, so the Zync card in itself is a dead-end. You can use it for backdating, but the only way you're ever going to grow with Amex is via a different card.

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Why is the Zync card a dead-end? Wouldn't it be easy to PC to another charge card since Zync is a charge itself. Also, they should really lower the annual fees on their charge cards -- it's ridiculous. 

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It's a dead end because there have been numerous accounts of people who have had the $500 hard limit zync for over a year and amex has refused to remove the hard limit. Thus, in order to get an npsl amex charge one would have to reapply for another card. Also to my knowledge the current amex policy states that zync cannot be pc'd to any other charge card, so one would have to reapply to upgrade. These two factors serve to make the $500 hard limit zync something of a dead end.

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+1. Also if the AF bugs you, then the card isn't for you.

[CreditScholar]

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@Revelate wrote:

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@Anonymous wrote:

Why is the Zync card a dead-end? Wouldn't it be easy to PC to another charge card since Zync is a charge itself. Also, they should really lower the annual fees on their charge cards -- it's ridiculous. 

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The AF is there to offset the rewards.  Like any AF, if the rewards outweigh the cost, then it's worth paying.  On the PRG and Plat where the AF's are kinda high compared to the universal average, Amex does expect a rather higher spend from their typical customer than most other lenders traditionally.

AF's vs. Rewards may change soon anyway as the merchants have a legitimate gripe with the proliferation of rewards-based charge cards: either the extra will be tacked on to the customer, or on the banks... which in turn will find a way to pass those back to the customers anyway since everything is done on the margin in prime card territory.

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+1.

I hope they don't change the rewards structure though. There's something oddly satisfying knowing that I'm getting higher rewards on my transactions because it's partially subsizied by others who are swiping non-rewards cards.

The recent proliferation of rewards cards is due to the fact that many banks are now gunning for prime and superprime clients in a way that they haven't had to before. Given the credit card reforms that have taken place (and those that will likely come in the future), lenders can't rely on charging large amounts of interest to pad their bottom lines. They understand that wealth is polarizing in the world at a rate not seen in recent times, and there is a race to capture the limited number of highly desired customers (good credit, high incomes, significant assets).

They can't publically say "We know that a lot more of you will be poor in the next few decades and poor people aren't really worth our time, so we want only the upper middle-class and above". Instead they do this by changing the products that they offer. Affluent people won't mind annual fees since they will likely charge enough each month to benefit from the rewards on offer. Non-affluent people (or even average people) don't spend enough each month and therefore will be turned off by annual fees. This is one way they're hedging their bets, and this is exactly what they want.