@daisydvm wrote:
Out of curiosity.. why? What's to love? Other than no transaction fees like most prepaid cards have, the card doesn't actually do anything special. I'd much rather pay with a credit card and not risk *my* money getting placed on hold due to fraud/double charges/excessive authorizations/etc.
I guess I just don't get the appeal of using a prepaid card.. I used to have some, but as soon as I got a checking account I started using my debit card instead. And as soon as I got my CC, I stopped using my debit card entirely.I try to use cash and only use my credit card as minimally as possible- mostly to report a balance at the end of the month. With this card, I can actually stick to my budget a little bit better- use it primarily for groceries. I haven't really had any issues with it, other than the excessive authorizations which wouldn't be an issue if I don't ever use it for gas again. Like I mentioned earlier, I will just transfer a bunch of money at the beginning of the month which will take away the issue of waiting for the funds to move. They also have an auto-reload function which I haven't tried but will possibly help minimize that inconvenience.
Ultimately it would help me manage my cash flow a little better and it would be icing on the cake if it gets AMEX to consider my unworthy credit profile
Never thought of it like that way. Are you using it to avoid NSF's on a debit card???
@daisydvm wrote:Never thought of it like that way. Are you using it to avoid NSF's on a debit card???
Not really. Just to help me stick with my budget for food and groceries- the next biggest spending category i have after I pay my rent and student loans.
Oh ok, not sure how im going to use mine. Probably snacks during the day.
@Anonymous wrote:
It's a problem with Amex. When I got the card (months ago) I loaded money to it from my Amex savings account - and it took days and days and days to clear. I know their CCs are separate from their FSB entity, but come on. Waiting almost a week to put money to the card from their OWN account is absurd.
And that's when I decided I wasn't going to bother using the card for anything. I hate waiting on transfers, ACH/EFT should take 24h max, imo.
It's a problem with most banks these days: the way our financial system is setup holding onto your cash even for an extra day can be a non-trivial amount of profit for a bank when taken in aggregate across their accounts.
I completely agree it's ridiculous, but admittedly it's still better than stuffing checks in the mail from 20 years ago.
FWIW I face the same issues on the Orchard card, I max that thing in well under two weeks, and then it's three days for the ACH to get pulled from my BOA checking account, and then more time (almost close to a week so far between both delays) for the payment to actually clear on HSBC's side. Hah, even I was being optimistic: transaction date of 1/13, and I still have a 279 dollar hold on my account as of right now on 1/21. I think this one even has Amex beat.
The whole process is something of an exercise in fustruation, but eventually it leads out of the current sub-prime hell I find myself in, so I don't have much choice but to bite the proverbial pillow while paying my various tradelines and letting time do the rest.
I think it's an anti-fraud measure. Unauthorized ACH transfers are usually discovered in a few days by the account owner. By waiting a week or so they significantly reduce fraud risk.
I have an online savings account and the standard rule there is 5 business days for ACH pulls. Withdrawals from savings initally took 3 days but over time both additions and withdrawals have speeded up and now runs about 2 days. Since it's a savings account and not a demand account there are other limits required by banks such as no more than 6 (I think) withdrawals in a month.
I have an Amex plat but it's linked on autopay to my WF account. I have no idea if the card division even knows I have a savings account there.
@cashnocredit wrote:I think it's an anti-fraud measure. Unauthorized ACH transfers are usually discovered in a few days by the account owner. By waiting a week or so they significantly reduce fraud risk.
I have an online savings account and the standard rule there is 5 business days for ACH pulls. Withdrawals from savings initally took 3 days but over time both additions and withdrawals have speeded up and now runs about 2 days. Since it's a savings account and not a demand account there are other limits required by banks such as no more than 6 (I think) withdrawals in a month.
I have an Amex plat but it's linked on autopay to my WF account. I have no idea if the card division even knows I have a savings account there.
Which is why we go through all the security validation to begin with with the double tiny deposits and subsequent withdrawl?
I don't know if your statement completely accurate honestly: point of fact from my own experience, with BOA I can pay extra fees to have my ACH transfers out of my checking account expedited. That's not a security measure, that's simply a lending institution doing it because they can.
@Revelate wrote:
@cashnocredit wrote:I think it's an anti-fraud measure. Unauthorized ACH transfers are usually discovered in a few days by the account owner. By waiting a week or so they significantly reduce fraud risk.
I have an online savings account and the standard rule there is 5 business days for ACH pulls. Withdrawals from savings initally took 3 days but over time both additions and withdrawals have speeded up and now runs about 2 days. Since it's a savings account and not a demand account there are other limits required by banks such as no more than 6 (I think) withdrawals in a month.
I have an Amex plat but it's linked on autopay to my WF account. I have no idea if the card division even knows I have a savings account there.
Which is why we go through all the security validation to begin with with the double tiny deposits and subsequent withdrawl?
I don't know if your statement completely accurate honestly: point of fact from my own experience, with BOA I can pay extra fees to have my ACH transfers out of my checking account expedited. That's not a security measure, that's simply a lending institution doing it because they can.
That's sickening. 
I got my card in the mail today and activated it but I am still waiting on my deposit to load onto the card...argh!!!
It's gonna be a pain using this thing just in the hopes of a zync invitation as I can transfer money into my USAA checking account and it is there instantly...
The things we do for some AMEX love...
@mmduluth wrote:
@Revelate wrote:<snip>I don't know if your statement completely accurate honestly: point of fact from my own experience, with BOA I can pay extra fees to have my ACH transfers out of my checking account expedited. That's not a security measure, that's simply a lending institution doing it because they can.
That's sickening.
Yeah, but unfortunately that's BOA, and possibly more unfortunately that's where I've run my life through over the past 18 years.
They have a well-deserved reputation in the financial industry: if there's any bank that's just going to be #@()$*# over anything, just because they can, it's BOA.
Now that my financial life is more complicated, namely that I'm trying to do better than simply living out of my checking account with my over-used debit card, it's sorely testing my relationship with them... but their CS department has been extremely good even when their policies are clearly out of whack: backed out two different silly fees within the last two months, and changed my checking account type, with no hassle at all.