Question About Zync Auto-Pay

[mAndrew1980]

I know a lot of people here have the Amex Zync auto-pay card with a 500CL. I'm assuming they automatically debit your checking account each month when the bill is due. Can Amex see exactly how much money you have in there? Do you need to have a set amount? Just curious as I'm hoping to get this card in the relatively near future.

[sandsanta]

Well you need to have the amount to cover the draft or your bank may decline it.  Amex won't have visibility into the account unless you sign up with their money manager product but I'm pretty sure you don't want to be in a position where the draft gets declined.

[Anonymous]

Agreed. It's just like setting up something like Netflix or any other auto pay. You're just giving them permission to withdraw the funds automatically. I was approved for this version of the ZYNC card and they send a disclosure statement regarding the auto pay. This was in it.

[mAndrew1980]

Okay so it's not a secured card and they do not have access to view how much you have in there. They just automatically debit your account when your bill is due. So we just need to provide Amex with our checking account and routing number.

[sandsanta]

No its not 'secured' in the traditional sense that you provide collateral up front.  However they do watch that account like a hawk.

[mAndrew1980]

Haha I'm sure they do watch it like a hawk! When I get my Amex, I'll probably buy like 1 banana a month on it for .59 and pay it in full immediately LOL.

[dude11]

If you get offered the $500 limit with AutoPay you enter your bank account number and routing number. Then when the statement closes if there is a balance on there, then whatever the balance is at the time the statement closes is what will automatically get withdrawn from your bank account.

If you make purchases after the statement closes and you have a previous balance, Amex will still automatically withdraw whatever the balance was when it closed and not what the new balance is.

If you make the payment manually before the autopay kicks in, then the auto pay basically cancels itself for that month and don't have to worry about being charged automatically.

Hope this helps

[Anonymous]

Im sure they do watch these accounts like a hawk. I'd say that with responsible use, and regular payments so that the autopay is not necessary, that within 6 or so months they'll take off the PSL and autopay requirement.

[mAndrew1980]

I am tempted to app right now. I can spare an inq on EX. Plus EX is my cleanest report. My true FICO should be between 680-700. I'm unlikely to get approved out-right but I think the auto-pay offer is realistic. I was an AU on Amex several years back so there is some history.

One negative is my longest current active trade line is only 9 months (Capital One). I just activated a second Cap1 card but it hasn't hit my CR's yet. Truth be told, I dont NEED an Amex Zync now -- so I know I shouldn't apply if I don't need it. And by Spring I should have a solid enough CR to qualify for the regular Zync (among other prime cards) BUT I WANT THE WHITE AMEX CARD SO BAD!!!!

Haha It's so tough gardening!

[sandsanta]

Don't do it and wait until spring.  By then you'll have established over a year of credit and you'll almost be guaranteed with a chance for NPSL. Plus by then it will be that much more satisfying