Credit Cards

[jsucool76]

Bah. Now I will never have a zync. :-(

Maybe they'll replace it with a new, better card. :-)

#WishfulThinking

[dude11]

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Essence wrote:

Has anyone asked a CSR?

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Ok so who's going to make the call and find out what's the deal? Before you know it this post will turn to a 20+ page long post by tomorrow lol. Or could just be an issue with their system and could be back on the site by tomorrow. LMAO. 

[TeeandDee]

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dude11 wrote:

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Essence wrote:

Has anyone asked a CSR?

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Ok so who's going to make the call and find out what's the deal? Before you know it this post will turn to a 20+ page long post by tomorrow lol. Or could just be an issue with their system and could be back on the site by tomorrow. LMAO. 

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+1..so true! LOL!

[mrcrush20]

Just got off the phone with rep... Said no longer taking apps for the card as of today... Had no info on if current account holders were going to pc. Also said that current accounts holders can not add or change packs. 

[CreditScholar]

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gettnthere wrote:

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Drew1980 wrote:

I saw this as well. It hasn't been a huge success... I wouldn't be surprised if they remove it from their lineup altogether in the future.

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I Think that statement is very inaccurate. The Amex Zync has actually been quite successful, there have been hundreds (if not thousands over the last 2 years) of posts of people going after the Zync, with most getting approved or eventually getting approved. Here on Myfico, we are just a small minority, there are millions of other people out there who could have this card, so to say it has been unsuccessful is actually pretty inaccurate.

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Popular doesn't necessarily mean profitable. The Zync was intended to act as a bridge for people to access Amex's other products after proving themselves. The key here would be to look at how many Zync holders actually transitioned successfully into other products, and whether or not that specific cohort of people were profitable after that transition.

If many don't transition from the Zync to something else, it would be seen by many in Amex to have "lost the plot". Zync cardholders that don't transition (especially those with $200-500 hard limits) frankly aren't worth Amex's time. Amex should tell those people to go away and come back when they're better established.

[CreditScholar]

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mrcrush20 wrote:

Just got off the phone with rep... Said no longer taking apps for the card as of today... Had no info on if current account holders were going to pc. Also said that current accounts holders can not add or change packs. 

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Good. This is what they should have done awhile ago.

[mrcrush20]

I just want to take a moment to point out to every zync card holder, you are now an account holder of the most exclusive amex card known to man. Even more exclusive then the amex black card, that is still issued. 

The brighter side of things!!

I do think that it was meant to be a bridge into more profitable card for amex and account holders were not making the change. I am happy I got the card when I did, ill ask to keep the card when I do upgrade.  

[Koop10010]

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mrcrush20 wrote:

Just got off the phone with rep... Said no longer taking apps for the card as of today... Had no info on if current account holders were going to pc. Also said that current accounts holders can not add or change packs. 

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I've been waiting for someone to post something from an Amex rep to get a sense of the truth before posting.  I understand why Amex introduced the Zync (to appeal to credit newcomers, hoping they'll become loyal Amex life members, eventually upgrading to another charge card), but I'm not sad to see the card go and I don't think it was really working.  I also think it was really undercutting Amex's image with it's lax underwriting critieria, especially for the counter-offers; an Amex with a $200 limit, really? 

[CreditScholar]

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Koop10010 wrote:

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mrcrush20 wrote:

Just got off the phone with rep... Said no longer taking apps for the card as of today... Had no info on if current account holders were going to pc. Also said that current accounts holders can not add or change packs. 

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I've been waiting for someone to post something from an Amex rep to get a sense of the truth before posting.  I understand why Amex introduced the Zync (to appeal to credit newcomers, hoping they'll become loyal Amex life members, eventually upgrading to another charge card), but I'm not sad to see the card go and I don't think it was really working.  I also think it was really undercutting Amex's image with it's lax underwriting critieria, especially for the counter-offers; an Amex with a $200 limit, really? 

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+1. My thoughts exactly. It was counter-productive to the image they've spent decades establishing. I've seen so many people on these forums who get so excited about getting approved for a Zync with a $200/500 hard limit. "OMG I'm in with Amex!!!". I can't help but laugh at comments like that. As Koop said... really?

[jd5189]

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Koop10010 wrote:

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mrcrush20 wrote:

Just got off the phone with rep... Said no longer taking apps for the card as of today... Had no info on if current account holders were going to pc. Also said that current accounts holders can not add or change packs. 

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I've been waiting for someone to post something from an Amex rep to get a sense of the truth before posting.  I understand why Amex introduced the Zync (to appeal to credit newcomers, hoping they'll become loyal Amex life members, eventually upgrading to another charge card), but I'm not sad to see the card go and I don't think it was really working.  I also think it was really undercutting Amex's image with it's lax underwriting critieria, especially for the counter-offers; an Amex with a $200 limit, really? 

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If they had expected people to "upgrade" at some point, then how come they never actually allowed cardmembers to "upgrade" from the Zync. Rather, they made you apply for a totally new account/product.

Personally, I app'd for the Zync two years ago because the low AF and packs appealed to my lifestyle at the time. I did not know about underwriting and all that jazz at that point. Their advertising paid off as it appealed to me better than the others.

I think they should have re-vamped the benefits of the platinum card rather than cut the Zync card. Either that, or they have bigger plans for all the remaining charge products minus the Zync. The high AF versus other cards currently available are often hard to justify for people looking to open new CC's. The Amex shopping mall has been down for quite some time as well. Maybe we are about to see some big changes!