amex zync $200 limit - spending questions

[Lambo23]

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@Crashem wrote:
Amex will love you. Out of curiosity, you have hard limit of 200 or is that what the online tool says? Haven't heard of hard limit that low. I went from Npsl of 3.5k to at least 70k in 2-3 months doing what you are proposing.

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I applied online and they did not approve me for the NPSL card but gave me the option to pick from the $500 limit auto pay or the $200 limit with freedom to pay when you want before the due date. I heard of the problems going on with the auto pay option and decided to go with the $200 limit just for the freedom and in hopes amex will see my usage and payment history and upgrade me. 

[RyVision]

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@Lambo23 wrote:

Anyone want to explain the differences between MR points and MRE points? (zync versus other charge cards)

Basically it is a close family member who cannot and will not get their own card or bank account because of this persons past history.... if that explains the situation without details. They use pre paid cards as it is or just pay cash so why not let this person use my amex to maximize my rewards and give amex more money? I don't see anything wrong with that. 

Maybe I will be the first to get my PSL zync to a NPSL zync.  

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You might be happy to know a lot of PSL Zync accounts have gone to NPSL Zync accounts over time. Sometimes within a few months, sometimes a lot longer, the average used to be after 6 months though I think they have slowed on upgrading the accounts a bit.  So you don't have to worry about being the first, it's more a question of how long your wait might be. 

[webhopper]

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@Lambo23 wrote:

Anyone want to explain the differences between MR points and MRE points? (zync versus other charge cards)

Basically it is a close family member who cannot and will not get their own card or bank account because of this persons past history.... if that explains the situation without details. They use pre paid cards as it is or just pay cash so why not let this person use my amex to maximize my rewards and give amex more money? I don't see anything wrong with that. 

Maybe I will be the first to get my PSL zync to a NPSL zync.  

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I would not add an au unless you are prepared to pay for everything they charge... there's probably a good reason why this person doesn't have the ability to get a checking account; probably involves a multitude of poor decisions. I would pose this portion or your question in the Relationships and Money forum.

[Lambo23]

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@RyVision wrote:

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@Lambo23 wrote:

Anyone want to explain the differences between MR points and MRE points? (zync versus other charge cards)

Basically it is a close family member who cannot and will not get their own card or bank account because of this persons past history.... if that explains the situation without details. They use pre paid cards as it is or just pay cash so why not let this person use my amex to maximize my rewards and give amex more money? I don't see anything wrong with that. 

Maybe I will be the first to get my PSL zync to a NPSL zync.  

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You might be happy to know a lot of PSL Zync accounts have gone to NPSL Zync accounts over time. Sometimes within a few months, sometimes a lot longer, the average used to be after 6 months though I think they have slowed on upgrading the accounts a bit.  So you don't have to worry about being the first, it's more a question of how long your wait might be. 

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Really??? that is GREAT to hear!! I have never heard of this. Everything I have read says that this was only a myth and maybe a few accounts have been upgraded(ive yet to read about any) but other than that I would need to wait 13 months and do a PC or apply for a different card. Hm..

[GST2008]

I have always made multiple payments to my account and never suffered any adverse consequences.  I have the Business Gold, but often pay weekly on it as a personal preference ... there is just something about seeing a huge balance due at the end of the month that I don't like.  When the account was first opened, I had to push the payments through the bank.  I think after the first month, I was able to make multiple payments right through AMEX's website.  Once your account is about a month old, you should be able to do them all on the site instead of using billpay through the bank.  You generally have to wait about 24hrs or so between payments before you can post another payment (as the first payment has to clear before another can be posted).

As long as making all those payments and pre-planning all the purchases to be under the $200.00 limit doesn't stress you out, then I'd say go for it.  My own concern would be regarding how much planning it would take to make sure you could make your purchases and your AU could make his/her purchases without them going over $200.00, then paying, and repeating the process on a basis of multiple times each week.  That could be very time consuming and stressful.

[pizzadude]

Here's my experience with the $200 Hard Limit card ~ I have had it open since November 2011, and it still has the same $200 limit.   

I typically run around $1500/month thru my Zync, and I've never had any issues with AMEX regarding it.    I pay at least once a week, sometimes more often depending on what I am purchasing.     The AMEX computer bill pay is great, it restores my available credit immediately as soon as I submit the payment online.

I really don't think they'll care how much you spend as long as you pay....and the $200 limit makes sure that you have to do it early and often... 

[espnjunkie]

I agree with other posters. Don't rock the boat with amex early on or you are heading for trouble. Also the Zync's rewards are not that great to justify such heavy spending on it and pushing so many paymentys per month. The real value of full MR points (not express) is that they can be converted to frequent flier programs often at a nice conversion bonus (50% bonus on British Airways right now).

[TeeandDee]

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@Lambo23 wrote:

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@Crashem wrote:
Amex will love you. Out of curiosity, you have hard limit of 200 or is that what the online tool says? Haven't heard of hard limit that low. I went from Npsl of 3.5k to at least 70k in 2-3 months doing what you are proposing.

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I applied online and they did not approve me for the NPSL card but gave me the option to pick from the $500 limit auto pay or the $200 limit with freedom to pay when you want before the due date. I heard of the problems going on with the auto pay option and decided to go with the $200 limit just for the freedom and in hopes amex will see my usage and payment history and upgrade me. 

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I haven't had a problem with auto pay.  In fact, AMEX has not had an opportunity to do it because I've always paid before them and it cancels out the auto pay.  So far I love the AMEX Zync and it's been smooth sailing.  I plan to ride it out a year and then try for a revolver cause I do not think they lift the PSL on this version. Atleast I haven't read on here or anywhere else about anyone having their's lifted.  

[delayedinsanity]

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@webhopper wrote:I would not add an au unless you are prepared to pay for everything they charge... there's probably a good reason why this person doesn't have the ability to get a checking account; probably involves a multitude of poor decisions. I would pose this portion or your question in the Relationships and Money forum.

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+42

It seems twice as risky when you are yourself trying to rebuild or generate new credit. Don't let tunnel vision focus on the rewards and override common sense. Rewards are a minor perk of using credit cards, they are not a method to generate income. Think it through. Save your money. Invest.

[espnjunkie]

+1

Agreed. Rewards are a minor perk of properly using credit, nothing more. They don't generate any meaningful income usually, and are a method for keeping your money safe by not having to carry cash or have the worries a debit card brings. I wouldn't try to push too much through the card, and to be honest I have never once seen a post where the preset limit has been lifted. Once you get some history you can apply for a green card that only has npsl.