@DonDraper wrote:
@pizzadude wrote:
I agree that there are certainly some cases where this card makes sense just as Don posted above. And as others have pointed out, it may lead to an invite to apply for ZYNC, which isnt a guarantee of approval but hey it beats a shot in the dark application......+1. Now, if it was loaded down with fees like other prepaid cards, it wouldn't make any sense at all for me, because the interest rate on my BoA AmEx is only 6.9%. But as it's free... works for me.
And yeah... how many prepaid (not secured, which tie up hundreds of dollars at a time and come with interest charges) cards are not only free, but come with the added benefit of building a history with a prime issuer and the possible opportunity to get a card with them? For those AmEx doesn't hate with the fire of a thousand suns, 6 months of using a free prepaid card isn't a bad way in through the back door.
It's not for everyone, but it's good for some. Like I said, different people have different circumstances. Many people are just starting out on their repair/rebuilding journey, are hitting brick walls at every turn, and even the smallest ray of hope can help make it a little less demoralizing.
I'm one of those they hate with the fire of a thousand suns, oh yeah, and they don't forget it either, though they will be glad to send you "pre-approval" mails and then deny you for spurious reasons and not TELL you they hate you with the fire of a thousand suns, but hard to blame them for paying you back I guess, so to speak.....I kind of had to admire their style for it really.
@LilloEsquilo wrote:
@DonDraper wrote:
@pizzadude wrote:
I agree that there are certainly some cases where this card makes sense just as Don posted above. And as others have pointed out, it may lead to an invite to apply for ZYNC, which isnt a guarantee of approval but hey it beats a shot in the dark application......+1. Now, if it was loaded down with fees like other prepaid cards, it wouldn't make any sense at all for me, because the interest rate on my BoA AmEx is only 6.9%. But as it's free... works for me.
And yeah... how many prepaid (not secured, which tie up hundreds of dollars at a time and come with interest charges) cards are not only free, but come with the added benefit of building a history with a prime issuer and the possible opportunity to get a card with them? For those AmEx doesn't hate with the fire of a thousand suns, 6 months of using a free prepaid card isn't a bad way in through the back door.
It's not for everyone, but it's good for some. Like I said, different people have different circumstances. Many people are just starting out on their repair/rebuilding journey, are hitting brick walls at every turn, and even the smallest ray of hope can help make it a little less demoralizing.
I'm one of those they hate with the fire of a thousand suns, oh yeah, and they don't forget it either, though they will be glad to send you "pre-approval" mails and then deny you for spurious reasons and not TELL you they hate you with the fire of a thousand suns, but hard to blame them for paying you back I guess, so to speak.....I kind of had to admire their style for it really.
They hate me so much that I was half expecting them to turn me down for THIS!!! 
They still might, who knows... But I was able to create an online account and there seems to be a card number assigned, so...
Just watch them cancel it and say "upon further review, we've decided that you still suck. Never darken our doorstep again. We mean it. No, we REALLY mean it. Go away."
@DonDraper wrote:
@LilloEsquilo wrote:
@DonDraper wrote:
@pizzadude wrote:
I agree that there are certainly some cases where this card makes sense just as Don posted above. And as others have pointed out, it may lead to an invite to apply for ZYNC, which isnt a guarantee of approval but hey it beats a shot in the dark application......+1. Now, if it was loaded down with fees like other prepaid cards, it wouldn't make any sense at all for me, because the interest rate on my BoA AmEx is only 6.9%. But as it's free... works for me.
And yeah... how many prepaid (not secured, which tie up hundreds of dollars at a time and come with interest charges) cards are not only free, but come with the added benefit of building a history with a prime issuer and the possible opportunity to get a card with them? For those AmEx doesn't hate with the fire of a thousand suns, 6 months of using a free prepaid card isn't a bad way in through the back door.
It's not for everyone, but it's good for some. Like I said, different people have different circumstances. Many people are just starting out on their repair/rebuilding journey, are hitting brick walls at every turn, and even the smallest ray of hope can help make it a little less demoralizing.
I'm one of those they hate with the fire of a thousand suns, oh yeah, and they don't forget it either, though they will be glad to send you "pre-approval" mails and then deny you for spurious reasons and not TELL you they hate you with the fire of a thousand suns, but hard to blame them for paying you back I guess, so to speak.....I kind of had to admire their style for it really.
They hate me so much that I was half expecting them to turn me down for THIS!!!
Just watch them cancel it and say "upon further review, we've decided that you still suck. Never darken our doorstep again. We mean it. No, we REALLY mean it. Go away."
Actually I don't think their hatred (blacklisting) matters for this product. It's pre-paid. They can't lose unless something REALLY bizarre happens. On the other hand, if they do hate you (like they do us) it's not going to ever result in one of their charge or credit cards. The ONLY way that might happen is to call their collection department, and pay off what you burned fhem for, and then hope for the best. Otherwise, forget it and move on. I found out they had me blacklisted because I was told to apply for a company card at my employer, which they denied because of the fact I burned them in the past many moon ago. They gave me their collections department number to call, but I didn't, I just figured to hell with it. I thought of doing it, then reading about their FRs and other quirky stuff made me realize I don't really care to get back into their good graces even if such a thing is possible (which I really doubt anyway).
But as far as I know that's the only chance someone they hate has of ever getting one of their cards.
@DonDraper wrote:
@pizzadude wrote:
Very true. With few exceptions, if you burn them they will remember and blacklist you until they are paid. However they do seem to generally be ok with letting people back In afterwards.....Except when you BK7 them, and they don't get paid.
I did read that AMEX tend to blacklist people but for how long no one knows. I think they like when you pay them back their money. Some people go on their 'Optima' program where they give you a card and you pay them what you owe them. This brings you in their good graces.
@DonDraper wrote:
@pizzadude wrote:
I agree that there are certainly some cases where this card makes sense just as Don posted above. And as others have pointed out, it may lead to an invite to apply for ZYNC, which isnt a guarantee of approval but hey it beats a shot in the dark application......+1. Now, if it was loaded down with fees like other prepaid cards, it wouldn't make any sense at all for me, because the interest rate on my BoA AmEx is only 6.9%. But as it's free... works for me.
And yeah... how many prepaid (not secured, which tie up hundreds of dollars at a time and come with interest charges) cards are not only free, but come with the added benefit of building a history with a prime issuer and the possible opportunity to get a card with them? For those AmEx doesn't hate with the fire of a thousand suns, 6 months of using a free prepaid card isn't a bad way in through the back door.
It's not for everyone, but it's good for some. Like I said, different people have different circumstances. Many people are just starting out on their repair/rebuilding journey, are hitting brick walls at every turn, and even the smallest ray of hope can help make it a little less demoralizing.
Pre-paid cards also tie up hundreds of dollars at a time, or certainly that amount over the course of a month for anyone of any expenses actually using the card. Again, it does not report to the CRA's.
I'm uncertain why people have so much faith in lenders: simple point - they're not out there for the public good, they exist to make money. Period.
The debit card from Amex will generate more money for them, it's a smart move on their part; however, the "possible" statement of "getitng in through the backdoor" is suspect at best from any lending institution. I agree, with your individual history if you're dead set on getting back into Amex's good graces, it's worth a shot: but most people aren't in your situation (excellent scores having burned Amex specifically in the past).
Any rate, I do hope this strategy works out for you and others, especially as if some of the people in similar situations to mine who are selecting this debit card route, actually get offered a charge card after some period of time, still with scores considered to be "untraditional" with Amex... Amex with their backdating is clearly in my future at some point over the next three years, and hey, if it can be backdated to, I'd get a pre-paid card tomorrrow. Has anyone actually asked that question of Amex?
