Yes. Plug is pulled. I can only assume that it was unprofitable.

Is our card going to change?

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webhopper wrote:
Yes. Plug is pulled. I can only assume that it was unprofitable.

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More likely this card was the one cited in age discrimination. It wad pulled within a week of this CFPB decision and I didn't see anything from Amex that would lead me to believe the card was not profitable.

http://consumerist.com/2012/10/01/american-express-to-pay-out-85-million-to-customers-for-variety-of...

Zync never was a full fledge product to begin with. Back when it was introduced it was in piloting stage. AMEX wanted to see how people would like the idea of low AF charge card.

I'm sort of sad to see it go, just because I know that it enabled a lot of younger people with shorter credit history establish great reputation with Amex. I was lucky to get it and less than 6 months later, have the ability to get approved for their Hilton Surpass card. I can only hope that they are working on a replacement.

So the zync card used an applicants age to determine approval status. That stinks. I also noticed that the zync CSRs were not integrated into CSRs for other cards.

I kind of like my Zync, not a bad looking card. And as far as age discriminatoion I'm 48 and I got the NPSL with only a $750 Cap1 reporting, my NFCU hadn't even started yet. In a few months when everyone forgets it existed and those of us that still have them whip them out we can respond "Oh, it is a limited edition" or "Very exclusive.LOL. And I'm not sure if I would like to be one of the peopl ethat have an Amex because it was forced down Amex's throat to give them one.LOL! "Consumers who were promised their debt would be forgiven and who were denied new credit cards because the debt was not really forgiven, will receive $100 and a pre-approved offer for a new card with terms the CFPB and the FDIC find acceptable. If the consumer already paid the waived or forgiven amount in order to get a new card, they will be refunded that amount plus interest."

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Cageym wrote:
I kind of like my Zync, not a bad looking card. And as far as age discriminatoion I'm 48 and I got the NPSL with only a $750 Cap1 reporting, my NFCU hadn't even started yet.

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For a period of time, the bank did not fully implement the system for applicants over the age of 35. This violated the Equal Credit Opportunity Act because it requires credit scoring systems that take age into account to be properly designed and implemented.

it looks like you were getting the benefit of the age discrimination. I agree however that the card looks cool and I'm a little sad I missed out on getting it although I had no justification for it other than the nice look.

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Link2k wrote:

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webhopper wrote:
Yes. Plug is pulled. I can only assume that it was unprofitable.

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More likely this card was the one cited in age discrimination. It wad pulled within a week of this CFPB decision and I didn't see anything from Amex that would lead me to believe the card was not profitable.

http://consumerist.com/2012/10/01/american-express-to-pay-out-85-million-to-customers-for-variety-of...

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The actual text of the finding is as follows:

 

Discrimination on the Basis of Age. Between February and October 2010, AECB
used a partially implemented age-split score card that functioned as an improper second look for
card applicants age 35 years old and under in violation ofECOA and Regulation B ("Staged
Age-Split Scorecard").

 

It doesn't make much sense to cancel a product because of infringements from 2 years ago assuming that the card is still profitable going forward, and presumably with the end-date found by the investigation, the issue had already been remediated. 

 

I think it's as Trumpet suggests, and that the experiment just didn't work out for whatever reason.