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Revelate
Posts: 9,738
Registered: ‎12-30-2011
Re: Did American Express officially pull the plug on the Zync card??
[ Edited ]

Link2k wrote:

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

 

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...

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. 

 

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
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