topic Re: Amex Zync in Credit Cards

Amex Zync

breakdown1987 — Wed, 19 Aug 2015 19:44:28 GMT

Hello,

So, I still have my Zync from Amex (discontinued) and just got hit with the $25 annual fee. Considering I spend less then $500 a year on this card I'm looking to get rid of it. I've held onto it just mainly to my history up. Is it worth getting a 2nd AMEX card (Already have the BCE) or should I just close it and stick to what I have:

Currently sitting at a 715 score / 26 Years old and currently have:

Credit Union CC 6K Limit

AMEX BCE 5k Limit

Amazon Store Card 4k Limit

Amex Zync - Charge

Thinking maybe closing the Zync and opening an account with Discover?

Re: Amex Zync

Anonymous — Wed, 19 Aug 2015 19:54:01 GMT

I think that that is perfectly reasonable.

Re: Amex Zync

Littlewing745 — Wed, 19 Aug 2015 20:01:25 GMT

@breakdown1987 wrote:
Hello,

So, I still have my Zync from Amex (discontinued) and just got hit with the $25 annual fee. Considering I spend less then $500 a year on this card I'm looking to get rid of it. I've held onto it just mainly to my history up. Is it worth getting a 2nd AMEX card (Already have the BCE) or should I just close it and stick to what I have:

Currently sitting at a 715 score / 26 Years old and currently have:

Credit Union CC 6K Limit
AMEX BCE 5k Limit
Amazon Store Card 4k Limit
Amex Zync - Charge

Thinking maybe closing the Zync and opening an account with Discover?

If you don't need it, I'd move on. Discover It is a great card. That said...be sure you're closing it to get a card that better meets your needs, and not just over $25. Not saying money shouldn't matter, but...keep in mind this card is discontinued. If you end up wanting another Amex charge card down the road, your AF is going to nearly quadruple for the opportunity to have one.

Re: Amex Zync

breakdown1987 — Wed, 19 Aug 2015 20:56:08 GMT

I have about 30,000 points I've never used. Could I somehow transfer that to BCE in rewards? or just spent it and close it.

Re: Amex Zync

jsucool76 — Wed, 19 Aug 2015 21:23:23 GMT

can't transfer em. I'd say maybe open a charge card (or everyday card) and all of those points will turn into full fledged membership rewards points which you can then transfer out.

Re: Amex Zync

jamesdwi — Wed, 19 Aug 2015 21:42:55 GMT

I would keep it open as its most likely a 4+ year old card, in a couple more years its will be approaching 7 years of age, and since AMEX no longer back dates, seems like $25 a year is a small price to pay to keep the card open. That is why I keep mine open.

Re: Amex Zync

Anonymous — Wed, 19 Aug 2015 23:49:06 GMT

@jamesdwi wrote:
I would keep it open as its most likely a 4+ year old card, in a couple more years its will be approaching 7 years of age, and since AMEX no longer back dates, seems like $25 a year is a small price to pay to keep the card open. That is why I keep mine open.

The card will continue to report for 10 years after it's closed.

Re: Amex Zync

jamesdwi — Thu, 20 Aug 2015 00:18:43 GMT

@Anonymous wrote:
@jamesdwi wrote:
I would keep it open as its most likely a 4+ year old card, in a couple more years its will be approaching 7 years of age, and since AMEX no longer back dates, seems like $25 a year is a small price to pay to keep the card open. That is why I keep mine open.

The card will continue to report for 10 years after it's closed.

true, but that 10 year period starts when you close it, and on manual review it will count less than an open NPSL limit card that is years old.

Re: Amex Zync

ddemari — Thu, 20 Aug 2015 00:25:38 GMT

I'd keep it open, $25.00 dollars isnt much. but if you have no need for it, then I understand.

Re: Amex Zync

CreditCuriosity — Thu, 20 Aug 2015 00:44:39 GMT

I love the look of the card . Worth the backdating and looks for me, it is only $25 dollars, can't think of much a lower AF card out there other than obviously a no AF card.

Re: Amex Zync

taxi818 — Thu, 20 Aug 2015 00:50:01 GMT

@Anonymous wrote:
@jamesdwi wrote:
I would keep it open as its most likely a 4+ year old card, in a couple more years its will be approaching 7 years of age, and since AMEX no longer back dates, seems like $25 a year is a small price to pay to keep the card open. That is why I keep mine open.

The card will continue to report for 10 years after it's closed.

I really don't know why people say this. maybe because theyve heard it. But it will not continue to report for 10 years. Staying on your report and continuing to report are 2 completely different Things. It will factor in with your AAoA for 10 years. But is absolutly not the same as continuing to report. what ever age you have on the card right now. Be it 4-6 years. That is the exact age the card will be even then. So by the time it is off your report your other accounts will also be older. But something is to be said paying 25 buts for an ancient card. so in 10 years you paid say what?$250. But would have a 14-16 old card. That in invaluble seeing that amex has stopped backdating. i think i would pay twice that amount to have a card that old. Think of the money you save with the extreme low apr"s you would get. Just another spin on it.

Re: Amex Zync

SunriseEarth — Thu, 20 Aug 2015 01:15:27 GMT

@breakdown1987 wrote:
Hello,

So, I still have my Zync from Amex (discontinued) and just got hit with the $25 annual fee. Considering I spend less then $500 a year on this card I'm looking to get rid of it. I've held onto it just mainly to my history up. Is it worth getting a 2nd AMEX card (Already have the BCE) or should I just close it and stick to what I have:

Currently sitting at a 715 score / 26 Years old and currently have:

Credit Union CC 6K Limit
AMEX BCE 5k Limit
Amazon Store Card 4k Limit
Amex Zync - Charge

Thinking maybe closing the Zync and opening an account with Discover?

What about AMEX Offers? Do you participate in those? You think there'd be enough available to offset the $25 AF.

I think if you want to maintain the history, leaving it open is your best option. If you PCed to another AMEX charge card, your AF would increase. You could close and it would remain on your CRs for ~10 years (and continue to factor in to your AAoA for that whole time).

If you want a Discover, get a Discover, regardless of what you do with Zync. I definitely recommend Discover.

Re: Amex Zync

Revelate — Thu, 20 Aug 2015 01:31:40 GMT

@jsucool76 wrote:
can't transfer em. I'd say maybe open a charge card (or everyday card) and all of those points will turn into full fledged membership rewards points which you can then transfer out.

Appears when I looked at my Zync a couple of months ago the MRe were gone and was full MR now. I'd certainly try to keep them with an everyday card personally if I wanted to close my Zync... but I'm basically leaving mine open till they take it away from me.

Also as SE suggests, offers (and I don't have to use many) pay for my AF easily. $50 savings on a $300 Godaddy wildcard cert registration, and that's just one offer.

$25 / year for one of my oldest tradelines is trivial and while I don't value card looks much, it is just so sweet in that regard.

Re: Amex Zync

Sharingan — Thu, 20 Aug 2015 01:36:16 GMT

I still have my AmEx Zync; and for $25 a year, it's absolutely worth keeping. My Zync gets significantly better offers than my AmEx Platinum and AmEx EDP cards, which have much higher AFs. I haven't found a single useful AmEx offer on my Platinum card, however, I've used many so far this year on my Zync card.

I don't plan on keeping my Platinum card for much longer (for other reasons) and having another charge card available with such a high exposure limit and a small fee is invaluable.

Admittedly, I do also keep my Zync for trivial reasons as well.

Re: Amex Zync

TitaniumCash — Thu, 20 Aug 2015 02:36:15 GMT

I would totally keep it. $25 per year is not bad at all considering all the other Amex charge cards cost $95 or more. Use the Amex offers, there are some good deals on there. Ultimately, it's your decision, but just think carefully because once you close it--can't reopen since it's discontinued.

Re: Amex Zync

breakdown1987 — Thu, 20 Aug 2015 04:47:10 GMT

Thanks for the input everyone. I've decided to keep it open just to let it age and get a Discover later this month.

Re: Amex Zync

SunriseEarth — Thu, 20 Aug 2015 08:32:55 GMT

@breakdown1987 wrote:
Thanks for the input everyone. I've decided to keep it open just to let it age and get a Discover later this month.

Sounds like a good choice. Definitely keep an eye on the AMEX Offers to help make your card worth it, for you.

Re: Amex Zync

WLRK11 — Thu, 20 Aug 2015 09:19:01 GMT

@Sharingan wrote:
I still have my AmEx Zync; and for $25 a year, it's absolutely worth keeping. My Zync gets significantly better offers than my AmEx Platinum and AmEx EDP cards, which have much higher AFs. I haven't found a single useful AmEx offer on my Platinum card, however, I've used many so far this year on my Zync card.

I don't plan on keeping my Platinum card for much longer (for other reasons) and having another charge card available with such a high exposure limit and a small fee is invaluable.

Admittedly, I do also keep my Zync for trivial reasons as well.

Interesting. And, care to share those trivial reasons?

Re: Amex Zync

takeshi74 — Thu, 20 Aug 2015 12:46:22 GMT

@breakdown1987 wrote:
Is it worth getting a 2nd AMEX card (Already have the BCE) or should I just close it and stick to what I have:

Up to you to determine as worth is always highly subjective. If you want feedback you need to clarify your specific needs, wants, priorities, preferences, etc. It's not simply a matter of card lineup.

@breakdown1987 wrote:
I have about 30,000 points I've never used. Could I somehow transfer that to BCE in rewards? or just spent it and close it.

You'd need to find another MR card to retain the points.

@taxi818 wrote:
I really don't know why people say this. maybe because theyve heard it. But it will not continue to report for 10 years. Staying on your report and continuing to report are 2 completely different Things. It will factor in with your AAoA for 10 years. But is absolutly not the same as continuing to report.

Some mean that it will continue to show up on reports when they say that. I think I've said that myself in the past until I realized that my choice of words could be misinterpreted. There is an important distinction.

Re: Amex Zync

PrimeRate — Thu, 20 Aug 2015 13:36:51 GMT

Damn I miss this card! Wish I didn't cancel this baby back in 2011.

I felt overwhelmed by having a charge card back then and got nervous.

Such a sweet looking card - loved the packs! Good choice in keeping it open.

Hopefully they never close out the card for those who have hung onto it!