topic Re: Optima Card in Credit Cards

Optima Card

dacv01 — Tue, 25 Feb 2020 20:52:24 GMT

Hi All,

I just received a letter from American Express. Settle my balance to receive an Optima card application for a new card. I am considering this immediately, but wanted to do my research on this before I call. Are there any members who can offer advice/ guidance on this? What exactly is the Optima card?

Re: Optima Card

Anonymous — Tue, 25 Feb 2020 21:04:09 GMT

I've read about this card a bit over at a different forum. This card is usually offered to those who were previous members with Amex who had balances and decided to pay - almost like a forgiveness card from Amex. From the reviews I've read, it seemed people who applied for this card were pleased. Hopefully, someone with hands on experience with the card could give you feedback. Good luck!

Re: Optima Card

Aim_High — Tue, 25 Feb 2020 22:11:52 GMT

The American Express "OPTIMA" and "OPTIMA PLATINUM" cards were AMEX's very first revolving credit cards, introduced in 1987. Before this point, they had only issued their charge cards like the Platinum, Gold, and Green cards which had to be fully repaid on a monthly basis.

I used to have one a long time ago but they haven't been issued to new account holders in many years. (*Edit: Based on other postings, I now see that AMEX apparently has recycled the old Optima card into an Offer-Only card program to reinstate cardholders after default or adverse action. The original Optima cards from the 1980's and 1990's were just revolving cards available to the general public.)

I don't believe they had an AF (for most account holders) but also offered no rewards. There are postings from My Fico members about the card as recently as the past two years that show some cards are still in good standing. If this is the same card, I'm a little surprised they are offering it to you unless this is a reinstatement of an older Optima account? Did they quote you any terms - AF, APR, repayment terms, CL, rewards, etc? I don't know what the current "Optima" card program looks like, so it could be quite different from what I described above.

Re: Optima Card

K-in-Boston — Tue, 25 Feb 2020 21:22:40 GMT

Optima has been offered to those who have had previous bad relationships with American Express as a means to repair the relationship. Most of the threads regarding the card will be located in the Rebuilding Your Credit section. Here's one thread with a lot of information:

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/AMEX-Optima-Oasis/td-p/5158188

Re: Optima Card

blindambition — Tue, 25 Feb 2020 21:30:07 GMT

This is Amex giving a legit 2nd chance. If you want a future with Amex, a good way to get foot in the door for good core cards. GL!!

Re: Optima Card

dacv01 — Tue, 25 Feb 2020 22:24:39 GMT

Yes, I found a poster from last year that did process. Here is what his looked like- also a picture of the card. I will be calling tomorrow to pay in full and have application sent.

[Mod cut - Links to that website are not allowed on myFICO. - KiB]

Re: Optima Card

Anonymous — Wed, 26 Feb 2020 00:46:09 GMT

I have some dats points to add --I burned AMEX for around $3k in 2009. I got the Optima Oasis offer in 2015 and it took me a bit to pay off my balance but, once I did, I got the Oasis card with a $900 SL. I treated it like gold until I rebuilt enough to not really need it.

There was always a rumor that AMEX wouldn't ever approve you for another card as long as you had the Oasis card still open but that's not true. I applied for the Blue Cash Everyday in the summer of 2017 and was instantly approved for $2,800. That card has been my grocery card ever since so I use it often. I just got the offer up upgrade it to the BCP and accepted that. I will say I have never gotten a CLI on it, despite multiple requests.

I actually just closed my Oasis card a few weeks ago. It has an upcoming annual fee and I just don't need the card any more. I've always wondered if the reason AMEX won't approve me for anything else or give me a CLI is because I still had the Oasis card open. I'll find out eventually when I try again.

Congrats on the Optma Oasis offer!! It's awesome that AMEX does this and it's a legit way to get back in the door with them. Good Luck!!

IRe: Optima Card

Anonymous — Wed, 26 Feb 2020 02:07:16 GMT

Was my first Amex. Stopped using because it had no rewards and was allowed to PC to the ED card.

Had the platinum version.

Re: Optima Card

dacv01 — Wed, 26 Feb 2020 01:28:34 GMT

Thank you for your feedback! Its nice to hear that someone else has indeed had this card. It does seem to be a very rare opportunity, however i did value my relationship with AMEX so I will certainly take them up on it.

Re: Optima Card

Anonymous — Wed, 26 Feb 2020 03:59:29 GMT

Anyone know Does it only work if you pay in full or can u do the cash settlement offer ? I got the same letter my full balance is like 20k And my settlement was $7500 directly from Amex no 3rd party. Had a card go bad in 2008 when Mtg crisis went bad never Bk just couldn’t pay. I can now pay the settlement but really want the card privileges again. Any ideas ??

Re: Optima Card

dacv01 — Wed, 26 Feb 2020 21:38:33 GMT

Okay, after calling them and hearing the terms I have the details for anyone else interested-

- You are accepted for the Optima card through AMEX only. If you have an offer from collections, it is not genuine as AMEX selects them directly through their system.

- You do need to pay in full in order to be given the card. They can either take one payment ( which is what I did) or set up a plan.

- Once balance is paid they send you paper application and credit limit with 1/3 of what you paid in full roughly. ( My limit will be 2k)

- The AF is 49 dollars, and there are no points/ rewards, and its a variable APR. Once you PIF they update beaureus

This is by invitation only, sorry to stress this but I have been reading about customers calling to try and get it.

Re: Optima Card

Anonymous514 — Fri, 28 Feb 2020 04:00:21 GMT

Do it! That is your ticket back in!

Re: Optima Card

joltdude — Fri, 28 Feb 2020 04:14:06 GMT

Optima is an easy YES just DO IT....

As to locking you out.... You need to have the card for at least a year from what I recall to be considered for a second product... You *used* to have to close the optima and open another product... Since that time.. a few people have gotten an additional product through amex while still holding the Optima....

Optima is one of the easier ways back in with Amex...

-J

Re: Optima Card

dacv01 — Mon, 02 Mar 2020 23:24:13 GMT

Thank for evryones feedback. I just got an email that my Optima application has been mailed. Once it gets in I will post a picture of it blank, as well as the card when it arrives. I will try and update on my experience if anyone thinks that will be helpful.

Re: Optima Card

FinStar — Mon, 02 Mar 2020 23:33:12 GMT

@dacv01 wrote:
Thank for evryones feedback. I just got an email that my Optima application has been mailed. Once it gets in I will post a picture of it blank, as well as the card when it arrives. I will try and update on my experience if anyone thinks that will be helpful.

I would definitely welcome that suggestion @dacv01.

Often times, a variety of members are always in search of the most recent experiences or DPs, especially with this particular program, so this can certainly go a long way with helping others.

Re: Optima Card

sjt — Wed, 04 Mar 2020 01:36:35 GMT

@Anonymous wrote:
Anyone know Does it only work if you pay in full or can u do the cash settlement offer ? I got the same letter my full balance is like 20k And my settlement was $7500 directly from Amex no 3rd party. Had a card go bad in 2008 when Mtg crisis went bad never Bk just couldn’t pay. I can now pay the settlement but really want the card privileges again. Any ideas ??

You have to pay the full balance, but it can be done in installments.