topic Re: AMEX Platinum Reinstatement Offer after 14 years in Credit Cards

AMEX Platinum Reinstatement Offer after 14 years

AzCreditGuy — Fri, 22 Jul 2022 16:49:29 GMT

I had been receiving calls from a 1-866 number with an Indian accent claiming to be AMEX, about an urgent financial matter about 2 months ago and I pretty much thought it was a scam.

Until today when I received an email and looked it up online and here also, so its legit.

I also noticed this on the top of the email.

The law limits how long you can be sued on a debt. Because of the age of your debt, American Express will not sue you for it. In addition, the law limits how long a debt can be reported to a consumer reporting agency. Because of the age of your debt, we cannot report it to a consumer reporting agency. Payment or non-payment of this debt will not affect your credit score.

I contacted my LegalShield on the matter just to see what they say.

This was from 2008 and I know that American Express Co and CIT Group, received approval to get $5.72 billion under TARP from the 2008 crash.

I don’t care about Amex or having another card with them. I am not the only that went through the 2008 crash, I just find it interesting they would reach out after all these years. I prob should have not gone to the Amex website to see what pre-approval I would get with them in 2020, 2021. They denied me and yeah I get it.

Re: AMEX Platinum Reinstatement Offer after 14 years

SouthJamaica — Sat, 23 Jul 2022 02:16:28 GMT

@AzCreditGuy wrote:
I had been receiving calls from a 1-866 number with an Indian accent claiming to be AMEX, about an urgent financial matter about 2 months ago and I pretty much thought it was a scam.

Until today when I received an email and looked it up online and here also, so its legit.

I also noticed this on the top of the email.
The law limits how long you can be sued on a debt. Because of the age of your debt, American Express will not sue you for it. In addition, the law limits how long a debt can be reported to a consumer reporting agency. Because of the age of your debt, we cannot report it to a consumer reporting agency. Payment or non-payment of this debt will not affect your credit score.

I contacted my LegalShield on the matter just to see what they say.

This was from 2008 and I know that American Express Co and CIT Group, received approval to get $5.72 billion under TARP from the 2008 crash.

I don’t care about Amex or having another card with them. I am not the only that went through the 2008 crash, I just find it interesting they would reach out after all these years. I prob should have not gone to the Amex website to see what pre-approval I would get with them in 2020, 2021. They denied me and yeah I get it.

I don't know, it sounds a little fishy to me.

Re: AMEX Platinum Reinstatement Offer after 14 years

wasCB14 — Sat, 23 Jul 2022 03:04:14 GMT

Is there a particular amount of the debt they suggest you pay? I've heard of one-third of the balance in some cases.

Re: AMEX Platinum Reinstatement Offer after 14 years

winner88 — Sat, 23 Jul 2022 06:19:01 GMT

Yes it's legit. They staff their internal collections dept with mostly Indians. Over the years I have received similar calls and countless emails with offers valid for one month at a time. those emails included same verbiage about SoL. They obtained a default judgment on one of my account but strangely enough they voluntarily removed the negative tradeline from my credit reports at the 5 year mark without me asking or without me even disputing it.

Re: AMEX Platinum Reinstatement Offer after 14 years

markhs777 — Sat, 23 Jul 2022 13:03:02 GMT

The call you received was a scam. There is nothing "urgent" about a 14 year old debt. No way Amex will call you after so many years.

Re: AMEX Platinum Reinstatement Offer after 14 years

AzCreditGuy — Sat, 23 Jul 2022 14:17:32 GMT

@wasCB14 wrote:
Is there a particular amount of the debt they suggest you pay? I've heard of one-third of the balance in some cases.

$12k

Re: AMEX Platinum Reinstatement Offer after 14 years

OmarGB9 — Sat, 23 Jul 2022 16:15:12 GMT

@markhs777 wrote:
The call you received was a scam. There is nothing "urgent" about a 14 year old debt. No way Amex will call you after so many years.

It's legit. And it's definitely urgent to them; obviously they still would like to get their money back, even if it's been 14 years.

Re: AMEX Platinum Reinstatement Offer after 14 years

wasCB14 — Sat, 23 Jul 2022 19:29:19 GMT

@OmarGB9 wrote:
@markhs777 wrote:
The call you received was a scam. There is nothing "urgent" about a 14 year old debt. No way Amex will call you after so many years.
It's legit. And it's definitely urgent to them; obviously they still would like to get their money back, even if it's been 14 years.

Every now and then they'll find a customer with an old bad debt whose income has risen a lot, who travels a lot for work, who wants NPSL spending power, and is willing to pay some of the old debt to get a Platinum again.

Re: AMEX Platinum Reinstatement Offer after 14 years

Credit12Fico — Sun, 24 Jul 2022 04:47:42 GMT

OP has not described what about this interaction leads them to believe they have been "reinstated" for anything. Were you offered a Platinum card OP? I'm confused. Are they offering you the card in exchange for a 12K payment? That's some annual fee just to have a platinum

Re: AMEX Platinum Reinstatement Offer after 14 years

babygirl1256 — Sun, 24 Jul 2022 04:50:30 GMT

LOL . . . Capital One periodically sends me the same type correspondence . . . I ignore it.

Re: AMEX Platinum Reinstatement Offer after 14 years

AzCreditGuy — Sun, 24 Jul 2022 06:24:33 GMT

@Credit12Fico wrote:
OP has not described what about this interaction leads them to believe they have been "reinstated" for anything. Were you offered a Platinum card OP? I'm confused. Are they offering you the card in exchange for a 12K payment? That's some annual fee just to have a platinum

I never stated anything, reread what I SAID.

Re: AMEX Platinum Reinstatement Offer after 14 years

Brian_Earl_Spilner — Sun, 24 Jul 2022 07:16:03 GMT

@markhs777 wrote:
The call you received was a scam. There is nothing "urgent" about a 14 year old debt. No way Amex will call you after so many years.

Why wouldn't they? Debts don't just disappear once they can no longer be reported to the bureaus. Someone owns the debt and they have the right to attempt collections indefinitely. Once you hit the SoL, you have the right to ignore them, but it doesn't invalidate the debt.

As for Amex, they like to keep things in house with their global collections. They still have my 11k default on record 18 years later. They can even add it to my profile and list of cards so I can pay it off. I chose to hide it from my profile, but it's there.

Re: AMEX Platinum Reinstatement Offer after 14 years

Brian_Earl_Spilner — Sun, 24 Jul 2022 07:25:20 GMT

@SouthJamaica wrote:
@AzCreditGuy wrote:
I had been receiving calls from a 1-866 number with an Indian accent claiming to be AMEX, about an urgent financial matter about 2 months ago and I pretty much thought it was a scam.

Until today when I received an email and looked it up online and here also, so its legit.

I also noticed this on the top of the email.
The law limits how long you can be sued on a debt. Because of the age of your debt, American Express will not sue you for it. In addition, the law limits how long a debt can be reported to a consumer reporting agency. Because of the age of your debt, we cannot report it to a consumer reporting agency. Payment or non-payment of this debt will not affect your credit score.

I contacted my LegalShield on the matter just to see what they say.

This was from 2008 and I know that American Express Co and CIT Group, received approval to get $5.72 billion under TARP from the 2008 crash.

I don’t care about Amex or having another card with them. I am not the only that went through the 2008 crash, I just find it interesting they would reach out after all these years. I prob should have not gone to the Amex website to see what pre-approval I would get with them in 2020, 2021. They denied me and yeah I get it.
I don't know, it sounds a little fishy to me.

We have datapoints for reinstatement by Amex. It's been reported on here many times. Most famously during the time when they were backdating histories. They can even reinstate the rewards that you lost when the card was closed. It appears to happen with the charge cards more. Sadly, most people are offered the Optima instead.

Re: AMEX Platinum Reinstatement Offer after 14 years

Credit12Fico — Sun, 24 Jul 2022 11:35:52 GMT

@AzCreditGuy wrote:
@Credit12Fico wrote:
OP has not described what about this interaction leads them to believe they have been "reinstated" for anything. Were you offered a Platinum card OP? I'm confused. Are they offering you the card in exchange for a 12K payment? That's some annual fee just to have a platinum
I never stated anything, reread what I SAID.

Your thread title: AMEX Platinum Reinstatement Offer after 14 years

Re: AMEX Platinum Reinstatement Offer after 14 years

SPChaser — Sun, 24 Jul 2022 15:58:25 GMT

@Credit12Fico wrote:
@AzCreditGuy wrote:
@Credit12Fico wrote:
OP has not described what about this interaction leads them to believe they have been "reinstated" for anything. Were you offered a Platinum card OP? I'm confused. Are they offering you the card in exchange for a 12K payment? That's some annual fee just to have a platinum
I never stated anything, reread what I SAID.
Your thread title: AMEX Platinum Reinstatement Offer after 14 years

Re: AMEX Platinum Reinstatement Offer after 14 years

Anonymous — Sun, 24 Jul 2022 17:05:32 GMT

@AzCreditGuy wrote:

This was from 2008 and I know that American Express Co and CIT Group, received approval to get $5.72 billion under TARP from the 2008 crash.

From time to time people here mention TARP etc and it really never seems relevant to the personal case so why bring it up. Yes, these companies benefitted from taxpayer handouts, but it wasn't as if they stole it, the government of the time decided (perhaps after heavy lobbying) that extraordinary times required extraordinary measures (as they would do again for COVID) . And TARP was repaid in most cases. If you think these decisions were wrong, go after those decision makers and/or their party affiliations, but it doesn't mean the companies need to be more forgiving of personal debt.

Re: AMEX Platinum Reinstatement Offer after 14 years

7774x — Sun, 24 Jul 2022 19:15:38 GMT

@Anonymous wrote:
@AzCreditGuy wrote:

This was from 2008 and I know that American Express Co and CIT Group, received approval to get $5.72 billion under TARP from the 2008 crash.

From time to time people here mention TARP etc and it really never seems relevant to the personal case so why bring it up. Yes, these companies benefitted from taxpayer handouts, but it wasn't as if they stole it, the government of the time decided (perhaps after heavy lobbying) that extraordinary times required extraordinary measures (as they would do again for COVID) . And TARP was repaid in most cases. If you think these decisions were wrong, go after those decision makers and/or their party affiliations, but it doesn't mean the companies need to be more forgiving of personal debt.

Your thinking is exactly what Amex,Banks hope there is more of this ..look no farther than what airlines did with $$ Billions money to keep employees,only to retire many.. But more importanly credit is money ..watching ,knowing the big picture helps dealing with personal issues of credit

Re: AMEX Platinum Reinstatement Offer after 14 years

Anonymous — Sun, 24 Jul 2022 19:39:08 GMT

@AzCreditGuy I'm happy to hear that American Express might be opening the door for you again. Just so we understand the situation correctly, @Credit12Fico , @SPChaser , and myself are curious about the platinum card you mentioned in the title of your post. Did they offer you the opportunity to reinstate your platinum card if you repay?

Re: AMEX Platinum Reinstatement Offer after 14 years

learningcredit54 — Mon, 25 Jul 2022 15:10:39 GMT

I am curious to know if they truly will re-instate the card upon payment.

My father has a defaulted Platinum from 10+ years ago and is receiving emails from a collections with similiar wordage. No mention of reinstatement though.

Re: AMEX Platinum Reinstatement Offer after 14 years

trojanusc — Tue, 26 Jul 2022 04:26:18 GMT

As someone who just went through this, if you have the ability to pay them and could use a credit boost this is 1000% the way to go. It's technically called the Apollo Program.

In my case, I had a charged off card with a very substantial balance. Several years went by of not paying. Eventually, when I was able to get myself back on my feet, they offerred a very reasonable payment plan and upon the final payment, my previous Platinum Card card would be re-instated with a global limit (which they tell you in advance), rougly equal to 20% of the amount I owed them.

Sure enough after the final payment cleared, someone contacted me to ask a few questions and within 7 days my previous Platinum Card from 5+ years ago reopened. Same account number and everything (last 4 digits changed when they sent the new plastic). In addition, all of my membership rewards points were re-instated. Most importantly, the original open date on my credit report remained the same, so it looked as though the intervening 5 years had never happened.

From what I've been able to gather, these offers tend to only happen on charge cards with relatively higher balances. Credit cards and low balance charge cards get the Optima Program, which is a guaranteed approval for a low limit Optima card to help you rebuild the credit. Between the two, Apollo is far better but definitely harder to come by.