topic Re: How does banking with AMEX will help AMEX ccs? in Credit Cards

How does banking with AMEX will help AMEX ccs?

Anonymous — Wed, 03 Nov 2010 04:52:49 GMT

Did anyone received a folded post card from Amex regarding their saving acct?

I know that Discover has banking service, but I never hard about Amex banking service.

Is it good to have banking service with them if you do have any cc with them?

It says:

1.30 % APY / NO FEES / NO MINIMUM BALANCE

A HIGH-YIELD SAVING ACCOUNT FROM AMERICAN EXPRESS
24/7 access to your accont via phone or online
No fee or minimum balance requirements
Deposit accounts are FDIC insured up to the applicable limit

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Wed, 03 Nov 2010 07:11:24 GMT

I get them regularly. I don't know if it helps anything, kinda doubt it.

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Wed, 03 Nov 2010 12:58:42 GMT

@Anonymous wrote:
Did anyone received a folded post card from Amex regarding their saving acct?
I know that Discover has banking service, but I never hard about Amex banking service.
Is it good to have banking service with them if you do have any cc with them?

It says:
1.30 % APY / NO FEES / NO MINIMUM BALANCE
A HIGH-YIELD SAVING ACCOUNT FROM AMERICAN EXPRESS
24/7 access to your accont via phone or online
No fee or minimum balance requirements
Deposit accounts are FDIC insured up to the applicable limit

What are your scores? How recent are your baddies? Are you looking for a Charge Card or Credit Card from them? Give some more info and we can give you an idea if you might qualify or when to apply.

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Sat, 06 Nov 2010 21:08:02 GMT

@Anonymous wrote:

What are your scores? How recent are your baddies? Are you looking for a Charge Card or Credit Card from them? Give some more info and we can give you an idea if you might qualify or when to apply.

My score ... I just joined 800 dream club, and of cause no baddies. I am not going to app for any of Amex ccs right now. I just curious about how does banking with them will benefit my current Amex Blue and do they consider me as more valued customer or not.

Additional: I decided to call them and asked questions.

They said it is separate than any of Amex ccs, it is just a simple saving acct to deposit and withdraw. You can deposit by sending them a check or ACH transaction because they do not have any blanch for banking. Amex will pay for the all ACH transaction fees ... so there is no fee to the customers. But make sure to check with your current bank about fee with them for ACH transaction. The 1.30%APY is great deal with no Fees and no minimum balance. I may open one.

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Sat, 06 Nov 2010 22:30:13 GMT

I have a AMEX Personal Savings account. So far so good. It has only been a month. I don't think the CC and savings account have anything to do with each other even though I do have an AMEX card. You could get an AMEX PS account without an AMEX credit card.

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Sun, 07 Nov 2010 00:22:54 GMT

I have both, Amex Blue Cash and a savings account. I doubt they have anything to do with each other.

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Sun, 07 Nov 2010 10:18:03 GMT

tbtdragon and wollepoplle, Any fees get charged to your out going acct? How you making the deposits and withdraws?

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Sun, 07 Nov 2010 13:19:01 GMT

I have an account...for the last few weeks... But here are the FAQs as they present them

What is the relationship of Personal Savings from American Express to the American Express® Card business?

Personal Savings from American Express is a new product offering from American Express Bank, FSB. American Express Bank, FSB is an FDIC-insured bank that is a member of the American Express family. Our goal is to provide you with the same quality of service you have come to expect from American Express. In fact, customers don’t need to be existing Cardmembers to open a Personal Savings account – if you don’t know us already, get to know us by opening an account today.

Is Personal Savings from American Express related to the One from American Express® Card?

As you may know, One Cardmembers have a savings account attached to their One from American Express Card account. Personal Savings from American Express is a new deposit offering from American Express Bank, FSB. A customer can hold both types of accounts at the same time.

Why should I choose an American Express CD or High-Yield Savings Account over that of a competitor?

Personal Savings from American Express offers competitive rates, simple products and FDIC-insurance all under a trusted name. We recognize that customers are always searching for ways to earn high-yield returns and keep their money safe. With Personal Savings from American Express, they can do just that and experience peace of mind. And it’s easy and quick to open an account.

Why is American Express offering Personal Savings?

We recognize that customers are always searching for ways to earn high-yield returns and keep their money safe. With Personal Savings from American Express, they can do just that and experience peace of mind. And it's quick and easy to open an account.

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Sun, 07 Nov 2010 20:41:23 GMT

I don't know if this matters, but I had an HSBC Advanced savings account with about $1550 in it for a couple of years. I got a letter from them in April saying they want to give me a CC because I am a valued customer. I figured I would do the online approval just to try it. They came back with an instant $1500 CL. I was surprised because this was my first unsecured CC limit and it was higher than my secured limits. Not sure if they made my limit near what I had in the savings account or if it was just coincidence. I would have to say my FICO score at the time was about 650 EQ and 670 TU.

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Sun, 07 Nov 2010 22:04:01 GMT

@Anonymous wrote:
@Anonymous and wollepoplle, Any fees get charged to your out going acct? How you making the deposits and withdraws?

You mean towards outgoing payments (i.e. withdrawals) from my Amex Savings? I don't know. I've only been putting money into it so far. The account boasts "no fees" so I hope there are none.I have set up a connection between my checking account and my savings, using ach deposit/withdrawal. . It's free and takes about four days.

As previous posters have said, Amex Bank is separate from the credit card division. I doubt there are ANY links. I also doubt that the customer service representatives for my CC can see my savings account when I call. But then you never know...

I wouldn't expect any benefits from saving with Amex other than the currently good 1.3% interest rate.

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Mon, 08 Nov 2010 01:18:44 GMT

No fees at all from what I can tell. I do a direct transfer from my Wells Fargo account. I never taken money out but it would be a direct transfer also. By the way, I really like the ING Direct savings account too.

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Mon, 08 Nov 2010 17:53:07 GMT

Ok, how about ... does it cost any inq to open the saving acct with them?

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Mon, 08 Nov 2010 18:57:50 GMT

I didn't notice any. Inq.'s are immediate, so I don't think so!

@Anonymous wrote:
Ok, how about ... does it cost any inq to open the saving acct with them?

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Mon, 08 Nov 2010 21:08:11 GMT

No inquires on my account either. One thing I did notice is that it takes awhile from when they take out money from my Wells Fargo account to post to my American Express account. It is not a big thing for me but just FYI.

Re: How does banking with AMEX will help AMEX ccs?

TangMeister — Mon, 08 Nov 2010 23:26:55 GMT

@Anonymous wrote:
No inquires on my account either. One thing I did notice is that it takes awhile from when they take out money from my Wells Fargo account to post to my American Express account. It is not a big thing for me but just FYI.

Yep, no hard inq for this. Amex does a soft inq on EX when you open a savings acct with them. I would suspect they might check Chex as well, but haven't confirmed it.

Re: How does banking with AMEX will help AMEX ccs?

smallfry — Mon, 08 Nov 2010 23:34:58 GMT

I don't know for sure if it helps to have a savings account so far as them offering or approving a credit or charge card. I have had a checking account with Commerce/TD for well over 10 years and am only now getting offers to extend credit. I think AMEX has relaxed their criteria a bit the past year. After all they approved me.

Re: How does banking with AMEX will help AMEX ccs?

haulingthescoreup — Tue, 09 Nov 2010 00:14:27 GMT

I have no banking/ savings products with American Express, and they took me back when my scores were in the 710's-720's, and my derogs were a lot newer.

If they have some sort of wonderful savings rate going on, that's one thing. But IMO, opening a savings account just to try to grease a CC app seems a waste of time, if your Experian report is already good enough.

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Tue, 09 Nov 2010 01:16:20 GMT

Definitely no use greasing your relationship with a bank through a savings account.At least not the big banks!

For the longest time, I had a checking account with PNC that was in good standing. We are talking years here of regular direct deposits etc. Now, when I tried to apply for their credit card, they would reject me as someone with no credit record as I had just arrived in the US a couple years prior and had not applied for any credit since. I was naive that they would "see" my good history with them when I applied.Little did I know that they wouldn't! It was a catch-22. Eventually, I talked to a nice PNC bank teller, and she called their credit card dep. (which was serviced by Elan at the time) and told them that I was a good customer whereupon they approved a card with a $1000 limit, thus repealing their previous denial. Here I learned, though, that the traditional banking operations are separate from the CC department. If it hadn't been for this nice intervention, PNC would have lost a good customer rather quickly. I am still not a big fan of them but I have kept my checking account out of convenience.

Anyway, I take the decent APR of 1.3% that Amex Savings currently offers. Others offer less. Even Discover has reduced its APR to 1.25%.

Re: How does banking with AMEX will help AMEX ccs?

Anonymous — Tue, 09 Nov 2010 03:43:14 GMT

Thanks everyone! Yes, the 1.3% APY is better than any other bank's APY. It won't be a large amount to start with, but still it is better than to keep my money in the my current saving acct at Chase Plus Saving, NFCU and Addison Saving accts. Because those accts are no monthly fee with no interest earnings.

Thanks again