topic Re: American Express SECURED card offer ! in Credit Cards

American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

waqaszm1 — Thu, 20 Jan 2011 01:28:58 GMT

** just a quick edit ** we just got the paper response as to why her app was rejected; it states, "Information reflected in a report obtained from Teletrack consumer reporting agency."

My wife had recently received a "Pre-Selected" offer for an American Express Premier Rewards gold card. She applied and was denied. Yesterday, she received a call from American Express 1-866-929-5161 offering her the same card if she was willing to put $10,000 in a CD with American Express Centurion bank for a period of 1 year. She was told that her card would function exactly like a charge card, where she would pay back the charges in full each month, have the same rewards etc., but have a hard limit of $10,000 secured by her CD. After one year, Amex would review the account to unsecure tha card.

Well, i guess its official - Amex does have SECURED cards !!!

Re: American Express SECURED card offer !

Tazman81 — Fri, 14 Jan 2011 20:01:26 GMT

Yep, at one point, i was offered the same thing. But they did not give me a stipulation of 1 year or anything like that. And if I recall, the interest rate was not good on the CD. They also would not accept anything less than $10k.

Re: American Express SECURED card offer !

Anonymous — Fri, 14 Jan 2011 20:05:00 GMT

$10K CD for a year, that is out of reach for many people. I think, I'll wait a year.

Invitation only, I guess. I can't find anything on their website.

Re: American Express SECURED card offer !

Tazman81 — Fri, 14 Jan 2011 20:08:08 GMT

Yep, nothing on their website. I was told they do not advertise it as it's a fairly new program.

but if anyone takes advantage of it, you will have to let us know how it goes and how it reports on your credit.

Re: American Express SECURED card offer !

Creditaddict — Fri, 14 Jan 2011 20:56:44 GMT

WOW, I would take it! (if you can)

Re: American Express SECURED card offer !

Datx — Fri, 14 Jan 2011 21:30:13 GMT

@Anonymous wrote:
$10K CD for a year, that is out of reach for many people. I think, I'll wait a year.

Invitation only, I guess. I can't find anything on their website.

Very true. I definitely do not have 10K just sitting around, lol.

Re: American Express SECURED card offer !

Anonymous — Fri, 14 Jan 2011 21:33:02 GMT

What is the CD rate?

Re: American Express SECURED card offer !

waqaszm1 — Fri, 14 Jan 2011 22:53:52 GMT

Not sure on the CD rate - she didnt hear it or maybe the rep did not mention it; but one thing is for sure, i think she will be able to avoid any FR's by amex. We might do it, but we will check on the cd rate first-

Re: American Express SECURED card offer !

waqaszm1 — Thu, 20 Jan 2011 10:40:39 GMT

Just wanted to update a little here; we just got a hard copy reply for the initial denial, it states that it was based on information reflected on a report obtained from Teletrack consumer reporting agency. I guess Amex is looking at Teletrack, and perhaps Chexsystems too when approving new accounts ....

Re: American Express SECURED card offer !

MattH — Thu, 20 Jan 2011 12:11:41 GMT

@Anonymous wrote:
$10K CD for a year, that is out of reach for many people. I think, I'll wait a year.

Invitation only, I guess. I can't find anything on their website.

Interesting, I had not known AMEX was offering any species of secured card, but this one is a doozy. I wonder how many people could tie up $10K for a year but would not qualify for unsecured credit? I would guess most folks able to come up with the $10K wouldn't need a secured card.

Also, I had not heard of Teletrack before. According to http://www.teletrack.com/faq.html

How does Teletrack get its information? Teletrack businesses supply the information in our database. Teletrack customers include payday advance businesses, rent-to-own businesses, furniture stores that offer financing, auto finance companies, high-risk consumer finance businesses, non-prime mortgage businesses, non-prime credit card issuers, credit unions, and cable/telecom companies.
...
Why does this information appear on my Teletrack Report and not my Credit Report from another major Credit Bureau? Companies that utilize our service report the information that appears on your consumer report. Many of these businesses do not report to the major credit bureaus. Therefore, the information on your CoreLogic Teletrack Consumer Report may not appear on your credit report from another credit bureau.

ew Re: American Express SECURED card offer !

Red1Blue — Thu, 20 Jan 2011 20:06:26 GMT

Few years ago they used to have optima card offered as secured card and later they cancelled it. One way it is good to build relationship with amex but I would put that money and get a secured card with local credit union.

Re: American Express SECURED card offer !

BobbyJ — Thu, 20 Jan 2011 20:39:42 GMT

I applied for an Amex Green in June 2010 and was denied due to an old BK Chapter 13 that was appearing on the Teletrack. I got a copy of my report which showed the BK reporting. It was discharged in 4/2008 and was removed from all the CRAs in May 2010, but Teletrack says they will report public records for the full 10 years instead of the 7 years that the big 3 CRAs report. Bummer.

Re: American Express SECURED card offer !

minimock — Thu, 17 Feb 2011 05:40:30 GMT

I too got the call from 1-866-929-5161 after being declined for a zync, and I applied only yesterday. It was on my recorder when I got home today. Ill call tommorow, see if it is the same deal.

I would probably do it if they dropped the 10k to 5k but I make more money playing in the stock market with the extra cash, so we will see.

Report back

Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

Anonymous — Thu, 17 Feb 2011 07:37:38 GMT

$10K security for the gold card? ridiculous! No card should require security (one may argue wealth management accounts requiring minimum balances act as quasi security for certain cards), let alone the gold card for $10K. It's a great deal for amex though, as you would essentially be paying them (through the AF) to take your deposits.

Re: American Express SECURED card offer !

minimock — Thu, 17 Feb 2011 16:24:11 GMT

Well here it is, the standard "Were sorry we can't qualify you at this time" BS But lucky you because you have been chosen for a special secured program...yada..yada...yada....

Bottom line its 10k at 0,9% return cd. They will re evaluate you at one, two and three years for an unsecured card.

I told the lady my credit wasn't that bad thanks but no thanks.

I think they pick and choose who gets this special offer by income and credit. I have average credit and as an overseas contractor pull in $150k a year, so they figure why not get some of it LOL.

Amex must be looking for capitol.

Anyways, just thought I would pass that on.

Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

Anonymous — Thu, 17 Feb 2011 18:18:27 GMT

@waqaszm1 wrote:
** just a quick edit ** we just got the paper response as to why her app was rejected; it states, "Information reflected in a report obtained from Teletrack consumer reporting agency."

My wife had recently received a "Pre-Selected" offer for an American Express Premier Rewards gold card. She applied and was denied. Yesterday, she received a call from American Express 1-866-929-5161 offering her the same card if she was willing to put $10,000 in a CD with American Express Centurion bank for a period of 1 year. She was told that her card would function exactly like a charge card, where she would pay back the charges in full each month, have the same rewards etc., but have a hard limit of $10,000 secured by her CD. After one year, Amex would review the account to unsecure tha card.

Well, i guess its official - Amex does have SECURED cards !!!

If I have 10K "just laying around," I wuold use it on something else. But nice to know Amex is offering this option for some people.

Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

mtallam — Tue, 19 Jul 2011 12:19:06 GMT

This is ridiculous, 10K for a crappy 1%ish interest rate. Invest your money where you can get a better return rater than an Amex card. I have an Amex, citi, discover, chase, etc credit card. Nothing make the Amex more special than the other cards. As a matter of fact, Amex had denied me some transactions while in store when the so called limit is unlimited. I don't get the myth behind having an Amex. It's not a privilege at all, it's debt. I really don't get it.

Re: American Express SECURED card offer !

dallasjetfan — Tue, 19 Jul 2011 16:26:07 GMT

Why would anyone do this just to have an AMEX?? Not worth it nor is it a good financial decision!!

Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

dallasjetfan — Tue, 19 Jul 2011 16:29:00 GMT

@mtallam wrote:
This is ridiculous, 10K for a crappy 1%ish interest rate. Invest your money where you can get a better return rater than an Amex card. I have an Amex, citi, discover, chase, etc credit card. Nothing make the Amex more special than the other cards. As a matter of fact, Amex had denied me some transactions while in store when the so called limit is unlimited. I don't get the myth behind having an Amex. It's not a privilege at all, it's debt. I really don't get it.

Great post!!

Re: American Express SECURED card offer ! (Also, Amex now checking Teletrack reports).

Anonymous — Tue, 19 Jul 2011 16:47:39 GMT

@mtallam wrote:
This is ridiculous, 10K for a crappy 1%ish interest rate. Invest your money where you can get a better return rater than an Amex card. I have an Amex, citi, discover, chase, etc credit card. Nothing make the Amex more special than the other cards. As a matter of fact, Amex had denied me some transactions while in store when the so called limit is unlimited. I don't get the myth behind having an Amex. It's not a privilege at all, it's debt. I really don't get it.

It's true! It's the imlication of prestige that makes it "worth it." AmEx has always been such a valuable brand that people clamor for it because it used to denote a particular status. I just don't think AmEx carries the prestige it used to. And actually, I don't think prestige manifested by a charge card is prestige at all anymore. Nobody ever carried my groceries to the car because I swiped a Platinum Card at Von's.

True, a prestige card might make you "fit in" at the George V in Paris, but chances are that if you can spend $4,000 a night on a hotel room, you could pay with euro coins from a sock and get excellent service.

Yes, the airport lounges are cool. All of the AmEx benefits (extended warranties, purchase protection, etc.) are nice, but most people never use them, which is why AmEx can afford to offer them.

But when you weigh the archaic "prestige" of an AmEx against the "will this transaction be approved because my account DOES have a credit limit, I just don't know it;" "will they want to financial review me;" "will they close my account because my utilization is high this month because I forgot to pay BEFORE MY STATEMENT EVEN PRINTED (what!?)," I'm not so sure it's worth it.