topic Re: Should I apply for an American Express Zync in Credit Cards

Should I apply for an American Express Zync

Anonymous — Tue, 29 Mar 2011 13:54:15 GMT

I just turned 18 and have a Capital One Standard Platinum ($300 limit), I have 3 inquires total. I am pretty new to credit but I heard that the Zync card was pretty easy to get. I always pay my bill off in full, so i think it would be a good option for me. Should I hold off for a while, or should I go and apply for it.

Re: Should I apply for an American Express Zync

Anonymous — Tue, 29 Mar 2011 14:04:45 GMT

Hello,

Do you have 6 months of credit on the Capital One card or any other tradeline? I was denied due to not having a credit score since I didnt have a tradeline open for 6 or more months.

Re: Should I apply for an American Express Zync

Anonymous — Tue, 29 Mar 2011 14:07:15 GMT

So I guess I should wait at least 6 months until applying. Thanks!

Re: Should I apply for an American Express Zync

DI — Tue, 29 Mar 2011 14:09:24 GMT

@Anonymous wrote:
I just turned 18 and have a Capital One Standard Platinum ($300 limit), I have 3 inquires total. I am pretty new to credit but I heard that the Zync card was pretty easy to get. I always pay my bill off in full, so i think it would be a good option for me. Should I hold off for a while, or should I go and apply for it.

No, keep that one $300 card until you turn 21. If you're needing more credit at 18 you're probably overspending. Use the $300 card to pay for things like food, gas and cell bill and PIF monthly.

Re: Should I apply for an American Express Zync

Anonymous — Tue, 29 Mar 2011 15:03:46 GMT

I would also keep in mind that the Zync has an AF. It also only earns Membership Rewards Express points, which aren't as versatile or valuable as normal Membership Rewards points.

The rewards are pretty basic at 1 point per $1 in spend if you don't select packs to keep the AF to the minimum of $25 (the eco pack is free and will give you 2x points at eco-friendly businesses which you can look up on their site, I wasn't impressed with the selection, but if you shop at Whole Foods alot or something...). The extra packs also cap out at $5000 spend for $20-$25 a piece, leaving you with about $50 in extra rewards (if you value points at $0.01, not always the case) and that is before the extra extra $20-$25 AF (net gain $25-$30, you can do better).

Of course, one cannot put a price on the prestige and backdating of American Express (there is a hint of sarcasm there. Of course, I'm not immune to those effects by any means)

Basically, there are plenty of credit cards with no AF with much better rewards.

The Citi Forward card has a normal and college version. Both offer great rewards, especially for young people (1 ThankYou point on purchases, 5x at Restaraunts, Music Stores, Movies, Video Rental, and Book Stores). The Non-College version has some better sign-up bonuses and a 0% Balance Transfer promo, but otherwise they both have some cool other features which you can check out.

There is a thread about someone who got approved for the Citi Forward for College Students with a limited/no credit history as well:

http://ficoforums.myfico.com/t5/Credit-Cards/Approved-for-Citi-Forward-No-Credit-History/td-p/879398

so that might be a good option.

Chase has the Freedom card with 1% on all purchases and 5% in rotating quarterly categories. It was my absolute first credit card ($500 limit to start) and I got it when I signed up for a checking and savings account with them (in 2008, their practices may have changed). It might be worth checking out, especially if you have a banking relationship with them.

There are of course many other options, so do your research, but I think that the above are two great cards that you might want to consider.

Of course, if you don't need a card you don't have to/shouldn't get one. These boards can sometimes confuse you on that matter.

However, if you think you can be responsible, and you want to take advantage of rewards, feel free to give it a try.

Re: Should I apply for an American Express Zync

Creditaddict — Tue, 29 Mar 2011 16:17:00 GMT

Wait 6 months with the new Capital One, then apply for Zync. I think it's a great idea to get an Amex when your just starting credit because they will treat you wonderfully later when you have more money to be able to charge more and the backdating will always be there if you decide to close until done with school.

Re: Should I apply for an American Express Zync

Anonymous — Tue, 29 Mar 2011 16:31:43 GMT

That's what I thought. I would love to get an Amex blue card one day, so I'll just keep on playing the waiting game!

Re: Should I apply for an American Express Zync

vish1 — Tue, 29 Mar 2011 18:14:53 GMT

Before you add zync, I will add a no AF store card like GEMB say 2-3 months from now. You don't want amex to tell you that you have too few revolving accounts

Re: Should I apply for an American Express Zync

Anonymous — Tue, 29 Mar 2011 18:47:18 GMT

@Anonymous wrote:
I just turned 18 and have a Capital One Standard Platinum ($300 limit), I have 3 inquires total. I am pretty new to credit but I heard that the Zync card was pretty easy to get. I always pay my bill off in full, so i think it would be a good option for me. Should I hold off for a while, or should I go and apply for it.

After you've let your Cap One age a few (as in six) months, you might like to check the AmEx prequal link to see if you're prequal'd for any of their cards. Might save you an inquiry - some folks think this is something of a good indicator of approval.

Re: Should I apply for an American Express Zync

Anonymous — Tue, 29 Mar 2011 19:12:03 GMT

@Anonymous wrote:
@Anonymous wrote:
I just turned 18 and have a Capital One Standard Platinum ($300 limit), I have 3 inquires total. I am pretty new to credit but I heard that the Zync card was pretty easy to get. I always pay my bill off in full, so i think it would be a good option for me. Should I hold off for a while, or should I go and apply for it.
After you've let your Cap One age a few (as in six) months, you might like to check the AmEx prequal link to see if you're prequal'd for any of their cards. Might save you an inquiry - some folks think this is something of a good indicator of approval.

So does that mean that the Pre-Qualify link on Amex's website doesn't do a Hard Pull?

Re: Should I apply for an American Express Zync

vish1 — Tue, 29 Mar 2011 19:12:54 GMT

@Anonymous wrote:
@Anonymous wrote:
I just turned 18 and have a Capital One Standard Platinum ($300 limit), I have 3 inquires total. I am pretty new to credit but I heard that the Zync card was pretty easy to get. I always pay my bill off in full, so i think it would be a good option for me. Should I hold off for a while, or should I go and apply for it.
After you've let your Cap One age a few (as in six) months, you might like to check the AmEx prequal link to see if you're prequal'd for any of their cards. Might save you an inquiry - some folks think this is something of a good indicator of approval.

I also feel that amex pre selector is a good indicator and the Amex rep told me that if you are pre selected, you stand a very good chance (not guaranteed though).

Re: Should I apply for an American Express Zync

Anonymous — Tue, 29 Mar 2011 19:15:12 GMT

@Anonymous wrote:

So does that mean that the Pre-Qualify link on Amex's website doesn't do a Hard Pull?

That's correct - it's not a hard pull.

Re: Should I apply for an American Express Zync

Anonymous — Tue, 29 Mar 2011 20:41:45 GMT

Oh ok, I'll have to do it in a couple of months then!

Re: Should I apply for an American Express Zync

smc733 — Tue, 29 Mar 2011 21:21:49 GMT

Do you shop a lot at Amazon? I think the GEMB/Amazon store card would be a nice addition to your portfolio, would allow you to get 0% financing on school books for 6 months, etc... Plus you'll have two accounts, not one, when apping with Amex, so you'll have more than one card showing, a definite plus.

Re: Should I apply for an American Express Zync

Anonymous — Tue, 29 Mar 2011 21:30:37 GMT

@smc733 wrote:
Do you shop a lot at Amazon? I think the GEMB/Amazon store card would be a nice addition to your portfolio, would allow you to get 0% financing on school books for 6 months, etc... Plus you'll have two accounts, not one, when apping with Amex, so you'll have more than one card showing, a definite plus.

That's good to know!

Re: Should I apply for an American Express Zync

smc733 — Tue, 29 Mar 2011 23:42:37 GMT

@Anonymous wrote:
@smc733 wrote:
Do you shop a lot at Amazon? I think the GEMB/Amazon store card would be a nice addition to your portfolio, would allow you to get 0% financing on school books for 6 months, etc... Plus you'll have two accounts, not one, when apping with Amex, so you'll have more than one card showing, a definite plus.
That's good to know!

Yep, primarily the reason I have it! The financing can be useful for other things, but next time I get hit with a $1,000 semester of books, I'll have a flexible 3-5 months to handle it.