topic Re: AMEX ?? in Credit Cards

AMEX ??

Hopelives2 — Wed, 11 May 2011 14:06:42 GMT

I think I already know what the answers might be but going to ask anyway.

AMEX has a new savings account they are advertising. My question is this:

If a person uses that savings account and deposits say, $10k over a period of a few months and leaves it there, do you think that will help AMEX then issue a card at some point?

I have had NO issue with my "corporate" AMEX cards in the past - always PIF, always on time. But... my personal credit now contains a bk NOT due to card debt tho.

Was thinking about depositing funds into an account there, letting it sit for like a year or so, which would also give me time to continue to increase my scores on my own (currently, I have 3 cred card - FP, Orchard, Cap 1; auto loan for my Caddy, and a ready reserve for overdrafts that shows as installment, and my student loans - not late since 2005).

Re: AMEX ??

Walt_K — Wed, 11 May 2011 14:13:22 GMT

No idea. I do remember a thread a while back, three or four months maybe, where someone said they received an offer for a secured Amex. They had to back it with a $10K CD if I remember correctly. Can't remember if they applied for a card and got that as a counteroffer or if they just received the offer in the mail. I also don't remember what their issue was as to why they couldn't get an unsecured Amex, i.e., I don't remember if they had a BK on their report.

You can probably find the thread by searching for Amex, secured, CD, something along those lines. You could also call and ask Amex if that is an option. Not sure it is worth it to tie the money up in the CD especially given how horrible CD rates are right now, but that is a decision for you.

Re: AMEX ??

Hopelives2 — Wed, 11 May 2011 14:18:47 GMT

Thank you, Walt. I remember that thread. They'd been turned down for regular AMEX but because, I believe, they had a corporate account, they were offered secured or something.

I'm going to open an account with them anyway. And I figured it was a long-shot... more like a javelin throw that it might be considered, but it can't hurt. I need to have my money spread around anyway and AMEX is just as good as anywhere else... well, I thought that with Lehman but that is another story!

Re: AMEX ??

Hopelives2 — Wed, 11 May 2011 14:24:09 GMT

And then this from their site;

"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."

Is that the secured card from AMEX?

Re: AMEX ??

Anonymous — Wed, 11 May 2011 15:00:59 GMT

You might also try searching for a group of threads on the Amex True Earnings/Costco card from earlier this year. There were several reports of members obtaining this card with a BK reporting. I'm no expert on Amex, but it seems that they may have changed their tune a bit, over the last year, and that they may not be rigidly BK unfriendly as they used to be, at least not with this product. I recall speculating, when people first started reporting obtaining the card with ta BK, that the housing bust & the economy overall probably shook them up a bit, and made them realize that things aren't always black and white.

Besides, I think that the Amex True Earnings card is their best product-- although, I may change my tune on that if Blue Cash Preferred turns out to be a profitable as I think it'll be!

Re: AMEX ??

Hopelives2 — Wed, 11 May 2011 15:05:53 GMT

What score would you say would ideally place me for application? (Yes, I can apply with anything but ideally? like 680? 700? 725?)

Thank you! Will do the research as well...

Re: AMEX ??

Ron1 — Wed, 11 May 2011 16:30:26 GMT

@Hopelives2 wrote:
And then this from their site;

"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."

Is that the secured card from AMEX?

No. check this link about the one Card from Amex:

http://www.rewardscards.com/one-card.asp
https://www295.americanexpress.com/cards/npz.do?pmccode=245#CARDS/245/1/0/0

That card was discontinued a couple of years ago.

Ron.

Re: AMEX ??

JRomulus — Wed, 11 May 2011 22:59:53 GMT

That is an interesting question about the Amex Savings account and whether it can help influence Amex's opinion of someone in the "relationship banking" sense.

I know when I sit down at Chase, they can see EVERYTHING I have with them on their screen. Checking, savings, credit cards, CD's, etc. I believe Citi is the same way.

Why would Amex, one of the more sophisticated financial services firms out there, be any different?

I put 5 figures in one an Amex savings acounts a couple weeks ago simply because they are paying a very decent interest rate for savings (1.15%) compared to most everyone else these days.

And, like the OP, figured it couldn't hurt build my spendability with them and chances for a Amex revolver. (Was approved for one today actually).

And then I listed it as one of my "pay from" accounts for my PR Gold card, so it has visibility to the CC people, along with my other checking accounts I pay my CC bill with.

I also believe they can see what you have in those linked accounts (based on something an Amex collections guy said to me 25 years ago when I was a young, irresponsible credit neophyte).

But who knows?

Re: AMEX ??

trumpet-205 — Thu, 12 May 2011 01:34:20 GMT

Actually, AMEX savings account is handled by AMEX Bank FSB, while its cards are handled by AMEX Centurion Bank.

Re: AMEX ??

JRomulus — Thu, 12 May 2011 01:45:34 GMT

That is accurate, they are 2 different entities, but owned by the same parent however.

Most commercial banks have separate card units handling their card business, but the all co-market each other's products.

Re: AMEX ??

Hopelives2 — Thu, 12 May 2011 02:13:46 GMT

I'm going to open one; by mid June I'll have 5-figures to put in it. I'll let it sit for a few months, see what my score is, then apply for something... or better yet, maybe AMEX will say they should give me an offer of some kind.

What's really weird is two months after my bk I got an offer for the Delta card - I was, at one time, diamond on Delta (actually double plat on NWA). Not sure that had any indications but maybe my status there helped with AMEX? Cannot imagine that it would but...

And they soft pull for offers, right?