topic Re: "Make Your Move" American Express Prepaid in Credit Cards

"Make Your Move" American Express Prepaid

Lil_Me — Fri, 13 Jan 2012 16:59:18 GMT

Has anyone heard about this prepaid card with American Express? Does anyone have any experience with this card. I would like to know as much as possible about this card. I had an American Express back in 1991 and I paid it on time, but it is a Charge Card and I didn't feel I was responsible enough to pay in full every month, so before I messed that account up I closed it.

Re: "Make Your Move" American Express Prepaid

CS800 — Fri, 13 Jan 2012 19:09:37 GMT

@Lil_Me wrote:
Has anyone heard about this prepaid card with American Express? Does anyone have any experience with this card. I would like to know as much as possible about this card. I had an American Express back in 1991 and I paid it on time, but it is a Charge Card and I didn't feel I was responsible enough to pay in full every month, so before I messed that account up I closed it.

This prepaid card has nothing to do with any credit products that AMEX offers. If you're looking to get back with AMEX, i'm fairly certain that getting an AMEX prepaid will not help you. The best way to build a relationship with AMEX is to get one of their credit/charge cards and build a good history wth them.

AMEX generally check EX but have been know to check other credit report.

- When you apply for a card with AMEX, they will pull your credit and see if it meets their minimum requirement for approval (no credit check for the prepaid)

- As per your siggy, it would be better if you wait for your scores to be above 650 to apply for an AMEX (no minimum score required)

- Their charge cards (Zync,Green etc) are 'easier' to get than their revolving credit cards. So you would want to start with a charge card

Re: "Make Your Move" American Express Prepaid

lewdog — Fri, 13 Jan 2012 19:09:47 GMT

I just put some money down to order one. I'll give it a shot, it couldn't hurt. I want an Amex card again. I too had one back in 91 and closed it a couple years after, all paid up. I am waiting until my 22 Experian hard inquiries fall off before I app again. I tried the Experian freeze then apply, but Amex didn't pull either of the other 2. They told me to unfreeze Experian. Maybe in months, but I digress. I will post back here intermittently

Re: "Make Your Move" American Express Prepaid

SoulMaster — Fri, 13 Jan 2012 19:11:39 GMT

Me too. (Lil knows this, I've been PMing her) But for the rest of you, I'm testing the waters to see if Amex will let me in w/ a BK reporting if I "build a history with them". I doubt it, but why not try?

-SM

Re: "Make Your Move" American Express Prepaid

Anonymous — Fri, 13 Jan 2012 19:56:31 GMT

@SoulMaster wrote:
Me too. (Lil knows this, I've been PMing her) But for the rest of you, I'm testing the waters to see if Amex will let me in w/ a BK reporting if I "build a history with them". I doubt it, but why not try?

-SM

You must want to get in with Amex way more than I do! I have their prepaid card (somewhere...) but I'm not going to go through the hassle of using it just to get a chance at maybe getting a card from them. Transferring money onto a prepaid card to use it is a hassle, and it opens you up to the same problems as using a debit card (at least in my opinion).

But I guess it's a smart move from Amex, it's like a carrot on a stick. They'll probably get more people signing up and using their prepaid card by giving the potential for an easier approval down the line.

Re: "Make Your Move" American Express Prepaid

SoulMaster — Fri, 13 Jan 2012 21:59:09 GMT

Probably, If I can get an account open it will backdate to 1993 when I had my Amex Green. (Closed in like 1997, when I had no clue what I was doing). That's why I've made it my mission to get an (ANY) Amex card while my BK is still showing up. Plus, if I can pull it off, I can let others know how to do the same thing.

As for the prepaid, it might help, it might not. Either way, it's no sweat of my back to use it for $500/mo worth of purchases.

-SM

Re: "Make Your Move" American Express Prepaid

steve23111 — Fri, 13 Jan 2012 22:13:16 GMT

@CS800 wrote:
@Lil_Me wrote:
Has anyone heard about this prepaid card with American Express? Does anyone have any experience with this card. I would like to know as much as possible about this card. I had an American Express back in 1991 and I paid it on time, but it is a Charge Card and I didn't feel I was responsible enough to pay in full every month, so before I messed that account up I closed it.
This prepaid card has nothing to do with any credit products that AMEX offers. If you're looking to get back with AMEX, i'm fairly certain that getting an AMEX prepaid will not help you. The best way to build a relationship with AMEX is to get one of their credit/charge cards and build a good history wth them.

AMEX generally check EX but have been know to check other credit report.

- When you apply for a card with AMEX, they will pull your credit and see if it meets their minimum requirement for approval (no credit check for the prepaid)
- As per your siggy, it would be better if you wait for your scores to be above 650 to apply for an AMEX (no minimum score required)
- Their charge cards (Zync,Green etc) are 'easier' to get than their revolving credit cards. So you would want to start with a charge card

CS800,

AMEX recently enhanced the prepaid product with the "Make Your Move" program, which after a period of responsible use of the prepaid card can lead to an invitation to apply for a charge card, presumably Zync. The prepaid card itself doesn't establish any credit, and doesn't report to a CRA, but apparently AMEX is watching usage internally, so it is potentially an "in" for people with less-than-marginal credit.

Re: "Make Your Move" American Express Prepaid

shane82388 — Fri, 13 Jan 2012 22:15:21 GMT

@steve23111 wrote:
@CS800 wrote:
@Lil_Me wrote:
Has anyone heard about this prepaid card with American Express? Does anyone have any experience with this card. I would like to know as much as possible about this card. I had an American Express back in 1991 and I paid it on time, but it is a Charge Card and I didn't feel I was responsible enough to pay in full every month, so before I messed that account up I closed it.
This prepaid card has nothing to do with any credit products that AMEX offers. If you're looking to get back with AMEX, i'm fairly certain that getting an AMEX prepaid will not help you. The best way to build a relationship with AMEX is to get one of their credit/charge cards and build a good history wth them.

AMEX generally check EX but have been know to check other credit report.

- When you apply for a card with AMEX, they will pull your credit and see if it meets their minimum requirement for approval (no credit check for the prepaid)
- As per your siggy, it would be better if you wait for your scores to be above 650 to apply for an AMEX (no minimum score required)
- Their charge cards (Zync,Green etc) are 'easier' to get than their revolving credit cards. So you would want to start with a charge card

CS800,

AMEX recently enhanced the prepaid product with the "Make Your Move" program, which after a period of responsible use of the prepaid card can lead to an invitation to apply for a charge card, presumably Zync. The prepaid card itself doesn't establish any credit, and doesn't report to a CRA, but apparently AMEX is watching usage internally, so it is potentially an "in" for people with less-than-marginal credit.

Re: "Make Your Move" American Express Prepaid

lithium78 — Fri, 13 Jan 2012 22:19:48 GMT

Prepaid cards aren't really the best idea if you aren't having problems with chexsystems. It's much better to open a checking account and use the debit card linked to it if you want to control your spending. Prepaid cards have monthly fees, fees for online banking, usually fees for check deposits, and sometimes even fees for ATM withdrawals and POS purchases. Most bank debit cards don't have those fees.

The best solution of all is to get a checking account with a linked credit card. You can keep track of your spending through online banking and use your credit card for purchases. Credit cards are much better for dealing with fraud. With debit cards, if you report the fraud within two days of occurrence, you will be responsible for the first $50 and the rest will be covered. But if you don't catch it within two days, you are responsible for the first $500 of the fraudulent purchase. Most credit cards offer 100% fraud protection and you aren't responsible for a single cent of the fraudulent purchase. That's something to keep in mind while you consider a prepaid debit card.

Re: "Make Your Move" American Express Prepaid

LS2982 — Fri, 13 Jan 2012 22:17:47 GMT

I did say I didn't like this card but maybe AMEX will like me if I treat this card good, thinking about getting it.

Re: "Make Your Move" American Express Prepaid

shane82388 — Fri, 13 Jan 2012 22:21:57 GMT

If the OP really wants an AMEX eventually and cant get one right now the prepaid card sounds like it will help your cause...i agree that usuing it exclusively would be not the greatest and kind of annoying but putting some money on it and using it to buy taco bell or something off amazon here and there or whatever might be a good way to show activity on the card and get you noticed in a good way by AMEX.

I assume for the most part it probably just puts you front and center on their radar to start softing your credit reports but once you get over the hump of what they think is good enough you probably would get an offer.

Re: "Make Your Move" American Express Prepaid

LS2982 — Fri, 13 Jan 2012 22:22:52 GMT

@shane82388 wrote:
If the OP really wants an AMEX eventually and cant get one right now the prepaid card sounds like it will help your cause...i agree that usuing it exclusively would be not the greatest and kind of annoying but putting some money on it and using it to buy taco bell or something off amazon here and there or whatever might be a good way to show activity on the card and get you noticed in a good way by AMEX.

I assume for the most part it probably just puts you front and center on their radar to start softing your credit reports but once you get over the hump of what they think is good enough you probably would get an offer.

Re: "Make Your Move" American Express Prepaid

shane82388 — Fri, 13 Jan 2012 22:26:33 GMT

from looking at the "fewer fees" tab on the website it seems to mention no fees except an ATM fee that is $2.00 but you get 1 free one per month anyway. I wouldnt even bother using the card at an ATM unless you had to. Just use the AMEX prepaid strategically, for planned out purchases or little minor things that u can use the actual card for and not have to take out cash.

if you need cash, use your checking accounts debit card.

P.S. - It seems to have a lot of the standard features of the AMEX charge cards like purchase protection, roadside assistance, global assistance, entertainment access, etc...

check it out here...

https://www212.americanexpress.com/dsmlive/dsm/dom/us/en/personal/cardmember/additionalproductsandservices/giftcardsandtravelerscheques/gpr_howitworks.do?vgnextoid=d22b9484214ec210VgnVCM100000defaad94RCRD&vgnextchannel=95ddb81e8482a110VgnVCM100000defaad94RCRD&appInstanceName=default&name=gpr_howitworks&type=intbenefitdetail

Re: "Make Your Move" American Express Prepaid

NikJ4 — Fri, 13 Jan 2012 22:37:50 GMT

@LS2982 wrote:
I did say I didn't like this card but maybe AMEX will like me if I treat this card good, thinking about getting it.

I am playing follow the leader. I will try anything to get back in AMEX's good graces.

Re: "Make Your Move" American Express Prepaid

shane82388 — Fri, 13 Jan 2012 22:41:12 GMT

@NikJ4 wrote:
@LS2982 wrote:
I did say I didn't like this card but maybe AMEX will like me if I treat this card good, thinking about getting it.
I am playing follow the leader. I will try anything to get back in AMEX's good graces.

Yeah, i mean there seems to be absolutely no reason not to...its FREE. No credit check, NOTHING. What can it hurt to just order one of the cards? Maybe you'll never even use it, but still...FREE. Order it, what the heck?

AMEX probably just wants to maximize their interchange fee income by expanding to the large base of people with questionable credit, but without putting themselves in more risk but extenting them unsecured credit, at first at least.

Re: "Make Your Move" American Express Prepaid

Revelate — Sun, 15 Jan 2012 03:07:30 GMT

I don't know, but my personal opinion is that every dollar you run through an Amex pre-paid debit card, is one less dollar you run through a card that actually reports to the CRA's.

It's not publically stated, but it's a fact: if you don't use credit, you're not going to get more of it. From my own rebuilding perspective, it doesn't make any sense to continue doing the same cash-based existance I have till now with this Amex pre-paid card, more hassle for the same benefit I was getting out of my checking account's debit card... which is to say, near zero.

Amex is one of the most squirrley corporations on the planet, or certainly in the financial space. I'm not going to bet on their possibly helping me get into a charge card with them, by hurting my chances at other benefits to the credit report. I figure if I can do well enough with building a credit history, that I'll get a Zync someday anyway... so unless I can backdate to a pre-paid, yuck.

Re: "Make Your Move" American Express Prepaid

DonDraper — Sun, 15 Jan 2012 16:13:58 GMT

@Revelate wrote:
I don't know, but my personal opinion is that every dollar you run through an Amex pre-paid debit card, is one less dollar you run through a card that actually reports to the CRA's.

It's not publically stated, but it's a fact: if you don't use credit, you're not going to get more of it. From my own rebuilding perspective, it doesn't make any sense to continue doing the same cash-based existance I have till now with this Amex pre-paid card, more hassle for the same benefit I was getting out of my checking account's debit card... which is to say, near zero.

Amex is one of the most squirrley corporations on the planet, or certainly in the financial space. I'm not going to bet on their possibly helping me get into a charge card with them, by hurting my chances at other benefits to the credit report. I figure if I can do well enough with building a credit history, that I'll get a Zync someday anyway... so unless I can backdate to a pre-paid, yuck.

Different people have different circumstances. My scores are all around 800. I have $65,000 in available credit and only a few hundred in debt. And I'm getting one of these cards. Why? In my misspent youth, I burned AmEx BIG-TIME. They won't even give me the time of day (I don't blame them). That few hundred ($700, to be exact, which is a 0% BT) is on my BoA AmEx, which I got because I shop at Costco, and they only take AmEx. And I just found out that because of that BT balance, I'll be charged interest EVERY time I make a purchase on that card, even if I don't carry the balance over. Great.

For me, this card makes perfect sense. Yes, I could keep buying Costco gift cards online with a Visa/MC and shopping that way, but this is much simpler. I know it's not going to do a single thing for my credit, nor will it get me back into AmEx's good graces. But it will allow me to continue shopping at Costco... and save me money in interest until that BT is paid off.

Re: "Make Your Move" American Express Prepaid

pizzadude — Sun, 15 Jan 2012 15:53:43 GMT

I agree that there are certainly some cases where this card makes sense just as Don posted above. And as others have pointed out, it may lead to an invite to apply for ZYNC, which isnt a guarantee of approval but hey it beats a shot in the dark application......

Re: "Make Your Move" American Express Prepaid

DonDraper — Sun, 15 Jan 2012 16:23:03 GMT

@pizzadude wrote:
I agree that there are certainly some cases where this card makes sense just as Don posted above. And as others have pointed out, it may lead to an invite to apply for ZYNC, which isnt a guarantee of approval but hey it beats a shot in the dark application......

+1. Now, if it was loaded down with fees like other prepaid cards, it wouldn't make any sense at all for me, because the interest rate on my BoA AmEx is only 6.9%. But as it's free... works for me.

And yeah... how many prepaid (not secured, which tie up hundreds of dollars at a time and come with interest charges) cards are not only free, but come with the added benefit of building a history with a prime issuer and the possible opportunity to get a card with them? For those AmEx doesn't hate with the fire of a thousand suns, 6 months of using a free prepaid card isn't a bad way in through the back door.

It's not for everyone, but it's good for some. Like I said, different people have different circumstances. Many people are just starting out on their repair/rebuilding journey, are hitting brick walls at every turn, and even the smallest ray of hope can help make it a little less demoralizing.

Re: "Make Your Move" American Express Prepaid

Anonymous — Sun, 15 Jan 2012 16:31:37 GMT

Might be a good card for my daughter.