topic Re: Amex Zync Points vs Rewards? in Credit Cards

Amex Zync Points vs Rewards?

bichonmom — Wed, 07 Mar 2012 04:59:44 GMT

I am really confused about this. I understand Navy's 1% cash back. That's easy and straightforward. But Amex Zync's points has me completely baffled.

I *thought* double points was like 2%. So, if I spend $10 at Chipotle, I should get back 2% in rewards (or 20c). From what I've read, I gather that's not right, but I don't really get how it does work.

I need to figure out if it's worth it for me to be using my Zync instead of Navy. Or when to use which card.

Could someone please explain how the point system works w/Zync?

Thanks!

Re: Amex Zync Points vs Rewards?

JustMe77 — Wed, 07 Mar 2012 05:39:37 GMT

@bichonmom wrote:
I am really confused about this. I understand Navy's 1% cash back. That's easy and straightforward. But Amex Zync's points has me completely baffled.

I *thought* double points was like 2%. So, if I spend $10 at Chipotle, I should get back 2% in rewards (or 20c). From what I've read, I gather that's not right, but I don't really get how it does work.

I need to figure out if it's worth it for me to be using my Zync instead of Navy. Or when to use which card.

Could someone please explain how the point system works w/Zync?

Thanks!

It's 2%. If I buy something at Chipotle or Whole Foods for $12, Zync gives me 24 points for the purchase (12 through the eco pack, and 12 for the purchase). The eco pack points will not show up as pending for a few days.

1000 points will get you $10 of rewards if you redeem with one of the gift card options (it's less if you want an Amex gift card).

Re: Amex Zync Points vs Rewards?

Open123 — Wed, 07 Mar 2012 05:51:51 GMT

You get a point for every dollar spent, and a bonus point for any associated packs.

For example, let's say you have the Eco and Restaurant Packs. You dine at "We Make Everything Organic" restaurant and spend $75.00 on a Tofu burger. You get 75 points for the dollars spent. 75 bonus points for the restaurant pack. And, 75 points for the Eco pack.

The 150 bonus points will post immediately, while the $75 for the meal will post after the bill's closing date.

If you redeem for gift cards, it'll be 10,000 MR points for a $100 gift card.

Re: Amex Zync Points vs Rewards?

Anonymous — Wed, 07 Mar 2012 05:54:47 GMT

Generally, you get 1 point per dollar. Double points would be 2 points per dollar. Converting this to cash depends on how you redeem points. The highest ratio with express points comes from redeeming them for gift cards at a penny per point. Other redemption methods will generally be lower, like at Amazon.com the redemption rate is like 7/10 of penny per point. Redeeming with "pay with points" for travel is even less.

Re: Amex Zync Points vs Rewards?

bichonmom — Wed, 07 Mar 2012 06:02:02 GMT

Okay, so I had the points part right. I guess the confusion comes with the redeeming part. You have to *want* what they're offering, and if you want cash back (which is really what I want), then you get less than the 1 or 2%.

Is there somewhere on Amex's site (or does someone know) the minimum number of point you have to have to redeem them?

Also, where does it show you what is available for the points? I've searched high and low and can't seem to find that either.

Thanks!

Re: Amex Zync Points vs Rewards?

Anonymous — Wed, 07 Mar 2012 06:08:30 GMT

The only time I saw something about redeeming points for a blanket statement credit was that it had to be done in increments of 20,000 points for $100. But, I haven't looked into that option much. I know you can use points to pay for certain types of charges, but the ratio isn't that great, I *think* it is about 6/10 a penny per point.

Re: Amex Zync Points vs Rewards?

improvingmycredit — Wed, 07 Mar 2012 06:23:23 GMT

@bichonmom wrote:
Okay, so I had the points part right. I guess the confusion comes with the redeeming part. You have to *want* what they're offering, and if you want cash back (which is really what I want), then you get less than the 1 or 2%.

Is there somewhere on Amex's site (or does someone know) the minimum number of point you have to have to redeem them?

Also, where does it show you what is available for the points? I've searched high and low and can't seem to find that either.

Thanks!

Hello Bich! First, make sure you have enrolled in the Amex Membership Rewards. You will not start earning rewards till you enroll.

Once you have enrolled, you will see to the right of your account information on the main page a box labeled: "Rewards"

Under this tab, all your MR or MRE points available will be listed.

You won't have anything available till you first statement cut but you can look at your pending points by following the "Rewards" link.

Maybe someone here can post a screen shot for you.

Re: Amex Zync Points vs Rewards?

bichonmom — Wed, 07 Mar 2012 06:45:35 GMT

Thanks! I just checked and I do have the Membership Rewards and Costco Cash Back listed. So, there is one for each card.I clicked on a link in that section and found a page with info about redeeming points.

Okay, I think I figured it out. It's not great. Frankly, I think I'm still going to do most of my spending on Navy.

Here's what I figured:

Spend $5k on Navy = $50 cash back. Plus, you can redeem anytime. You don't need to wait until you've spent $5000! (They may have a min of $10 or something, but I spend over $1k a month on the card, so that wouldn't affect me.)

Spend $5k on Amex = 5000 pts = $25 Amex gift card.

Even with 2x points, Spend $5k on Amex = 10,000 pts = $50 Amex gift card. So, then it's even with Navy's rewards.

I guess if I wanted the other rewards, it might be better. I haven't looked at what they have and compared the value. For me, I just really wanted the cash back. It kind of defeats the point of rewards if I'm "spending" the points on something I wasn't going to get anyway. I realize that's not true for everyone. That's just my take on it.

Another example, the B&N gift card is $50 for 5000 points, so in that case, it might be worth it. I guess I just need to decide what I would want to spend the points on and decide if it's worth it for me.

Thanks for the help. Now at least I understand how they work, so I can decide how I want to use the card.

Re: Amex Zync Points vs Rewards?

Open123 — Wed, 07 Mar 2012 06:53:00 GMT

If cashback is your choice, the MR cards are not a good option.

Chase UR rewards allow you to redeem cash at the same level, but not Amex. For Amex, any statement credits, cash gift cards, or spending points on travel will be very underwhelming.

For your MR Express points (unless you were upgrading them to full MR for travel in the future), I'd wait at least until I have 2500 and redeem a $25 gift card of your choice.

Re: Amex Zync Points vs Rewards?

bichonmom — Wed, 07 Mar 2012 06:56:50 GMT

Yeah, I think that's what I'm going to do. I'll use the card a little bit, but Navy is still my main card. If I spend $200 a month with 2x pts, then in a year, I'd have enough for a $50 gift card to B&N. I kind of regret getting the Zync now, except that it's still worth it for the backdating alone.

Re: Amex Zync Points vs Rewards?

Open123 — Wed, 07 Mar 2012 07:02:45 GMT

@bichonmom wrote:
Yeah, I think that's what I'm going to do. I'll use the card a little bit, but Navy is still my main card. If I spend $200 a month with 2x pts, then in a year, I'd have enough for a $50 gift card to B&N. I kind of regret getting the Zync now, except that it's still worth it for the backdating alone.

From Amex, I think the Blue Cash cards will suit your needs better. Have you applied for them? If not, you can use the Zync as a stepping stone, and close it when next year's fees are due.

By the way, they didn't have the 10k sign up offer when you app'ed? You should see them post almost immediately.

Re: Amex Zync Points vs Rewards?

bichonmom — Wed, 07 Mar 2012 07:06:34 GMT

No. No 10,000 pts. Someone here mentioned that when I was approved, but it appears they stopped that promo before I apped.

I was looking at the BCE, but felt that I should stop at 2 for the day, and I really wanted the Costco card. Maybe around Christmas, I'll look at apping. I want to have a long enough history with them before I add a third card.

Re: Amex Zync Points vs Rewards?

Open123 — Wed, 07 Mar 2012 07:10:11 GMT

@bichonmom wrote:
No. No 10,000 pts. Someone here mentioned that when I was approved, but it appears they stopped that promo before I apped.

I was looking at the BCE, but felt that I should stop at 2 for the day, and I really wanted the Costco card. Maybe around Christmas, I'll look at apping. I want to have a long enough history with them before I add a third card.

Sorry that you missed the 10k promo. It would certainly have made the Zync a better deal for you.

Yes, 2 in a day is enough! The Costco is a nice card. 2% dining, and 3% on gas.

Re: Amex Zync Points vs Rewards?

Anonymous — Wed, 07 Mar 2012 16:11:21 GMT

I always thought Zync is .005 per point where MR and MRF are .01 and .015 respectively.

Re: Amex Zync Points vs Rewards?

Open123 — Wed, 07 Mar 2012 16:25:05 GMT

@Anonymous wrote:
I always thought Zync is .005 per point where MR and MRF are .01 and .015 respectively.

On vendor gift cards? They're at all the same conversion.

For Amex gift cards, then it might be higher on MR or MR First. Regardless, I would never convert to anything for less than 1 cent per dollar, unless it's the last few miles/points I needed for a ticket or hotel stay.

Re: Amex Zync Points vs Rewards?

Anonymous — Wed, 07 Mar 2012 16:34:26 GMT

No, on actual value. I have to find the link to the site that explained it. Im thinking airfare but that cant be right as zync cant transfer.

Re: Amex Zync Points vs Rewards?

JustMe77 — Wed, 07 Mar 2012 19:54:32 GMT

Yeah, it's not a great cash back card. (Chase Freedom, on the other hand, is awesome. Statement credits get full value and are almost immediate).

Their gift card selection is limited. I use my Zync points for gifts for other people. There are some nice gift card options (Barnes & Noble, Home Depot, FTD), but it's nothing to write home about. The only reason to get a Zync imo is to get in with Amex. I was surprised you applied for it and the Costco card. If I had the Costco card, I would kiss Zync goodbye.

Re: Amex Zync Points vs Rewards?

bichonmom — Thu, 08 Mar 2012 00:43:16 GMT

@JustMe77 wrote:
Yeah, it's not a great cash back card. (Chase Freedom, on the other hand, is awesome. Statement credits get full value and are almost immediate).

Their gift card selection is limited. I use my Zync points for gifts for other people. There are some nice gift card options (Barnes & Noble, Home Depot, FTD), but it's nothing to write home about. The only reason to get a Zync imo is to get in with Amex. I was surprised you applied for it and the Costco card. If I had the Costco card, I would kiss Zync goodbye.

ITA about the rewards. I had thought that the points would covert to $cash back.

Well, I wasn't sure I'd be approved for either. I had apped for Costco 1 1/2 yrs ago and was denied. And since I learned here that you can't app for any new Amex CCs for 30 days after a denial, my logic was that if I weren't approved for the Costco card, at least I (hopefully) would have the Zync as a foot in the door. If I had known 100% I'd get Coscto, I probably would not have apped for the Zync. But with the backdating, the extra account is going to help my AAoA anyway.