topic Re: Maybe closing my Amex Zync/Gold PRG - Overrated in Credit Cards

Maybe closing my Amex Zync/Gold PRG - Overrated

Anonymous — Fri, 27 Jul 2012 02:17:11 GMT

So I got a Zync in March then earlier this month I got a Gold PRG card from Amex. Both instant approvals.

After using both cards pretty well within my means and for everything, I have a feeling Amex charge cards are just not right for me.

Anyone else feel this way? I am thinking of closing my Zync card.

I just don't see the benefits of the Amex charge card over my Chase cards. Is it a waste to only have my Zync open for a few months and having wasted a hard pull already?

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

Viper786 — Fri, 27 Jul 2012 02:25:40 GMT

I personally never use my Amex. I applied for it last year just to get in with Amex. I applied with a 650ish credit score and got an instant NPSL approval. I've used it a few times here and there, but I haven't used it in at least 4 or 5 months now. I am considering closing it down before my next AF hits in April.

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

webhopper — Fri, 27 Jul 2012 02:29:28 GMT

I use mine and I think it fits my needs but agreed its not for everyone

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

Anonymous — Fri, 27 Jul 2012 02:45:58 GMT

I too opened mine to get in with Amex. As far as using a charge card over regular credit cards, I use mine for everything I use my debit card for since its sort of equal in a way, I have to pay if off each month. So I'm able to rack up points, and still build a relationship with Amex.

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

Revelate — Fri, 27 Jul 2012 02:55:44 GMT

Until reently you could get a Zync before you could get any Chase card, or any similar rewards package equivalent to the Zync for most things, NFCU nRewards not withstanding.

Now that the Freedom's underwriting has changed, and even BOFA's secured product now with formerly prime rewards, Zync has lost a lot of it's market position in my opinion. I'll still apply for one come December just to establish my membership date (on the assumption I get approved); however, it's just not going to be a big deal either way at this point. Odds are I'll get a Freedom at the same time, so the Zync probably won't do much for me except for some bills and the connect pack.

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

Anonymous — Fri, 27 Jul 2012 02:56:42 GMT

@Anonymous wrote:
I just don't see the benefits of the Amex charge card over my Chase cards. Is it a waste to only have my Zync open for a few months and having wasted a hard pull already?

Even if you close the account, it will continue to age and benefit your AAOA for another 10 years. I don't know what Amex's policy is on PC, but you may want to inquire about getting a PC to a revolver like the BCE if you don't want to simply close the account outright. I too wanted to get in with Amex and that's why I recently apped for the BCE. As long as you PIF every month anyway, it shouldn't really make a difference whether you're using a charge card or a credit card. And it's always good to have cards without an annual fee.

Besides, if you can get a Visa Signature card, you can treat it like a NPSL charge card anyway.

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

Anonymous — Fri, 27 Jul 2012 02:59:52 GMT

Also I think what makes the Zync lag quite significantly against it's competitors is the fact that the MRe points are worth a fraction of what true MR points are.

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

Cdnewmanpac — Fri, 27 Jul 2012 03:01:32 GMT

First, why not keep the cards for a year and close when AF is due. Second, do you ever make purchase greater than 3k? Can't do that with your other cards. To me, the prg only makes sense if you have bonus category expenses of several thousand a month. Once you hit year 2 of the card, you need to 17500 points through spending just to break even. What were you hoping to get from prg that you weren't getting from zync?

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

Revelate — Fri, 27 Jul 2012 03:02:24 GMT

@Anonymous wrote:
Also I think what makes the Zync lag quite significantly against it's competitors is the fact that the MRe points are worth a fraction of what true MR points are.

Depends on your use case, for gift cards (my usual one presumably) they're equilvanet to MR. Also in the OP's case, he can link the Zync to his gold anyway so all his MRE -> MR. Non issue in that case.

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

Viper786 — Fri, 27 Jul 2012 03:06:35 GMT

From what i've read, you can't PC from a Zync to a revolver. Not 100% sure on this.

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

Cdnewmanpac — Fri, 27 Jul 2012 03:07:26 GMT

@Anonymous wrote:
Also I think what makes the Zync lag quite significantly against it's competitors is the fact that the MRe points are worth a fraction of what true MR points are.

Please clarify. Just turned 20k points into a $200 rei gift card. 90 percent of my points were 2 for dollar spent, meaning I got almost 2cents/dollar spent. Again, it isn't a travel card. So for non-travelers, where is the extra value in mr that offsets the higher AF?

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

Anonymous — Fri, 27 Jul 2012 03:08:52 GMT

@Viper786 wrote:
From what i've read, you can't PC from a Zync to a revolver. Not 100% sure on this.

That is correct.

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

AF_23 — Fri, 27 Jul 2012 03:10:37 GMT

I havent really used my Zync much either. Pretty card though

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

jamesdwi — Fri, 27 Jul 2012 03:27:31 GMT

@Anonymous wrote:
So I got a Zync in March then earlier this month I got a Gold PRG card from Amex. Both instant approvals.
After using both cards pretty well within my means and for everything, I have a feeling Amex charge cards are just not right for me.

Anyone else feel this way? I am thinking of closing my Zync card.

I just don't see the benefits of the Amex charge card over my Chase cards. Is it a waste to only have my Zync open for a few months and having wasted a hard pull already?

i love my Zync card with packs you can get 2% rewards for a small fee, the connect pack is going to net me $75 over and above the AF's. more than with my other cards.

The NPSL cards grow with you if you have the income neccessary or at least a history with AMEX, My Zync card has an internal limit of over 4k last time I checked via spending check.

The UTL on the NPSL card isn't counted in your fico score and allows you to keep the money in your account earning interest yet you know that you have to pay it when the statement cuts keeping you from getting in trouble.

Getting your foot in the door with a prime creditor is priceless. After showing proper use of your charge cards you stand a good chance of getting a revolver that grows with you possible 3x CLI after 60 days and another 6 months later. Its pretty rare for other prime cards to be as nice.

Backdating rocks as well if you time it properly, Got my AMEX blue in December 2011, waiting a month got the Zync in January 2012, but back dated to 1/11 instant 1 year of credit history.

I will get 2 years of backdating when I apply for the Gold PRG in January 2013 ( will be back dated to January 2011)

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

Anonymous — Fri, 27 Jul 2012 04:16:25 GMT

Thanks for the insight guys.

I would never use my Amex card whether its the Zync or Gold PRG for a $3000 purchase. I am afraid of the stress and effort needed for a FR. I don't even own a fax machine...

I think I will close my Barclays, Southwest, Zync, and Gold PRG as the annual fee comes around again. I find the Freedom card PRICELESS and so useful. I will aim for the CSP once I can get my freedom card over $5000 as a limit.

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

trumpet-205 — Fri, 27 Jul 2012 04:22:13 GMT

Same here.

I originally opened ZYNC because I want to established history with AMEX (after 12 months AMEX denied me for BCE citing high internal risk score). I find that nothing stands out for ZYNC, and I closed it just before second AF.

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

CK_Charles_Lover — Fri, 27 Jul 2012 04:25:00 GMT

LOL, @Chris2K5 "I don't even own a fax machine".

I love the amex charge cards, I use mine instead of Debit. Before I got mine my bank statement would be like 20 pages (honestly it would come in an 8x10 envelope). Now its 1 page. Plus I get ALL THOSE POINTS. I will be going to Europe for free for just swiping a card and paying no interest and no fee. I do agree its probably not for everyone. I'm just one of those people that is obsessed with points and coupons and getting upgrades, it consumes a lot of time to get the best deals, my SO is the total opposite "give me what I want and charge me whatever" so I know it varies per person. You also can get rid of your Gold PR card before the 2nd year since there is no fee the first year and you got the sign up 25000 MR points hopefully, so its a win, win!

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

Eschaton — Fri, 27 Jul 2012 04:54:06 GMT

Yeah, I hardly use my Zync eitehr. But it's only $25 which I think it's reasonable. I still charge $200 to $300 a month on it, but the Freedom is so much stronger with the 10-10, in my opinion.

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

Smug — Fri, 27 Jul 2012 09:19:00 GMT

I just closed my Zync this week, I really don't use it much at all, I am sticking with my lower APR cards at the moment.

Re: Maybe closing my Amex Zync/Gold PRG - Overrated

Repo-ed — Fri, 27 Jul 2012 10:37:38 GMT

lol @ "FR"

I use my Zync for %100 of my purchases.