topic Credit/Savings Relationship w/AMEX in Credit Cards

Credit/Savings Relationship w/AMEX

Anonymous — Thu, 14 Mar 2013 14:20:17 GMT

I have been looking at Online Savings Accounts as a means of easily dividing my saving money into multiple funds, Emergency Fund, Mortgage Down Payment, Fun Money, Vacation etc. With rates at around .85% I figure this is a much better way of doing it then putting everything into one Savings account with Chase at .05% or whatever it happens to be. I have narrowed it down to either Ally or AMEX, my question is this.

Does anyone know if AMEX takes into consideration Personal Savings Accounts that are held with American Express Bank when being looked at for Credit Line Increases? I already have a BCE so I am not worried about getting my foot in the door, but if I can use this as another method of building a relationship with AMEX then all the better. Plus everything is easily accesible from my normal AMEX log in.

Anyone have experience with this or other online Savings Accounts in general?

Re: Credit/Savings Relationship w/AMEX

Anonymous — Thu, 14 Mar 2013 14:23:16 GMT

AMEX has a bank? I've never heard of/seen any branch locations, but then again I haven't been in every state yet, either

Re: Credit/Savings Relationship w/AMEX

Repo-ed — Thu, 14 Mar 2013 14:24:24 GMT

I have my EF set-up w/ amex BEFORE I sent them GW to remove derog.

I believe the savings account MAY have helped me secure my first card (after they closed my initial card (Delta Gold) back in 2008)) the Zync NPSL

Re: Credit/Savings Relationship w/AMEX

Repo-ed — Thu, 14 Mar 2013 14:24:45 GMT

I have CDs set-up via Ally though, as well...

Re: Credit/Savings Relationship w/AMEX

Open123 — Thu, 14 Mar 2013 14:25:52 GMT

It doesn't help with approvals, but it's part of the "assets known to us" used to consider CLs and approving charges. So, the answer is it won't help to get approved with the card, but certainly will for future CL and spending ability.

Re: Credit/Savings Relationship w/AMEX

Anonymous — Thu, 14 Mar 2013 14:26:17 GMT

If what I read was correct, they have one branch They are mostly online

Re: Credit/Savings Relationship w/AMEX

Anonymous — Thu, 14 Mar 2013 14:28:00 GMT

@Repo-ed wrote:
I have CDs set-up via Ally though, as well...

Repo-ed, what do you think of AMEX Bank in comparisson to Ally regarding customer service and ease of use?

Re: Credit/Savings Relationship w/AMEX

Open123 — Thu, 14 Mar 2013 14:30:22 GMT

Their rate isn't the best, but if you think you'll need to or plan to spend "more" than your income on Amex, it may be worthwhile given how narrow the spread is on current short term rates.

Re: Credit/Savings Relationship w/AMEX

SisterGirl — Thu, 14 Mar 2013 14:36:57 GMT

A few years back, I had a online checking account with AMEX when they first got into the banking game. I closed it a couple of years later because it really lacked in many ways (no ATM card, local branch - thought perhaps they would like when C1 did) & stayed with the savings account. I really enjoy having it with no minimum & no monthly fees, but I can't honestly say that it's offered any benefit to my charge card.

SisterGirl

Re: Credit/Savings Relationship w/AMEX

Anonymous — Thu, 14 Mar 2013 16:21:10 GMT

I have an Amex revolver and savings account and there doesn't seem to be a lot of crosstalk. Separate websites, separate customer service, and no one on the credit end has ever brought it up.

Re: Credit/Savings Relationship w/AMEX

youngandcreditwrthy — Thu, 14 Mar 2013 16:43:27 GMT

+1@bluedog
Amex Personal Savings offers one of the highest rates Ive seen on savings w no min balance!

Ironically, my balance on my BCE is lower than my balance in my Amex Personal Savings acct haha!
I hope they can see that and take note ;-)

Re: Credit/Savings Relationship w/AMEX

Anonymous — Thu, 14 Mar 2013 16:57:51 GMT

I have had an AMEX personal savings for 2 years that I make monthly contributions to. I recently got a BCE card with a CL 5x my oldest and previous high CL card (15k BCE compared to 3k card US Bank Flexperks Cash Rewards, four years old). My income hasnt changed much since the US Bank card was issued. Do I think my savings account helped? Yes.

Re: Credit/Savings Relationship w/AMEX

7PM789 — Thu, 14 Mar 2013 17:40:06 GMT

When I activated my B.C.E. I asked the csr if I would be able to use a routing number to direct deposit the cashback in to the savings account and he didn't even know Amex offered them. . . The computer might take it in to consideration if you go through one of the automated systems but I don't think the csr can.

Re: Credit/Savings Relationship w/AMEX

Anonymous — Fri, 15 Mar 2013 13:42:44 GMT

To add an extra data point to this now, I called an opened an account with AMEX Personal Savings Bank last night. I spoke with Terry who was very nice and answered all my questions, a little disappointed by some of the answers but here they are.

Me: "As I am an AMEX Cardholder, would opening an AMEX Savings Account be looked upon favorably when being considered for Credit Line Increases on my AMEX BCE?"

Terry: "While we are the AMEX Bank division, I cannot speak as to whether or not AMEX Card division looks at open accounts with us when considering CLIs. We are both apart of the AMEX family, but we are seperate entities."

Based off that I dont know if AMEX Cards would even be aware of my account. I dont see my Chase/USAA Savings accounts on my credit report.

Also a little dissapointed that I cant log into both my Credit and Savings account from the same website. I was able to get the same username but it seems to drive the nail into the coffin for the question of do the two departments work together...

Overall still pretty happy with the experience, I can create as many individual savings accounts as I want to easily divide up my longterm savings into Emergency Fund, Big Purchase Fund, Vacation fund etc, and I am getting .85% interest instead of .05%.

Re: Credit/Savings Relationship w/AMEX

ACsteel — Fri, 15 Mar 2013 14:01:46 GMT

Hi nolongeraneqaddict,

I would suggest you invest your money in something better than a savings account anywhere as the rates are just garbage. Keep your checkings and invest in a conservative mutual fund/stock options/bonds that will garner garner you 4 - 7%. Places like Fidelity have many options for people who want to put their money away and actually see some descent returns.

Re: Credit/Savings Relationship w/AMEX

Anonymous — Fri, 15 Mar 2013 14:10:04 GMT

@angelnyc wrote:
Hi nolongeraneqaddict,

I would suggest you invest your money in something better than a savings account anywhere as the rates are just garbage. Keep your checkings and invest in a conservative mutual fund/stock options/bonds that will garner garner you 4 - 7%. Places like Fidelity have many options for people who want to put their money away and actually see some descent returns.

Angelnyc, thanks for looking out for me! I do invest in other options. I dont consider a Savings Account at .85% an investment to be honest. An investment should beat inflation in my mind, otherwise its just a loss. The purpose of these accounts are just to stow money away for emergencies and to get some interest. Holding a 10k emergency account and an account to put a little money aside each month to save up for large purchases (the girlfriend keeps bugging me about a ring )

I am investing 17% of my paycheck each week into a fund, last year managed a return of about 14%. Thanks for making sure im not wasting my money though.

Re: Credit/Savings Relationship w/AMEX

cashnocredit — Fri, 15 Mar 2013 14:19:28 GMT

@Open123 wrote:
It doesn't help with approvals, but it's part of the "assets known to us" used to consider CLs and approving charges. So, the answer is it won't help to get approved with the card, but certainly will for future CL and spending ability.

This is completely consistent with my experience.

I apped for a preapproved Amex gold 2 years ago with 2 years CC history but a couple baddies and was instantly declined. At the time I had 6 figures in their online savings for a year. However, after my credit report baddies had dropped off and I had 3 years of solid CC history I was instantly approved for the Plat. I have also made very high charges on it quite possibly because of the savings acct.

So Amex savings may be good for CLs but not useful for initial approvals.

Re: Credit/Savings Relationship w/AMEX

Open123 — Fri, 15 Mar 2013 14:19:02 GMT

@angelnyc wrote:
Hi nolongeraneqaddict,

I would suggest you invest your money in something better than a savings account anywhere as the rates are just garbage. Keep your checkings and invest in a conservative mutual fund/stock options/bonds that will garner garner you 4 - 7%. Places like Fidelity have many options for people who want to put their money away and actually see some descent returns.

Great advice!

One of the tenets for building a nest egg is to have as little money a bank account as possible, and to make sure you *never* get a refund on your taxes.

Re: Credit/Savings Relationship w/AMEX

Burned2manybridgesB4 — Fri, 15 Mar 2013 14:47:01 GMT

I'm going to take this to the bottom of the barrel for Amex banking....

Serve, and Bluebird....

Influences toward card acivity as well?

Re: Credit/Savings Relationship w/AMEX

Open123 — Fri, 15 Mar 2013 14:51:17 GMT

@Burned2manybridgesB4 wrote:
I'm going to take this to the bottom of the barrel for Amex banking....
Serve, and Bluebird....
Influences toward card acivity as well?

LOL...Sorry, the way you put it cracked me up.

I use Serve and the prepaid Amex (the original), and haven't noticed any influence, one way or the other. The one time I used an Amex to load serve, it triggered a fraud alert requiring a telephone call to sort it out.