AMEX Pre-paid card...will it help?

[Anonymous]

I think that any kind of relationship with them helps build a future relationship with the credit or charge card department. I've had a Personal Savings account with them for since jan 10 and was recently approved for a plat card after previously being declined.

So yes, as their rep said open some accounts with them and work on the other stuff others have mentioned. 

[Anonymous]

@jmzd is there a min balance you need to keep in that savings or a reg amount you would deposit in your experience? I have 2  savings accounts and don't need another but wouldnt mind shelling $100 into a bank account and leaving it be while I work my credit to a good enough score for them.

[steve23111]

I know this thread is a few months old but I just came across something interesting on the AMEX Prepaid web site that I thought y'all might be interested in.  Take a look at the FAQ section on the AMEX Prepaid web site (here)and scroll all the way down to the section talking about "Make Your Move."  I have never noticed this section before and can't find any record of it ever being discussed on this board.

Apparently when you have their Prepaid card, they are now monitoring your usage and will proactively reach out to responsible card holders with an offer to apply for a charge card product after six months (I would assume it would be a Zync, but that's just a hunch).  They do emphasize that the credit report is still taken into consideration at the time of the application for the charge product (IOW, hard pull) and that the prepaid card still does not report anything to the bureaus.

It does look like this prepaid card is now a useful tool in establishing a relationship with AMEX with a limited credit history.

[-Cain-]

Good eye steve23111! I do believe that is new, as I had looked through the FAQs myself previously for that type of info and couldn't find it. It appears the prepaid care will be a useful tool for some.

[LS2982]

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@Red1Blue wrote:

What is the reason they gave you for decline? You might want to look into clearing the issues on your CR and then go for Zync again. It is the most easy to get card.

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+1

[LS2982]

I'd feel tainted carrying this card around. Like im not wanted by AMEX so here take these scraps. No thank you, I'll improve my credit on my own and get my AMEX like every cardmember has by the strength of my creditworthiness.

[PetRaccoon]

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@LS2982 wrote:

I'd feel tainted carrying this card around. Like im not wanted by AMEX so here take these scraps. No thank you, I'll improve my credit on my own and get my AMEX like every cardmember has by the strength of my creditworthiness.

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Some may not have a choice, and some may be starting out and thier parents want to teach them responsibility.  Myself I had a debit card since I was 14, learning about budgeting and making sure I had enough money before swping that precious plastic card.

[LS2982]

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@PetRaccoon wrote:

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@LS2982 wrote:

I'd feel tainted carrying this card around. Like im not wanted by AMEX so here take these scraps. No thank you, I'll improve my credit on my own and get my AMEX like every cardmember has by the strength of my creditworthiness.

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Some may not have a choice, and some may be starting out and thier parents want to teach them responsibility.  Myself I had a debit card since I was 14, learning about budgeting and making sure I had enough money before swping that precious plastic card.

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I agree for the younger crowd it's a good idea. For someone older and trying to rebuild, it feels like a slap in the face handing that card to someone for payment. Man up, get where you got to be and earn your card.

[PetRaccoon]

The card itself looks pretty cool imo.. I wouldn't mind having that.

Clicky

[LS2982]

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@PetRaccoon wrote:

The card itself looks pretty cool imo.. I wouldn't mind having that.

Clicky

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Yea it does look nice, but that "prepaid" above the AMEX logo is enough for me to pass on it. Put it on the back in small letters at least let the cardholder have a sense of pride lmao.