AMEX Prepaid to Convert Charge Card

[ccb2115]

I'm sure it is factored in somehow. If you are re-loading money on the card each month and using it for everyday purchases, that's a pretty good indicator of your ability to handle a charge card and will probably help determine the invisible spending limit they will put on it. Notice how they say that it helps with getting their charge cards, not their credit cards.

[drkaje]

Maybe they're going subprime.

[pizzadude]

I'm sure they will soft pull your reports like crazy before they extend an invitation as well....

[ccb2115]

Oh, of course. I'm sure people with the card are no better off than people without it after they do a HP. Maybe if you are denied for charge card but have excellent spending habits with their prepaid card, you can use it as part of your argument during a Recon. Who knows!?

I just need a card to use outside of my debit card to manage my spending. So if this also helps with that AND possibly helps with getting a charge card later on down the road, (which i'm sure other prepaid cards don't) then i'm definitely on board. 

[SoulMaster]

I went digging on their site and found a bit more info:

What is Make Your MoveSM and How Does it Work?

• What is Make Your Move?

  Your American Express® Prepaid Card can help you build a history with American Express through Make Your Move. All you need to do is load and use your Prepaid Card regularly and you may be invited to apply for an American Express Charge Card.

• How does Make Your Move work?

  You are automatically enrolled in this benefit if you have an American Express Prepaid Card. Simply load and use your Prepaid Card regularly and if you are eligible, we will reach out to you by e-mail to invite you to apply for a Charge Card. We require a minimum of six months to evaluate your eligibility before we would invite you to apply for the Charge Card. Please note, there is no guarantee that you will be invited to apply for a Charge Card.

• Does Make Your Move impact my credit score?

  Using the American Express Prepaid Card does not impact your credit score. With Make Your Move, you will be building a history with American Express, but no information will be passed to the credit bureaus and your credit score will not be impacted. Make Your Move and using your Prepaid Card will not re-build or affect a poor credit history. However, if you apply for an American Express Charge Card, American Express will check your credit history with the credit bureaus as part of the application process. Please note, an application for the Charge Card does not guarantee approval.

• Do you have any tips to help me be selected to apply for an American Express Charge Card?

  There are a few tips that we recommend: Use your Prepaid Card for your everyday purchases, such as gas and groceries and recurring bills, such as your mobile phone. Use our e-mail and text alerts to keep track of your balance and reload the card regularly when the balance is low. Load the card with your bank account or with cash.

• How will I know if I was selected to apply for an American Express Charge Card?

  American Express will proactively reach out to you with an e-mail and invite you to apply for a Charge Card. If you prefer not to be contacted in connection with this program you can opt-out of email marketing solicitations by calling 1-800-722-8614.

• What is a Charge Card?

  A Charge Card is a pay-in-full product that encourages positive financial behaviors by requiring the balance to be paid in full at the end of the month. A Charge Card also comes with many American Express benefits, protections, and services. Using a Charge Card responsibly can help build your credit.

All of that came from the "learn more" link on the main screen. (The link is ridiculously long, or I'd post it here)

-SM

[ccb2115]

Good info! Thanks for that. I guess maybe all it means is that you're more likely to get "pre-approved". I wonder if it will factor into their decision. It doesn't explicitly say that. 

[SoulMaster]

I don't know about that... it pretty specifically states "Please note, an application for the Charge Card does not guarantee approval."

This could just be a marketing ploy... "Suuuuuurrree...  We'll send you an application after 6 months..."

Lol!

-SM

[Revelate]

Sigh.  Charge card aimed at subprime that doesn't report to the bureaus.

Maybe if they backdate to this card (no guaruntee of that), then perhaps it makes sense to run something through it... but if it's not helping us rebuild credit in any shape, form, or fashion by it's use either now or in the future, no thanks.  A Zync is likely to become more obtainable as time goes on for all of us who are rebuilding, and I suspect Amex will start lowering their credit requirements anyway on their low-end charge cards.

[Anonymous]

I'm not sure of all the particulars...but I applied for a Zync in January of 2011 and was denied, I got the prepaid card as soon as they were offered and then haphazardly applied for a Plat to get my FICO score in July. They approved me for the Platinum with a few ugly things on my EXP report.

So it may have been a case of wanting my $495 annual fee or it could be that I ran about $2500 through the prepaid card pretending I had an AMEX. Either way, I have one now...I'm sure if you're reports are totally nasty looking then it's a no go either way. I just thought it was interesting and may help some of you.

[Revelate]

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@Anonymous wrote:

I'm not sure of all the particulars...but I applied for a Zync in January of 2011 and was denied, I got the prepaid card as soon as they were offered and then haphazardly applied for a Plat to get my FICO score in July. They approved me for the Platinum with a few ugly things on my EXP report.

So it may have been a case of wanting my $495 annual fee or it could be that I ran about $2500 through the prepaid card pretending I had an AMEX. Either way, I have one now...I'm sure if you're reports are totally nasty looking then it's a no go either way. I just thought it was interesting and may help some of you.

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So on your shiny Amex platium, what's your original date on the account: pre-paid card opening, or 7/11?