Amex Oasis Optima Card or not

Anonymous · ‎05-12-2009

I got an offer for the Amex oasis Optima card. My question is should I pay my old balance of 1,000 and get the Optima with a $500 cL with no possibility of a credit limit increase. or should I pay the 1,000 and apply for another Amex card a few months down the line. If you have exp with this AMEX program please reply

Anonymous · ‎05-12-2009

$500 limit? Tha'ts like a Ferrari with a 2 cylinder engine.

No way, apply for something else.

Anonymous · ‎05-12-2009

@Anonymous wrote:
I got an offer for the Amex oasis Optima card. My question is should I pay my old balance of 1,000 and get the Optima with a $500 cL with no possibility of a credit limit increase. or should I pay the 1,000 and apply for another Amex card a few months down the line. If you have exp with this AMEX program please reply

This sounds to me like a pretty good deal.........for them ONLY. Just as the previous poster stated a Ferrari with a yugo engine...or something like that. Amex never ceases to amaze me.....coming up with these stupid gimmicks to get cash. $500 CL and all i have to do is pay off a $1,000....hummmmmm is that a good deal........NOT. Try something else my friend screw Amex and tell them to stop these gimmicks.

Anonymous · ‎05-12-2009

It really depends on how much you want to have an Amex card. This will be your one and only chance to get an Amex. If you want it, you pay the money and keep your Optima till this whole credit crisis is over (don't change from there at the moment).

Then again, there are enough alternatives to Amex cards available from other lenders. I don't even think Amex offers anything that good, except if you are a very heavy spender (at least a few tens of thousands per year).

Anonymous · ‎05-12-2009

I say do it, i am in the same boat i recently had amex blue go default after some troubles i had, i paid it off in full. Just got the optima card and 1/2 the previous credit limit aswell. Its a good program and a way to mend your relationship with amex and prove that your not a deadbeat credit user but that your financial troubles were legitimate and your ready and responsible for moving foward. I have had nothing but great relations with amex so far , and will continue to have an account with them. My real main reasons for accepting the oasis card were

1) regain my original membership date, optima card reports from member since date. The amex being my oldest account i was glad i was able to keep the years

2) Regain amex confidence in me as a customer and build a good standing relationship. I believe this will give me a bit of an advantage when i go to apply for another card, CLI, GW to remove the charged off Blue account, ext

3) Possible product change after the 12months. After a year i could possibly be back were i started with my amex blue with the nice CL i once had and rebuild my credit in the process.

4) already approved just send the attached app by mail and you'll get the card , no inquire

i think its a win win situation

If you decline the offer possible amex membership may be hard if not impossible. if the CL bugs you, think about it , you have already made up your mind to pay off the old balance, y not get something in return? i think you should still pay it and store the card charging minimal and PIF each month, simply b/c of the reasons mentioned.

manyquestions · ‎05-13-2009

After you pay your old charge-off, if your current FICO is above 700, then you could probably get a card (at least a green or gold charge card) without going through oasis optima. I know people who have done this.

It takes them one or two months to send you the special optima application after you pay the charge-off. So while you are waiting you can apply for whatever amex card you want, if you get turned down, then when the special optima app shows up, go ahead and fill it out and send it in. That is your path at that point because they won't give you anything else.

I recomend you do the following, after you pay if off, and you are waiting for the optima app anyway, wait a couple weeks for amex system to update with the paid charge off info (or it will be auto denial), then apply for the amex card you want, if you get denied for what you want, then find one of those apps for the gold or green charge card where you get the first year free. Apply for the green or gold charge card, if you get denied for that, they aren't going to give you anything so when the optima app shows up, go ahead and get the optima because you don't have any other options. If you do get approved for the charge card, then turn around and apply for whatever amex card you want a couple months later.

Keep in mind that you can not get the special optima card once you have obtained a different amex card. So if you do get an amex card your special optima app becomes void. Also, if you get the optima, they won't let you apply for any other cards because if you have a "recovery card" you can't have any other card. Likewise if you have any other card, you can't get a recovery card.

Anonymous · ‎05-13-2009

@manyquestions wrote:
After you pay your old charge-off, if your current FICO is above 700, then you could probably get a card (at least a green or gold charge card) without going through oasis optima. I know people who have done this.

This is a very risky move. I also know of people who have done this and got their new and shiny Amex closed immediately. That would be like paying the $1000 in the original example and getting nothing in return. One advantage of keeping the Optima at the moment is that you are pretty safe from getting your account closed if you show proper paying behavior, as this is part of the contract. With any different card, Amex has no obligation to keep you as customer after you paid your old debt.

Anonymous · ‎05-13-2009

@Anonymous wrote:
@manyquestions wrote:
After you pay your old charge-off, if your current FICO is above 700, then you could probably get a card (at least a green or gold charge card) without going through oasis optima. I know people who have done this.
This is a very risky move. I also know of people who have done this and got their new and shiny Amex closed immediately. That would be like paying the $1000 in the original example and getting nothing in return. One advantage of keeping the Optima at the moment is that you are pretty safe from getting your account closed if you show proper paying behavior, as this is part of the contract. With any different card, Amex has no obligation to keep you as customer after you paid your old debt.

AGREE.....A buddy of mine did the same thing, paid it...then recieved that shiny card two month's later with on time payments "cancelled". Amex got their money on an endaround bait and switch then cancelled the card. Yes the card owner owed the debt but this kinda gimmickry is b.s. why can't they just be straight up and say give us our money and we might let you keep a card for awhile. I respect that more then some despicable gimmick trying to hoodwink me into paying the debt. Their not even setting the limit at $1,000 they are docking $500 right off the top, why's that?

Message Edited by 74king on 05-13-2009 08:29 AM

Anonymous · ‎05-13-2009

@Anonymous wrote:
@Anonymous wrote:
@manyquestions wrote:
After you pay your old charge-off, if your current FICO is above 700, then you could probably get a card (at least a green or gold charge card) without going through oasis optima. I know people who have done this.
This is a very risky move. I also know of people who have done this and got their new and shiny Amex closed immediately. That would be like paying the $1000 in the original example and getting nothing in return. One advantage of keeping the Optima at the moment is that you are pretty safe from getting your account closed if you show proper paying behavior, as this is part of the contract. With any different card, Amex has no obligation to keep you as customer after you paid your old debt.
AGREE.....A buddy of mine did the same thing, paid it...then recieved that shiny card two month's later with on time payments "cancelled". Amex got their money on an endaround bait and switch then cancelled the card. Yes the card owner owed the debt but this kinda gimmickry is b.s. why can't they just be straight up and say give us our money and we might let you keep a card for awhile. I respect that more then some despicable gimmick trying to hoodwink me into paying the debt. Their not even setting the limit at $1,000 they are docking $500 right off the top, why's that?
Message Edited by 74king on 05-13-2009 08:29 AM

Well, with the Optima, you have a contract that entitles you to the card. That's why a product change to a different card is not a good idea if your credit is not spotless. If you product change, you give up the contract.

Underh20 · ‎05-13-2009

@Anonymous wrote:
@manyquestions wrote:
After you pay your old charge-off, if your current FICO is above 700, then you could probably get a card (at least a green or gold charge card) without going through oasis optima. I know people who have done this.
This is a very risky move. I also know of people who have done this and got their new and shiny Amex closed immediately. That would be like paying the $1000 in the original example and getting nothing in return. One advantage of keeping the Optima at the moment is that you are pretty safe from getting your account closed if you show proper paying behavior, as this is part of the contract. With any different card, Amex has no obligation to keep you as customer after you paid your old debt.

I was wondering ... why would anybody in their right mind want to go through AmEx's Oasis program? Many other consumer-friendly (relatively speaking) banks also offer AmEx without any of the crap you need to take from AmEx.

What is stopping AmEx from doing to their Oasis cardholders what they are already doing to their prime customers: slashing limits, closing accounts and demanding intrusive audits?

It doesn't seem logical to actually pay AmEx to abuse you.

Message Edited by Underh20 on 05-13-2009 03:24 PM