How Does Amex Zync Work

[FitNutrix]

I'm thinking about applying and i heard its a charge card!! so how does that work i am use to C1 credit card and using it PIF each month and having it report to CB.  But how does that get reported to CB and how does it help increase CS?? PLEASE HELP!

[Repo-ed]

www.whogavemecredit.com

[Repo-ed]

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@1Health wrote:

I'm thinking about applying and i heard its a charge card!! so how does that work i am use to C1 credit card and using it PIF each month and having it report to CB.  But how does that get reported to CB and how does it help increase CS?? PLEASE HELP!

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A charge card is much easier to get than a revolver.  You will only be able to charge what you can afford to pay-in-full each month. It is reported to the CRAs each month just like any CC, but provided you get approved with NPSL, then your balance will not be calculated in with your util%.

[FitNutrix]

Sorry what is NPSL? 

[Repo-ed]

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@1Health wrote:

Sorry what is NPSL? 

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No Preset Spending Limit

[laboi_22]

Couple of points about charge cards:

1) Some users on this forum have reported that once denied initially, AMEX counter-offered and placed a $500 spending limit on the Zync card. (This would only occur with the Zync card). If you get approved with out counter-offer, you will get what is called a NPSL. No preset spending limit does not mean unlimited spending. It just means that your spending power adjusts with your use of the card. So you would use the card for general purchases and pay in full each month. There is a check you spending limit function on your online account so that you can know if a charge will be approved or not. All charges are approved with the card on a case by case basis.

2) Charge cards are easier to obtain than credit cards provided by AMEX, but they are still harder than most credit cards out there because AMEX can be very picky.

3) You will have an annual fee on the Zync. The basic fee is $25 for the year.

4) The charge card should take the place of your debit card. A charge card comes with all sorts of fraud protection, purchase protection, and is generally considered much safer to use than a debit card which is directly connected to your bank account.

5) The charge card will not report a limit to your credit reporting agencies. Which means that any balance posted once the statement cuts will not count towards your utility. Which means you don't have to worry about paying before the statement cuts. You can pay after and it won't affect your credit score. This helps me considerably.

Good luck and let us know if you have any more questions!

[FitNutrix]

Hey i was denied for the Card today what steps should i take now to get approved?? Today

And what do you mean by counter offer please expalin?? 

[laboi_22]

AMEX is tough. If you were declined and did not receive a counter offer for the spending limit Zync card of $250 or $500 with autopay then you did not qualify for even the counter offer which means you will not be getting a Zync at this time. Look at the reasons they declined you and fix those problems. AMEX does not reconsider after declination so you will not be approved at this time. You will have to reapply later on. It makes not sense though the reapply until you've corrected the issues in the denial letter. Good luck.

[Anonymous]

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@1Health wrote:

Hey i was denied for the Card today what steps should i take now to get approved?? Today

And what do you mean by counter offer please expalin?? 

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Given your scores, it is no surprise.  Can you tell us a little more about your credit file?  You aren't that far away score wise.

[FitNutrix]

Hey @Crashem I'm new to this so i don't know how you do teh "1heath wrote" margin box thingy but i should have known i was going to get denied i was being stupid and not being patient.  I was looking around at the forms and seeing everybody sying get the zync with little credit history..

But anyway my file is those scores and no credit history except installment loans.

Approved for C1 card last month so it hasn't reported yet.

And i also have Tons of old inquries that will be dropping off of my account this 2013. 

HP #'s EQ #5 TU #19 EX #2 (When i applied) and only C1 was recent in 2012 all rest 2011

So can i have any advice on when to apply exactly for this card so i can get my foot in the door with them early? Should i get there Pre Paid card?

Like what should my score be? my credit history length? and # of Inquries?

Thanks i should have never applied