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Optima Card

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dacv01
Regular Contributor

Optima Card

Hi All, 

 

I just received a letter from American Express. Settle my balance to receive an Optima card application for a new card. I am considering this immediately, but wanted to do my research on this before I call. Are there any members who can offer advice/ guidance on this? What exactly is the Optima card? 




> 5 Inquiries, AAoC 4 years, AoOA 7 years, 11 months as of September 2021
Message 1 of 16
15 REPLIES 15
Anonymous
Not applicable

Re: Optima Card

I've read about this card a bit over at a different forum. This card is usually offered to those who were previous members with Amex who had balances and decided to pay - almost like a forgiveness card from Amex. From the reviews I've read, it seemed people who applied for this card were pleased. Hopefully, someone with hands on experience with the card could give you feedback. Good luck!

Message 2 of 16
Aim_High
Senior Contributor

Re: Optima Card

The American Express "OPTIMA" and "OPTIMA PLATINUM" cards were AMEX's very first revolving credit cards, introduced in 1987.  Before this point, they had only issued their charge cards like the Platinum, Gold, and Green cards which had to be fully repaid on a monthly basis. 

 

I used to have one a long time ago but they haven't been issued to new account holders in many years.   (*Edit: Based on other postings, I now see that AMEX apparently has recycled the old Optima card into an Offer-Only card program to reinstate cardholders after default or adverse action.  The original Optima cards from the 1980's and 1990's were just revolving cards available to the general public.) 

 

I don't believe they had an AF (for most account holders) but also offered no rewards.  There are postings from My Fico members about the card as recently as the past two years that show some cards are still in good standing.  If this is the same card, I'm a little surprised they are offering it to you unless this is a reinstatement of an older Optima account?   Did they quote you any terms - AF, APR, repayment terms, CL, rewards, etc? I don't know what the current "Optima" card program looks like, so it could be quite different from what I described above. 

 

AMEX_Optima.jpeg  AMEX_Optima_PLAT.gif

 

  


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Length of Credit > 40 years; Total Credit Limits >$850K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0
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Message 3 of 16
K-in-Boston
Credit Mentor

Re: Optima Card

Optima has been offered to those who have had previous bad relationships with American Express as a means to repair the relationship.  Most of the threads regarding the card will be located in the Rebuilding Your Credit section.  Here's one thread with a lot of information:

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/AMEX-Optima-Oasis/td-p/5158188

Message 4 of 16
blindambition
Senior Contributor

Re: Optima Card

This is Amex giving a legit 2nd chance. If you want a future with Amex, a good way to get foot in the door for good core cards. GL!!

Message 5 of 16
dacv01
Regular Contributor

Re: Optima Card

Yes, I found a poster from last year that did process. Here is what his looked like- also a picture of the card. I will be calling tomorrow to pay in full and have application sent. 

 

[Mod cut - Links to that website are not allowed on myFICO.  - KiB]




> 5 Inquiries, AAoC 4 years, AoOA 7 years, 11 months as of September 2021
Message 6 of 16
Anonymous
Not applicable

Re: Optima Card

I have some dats points to add --I burned AMEX for around $3k in 2009. I got the Optima Oasis offer in 2015 and it took me a bit to pay off my balance but, once I did, I got the Oasis card with a $900 SL. I treated it like gold until I rebuilt enough to not really need it.

 

There was always a rumor that AMEX wouldn't ever approve you for another card as long as you had the Oasis card still open but that's not true. I applied for the Blue Cash Everyday in the summer of 2017 and was instantly approved for $2,800. That card has been my grocery card ever since so I use it often. I just got the offer up upgrade it to the BCP and accepted that. I will say I have never gotten a CLI on it, despite multiple requests.

 

I actually just closed my Oasis card a few weeks ago. It has an upcoming annual fee and I just don't need the card any more. I've always wondered if the reason AMEX won't approve me for anything else or give me a CLI is because I still had the Oasis card open. I'll find out eventually when I try again. 

Congrats on the Optma Oasis offer!! It's awesome that AMEX does this and it's a legit way to get back in the door with them. Good Luck!!

Message 7 of 16
Anonymous
Not applicable

IRe: Optima Card

Was my first Amex. Stopped using because it had no rewards and was allowed to PC to the ED card.

 

Had the platinum version.

Message 8 of 16
dacv01
Regular Contributor

Re: Optima Card

Thank you for your feedback! Its nice to hear that someone else has indeed had this card. It does seem to be a very rare opportunity, however i did value my relationship with AMEX so I will certainly take them up on it. 




> 5 Inquiries, AAoC 4 years, AoOA 7 years, 11 months as of September 2021
Message 9 of 16
Anonymous
Not applicable

Re: Optima Card

Anyone know Does it only work if you pay in full or can u do the cash settlement offer ? I got the same letter my full balance is like 20k And my settlement was $7500 directly from Amex no 3rd party. Had a card go bad in 2008 when Mtg crisis went bad never Bk just couldn’t pay. I can now pay the settlement but really want the card privileges again. Any ideas ?? 

Message 10 of 16
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