Should I get a Zync Card?

[joestay]

I just found out about the Zync Card from Amex.  It's a charge card, not a credit card.  Should I apply for it?  I am in my 20s.  Is it easy to get approved?  Anyone have experiences with it?  I believe that with this card, you get your credit report and score for free each year.  Annual fee is $25, which is not bad considering what the green card annual fee is.  What do you all think?

[Anonymous]

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@joestay wrote:

I just found out about the Zync Card from Amex.  It's a charge card, not a credit card.  Should I apply for it?  I am in my 20s.  Is it easy to get approved?  Anyone have experiences with it?  I believe that with this card, you get your credit report and score for free each year.  Annual fee is $25, which is not bad considering what the green card annual fee is.  What do you all think?

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I never had charge card before.   So, I don't know how it works. 

But, AF of $25 ... Me?  I do not want to waste my hard earned money for anything like this.   I say No Way!  It's just me ... 

Are you still looking for to get Cl of 2K on this card also?

How about this one?   

Subject:  Will i get approve for a trueearnings amex costco card?

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@joestay wrote:

my oldest account is 2.5 years with an average history of 2.3 years.  my fico from equifax is 750.  i have 3 accounts total.  i am using 38% because of my installment loan.  What's my chance of getting approve for at least $2k limit.

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[score_building]

Is the 25 AF waived the 1st year?

[Itsmeagain]

I like my Zync card.  I like the fact that you can choose your categories for rewards points (at $20/ea.).  The annual fee is easily offset by rewards points.

It is intended for the younger generation to introduce them to Amex with the hope of graduating them at some later date to other Amex products.  Even though it is a signature card, it will be issued with a credit limit, some as low as $300.  But, since the entire balance is due each month AND you can pay it off several times each month, it is a great starter card.

I'm not sure about waiving the annual fee since I PC'd from the Amex Gold but a quick phone call will get you that information and more.

[Anonymous]

i would rather just stick with a credit union secure, no annual fee and 13apr!

[Anonymous]

I have Zync. The rewards program is not as good as the competition. The rewards are only about 0.5% - 1% per dollar spent, and straight cash back is not an option. You'd do much better with a 2% cash back American Express card from Fidelity, which has no annual fee and the same shopping protection/travel insurance/etc. But the American Express Zync card is very pretty, and if you like to pay in full every month, it's less stressful than having a credit card. (Revolving balances generally is not allowed.) Generally, I think people who like American Express charge cards do so because they think the cards are cool or prestigious not because the cards make more financial sense than competitors that have no annual fees.

It's easier to get approved for Zync than it is to get approved for American Express credit cards. They will not tell you what the spending limit is on your Zync charge card, though I would guess based on the experience of friends that if you have a six-figure salary and you spend more than $2000 in a month in your first year as a new customer they will contact you to request immediate payment. If you have a lower salary, I don't know what the limit will be.

[Creditaddict]

I recommend applying for the Gold Plus for the first year because it's free, than next year when the $175 gets ready to bill PC to Zync and add the packs that you use most to get the best rewards from it. and the previous poster that says you can't get cash, you can trade membership reward points in for statement credit, same thing as cash. and if you are spending in the packet category it's 2x per $1.

[Anonymous]

I respectfully disagree with Creditaddict that the "statement credit" option is the same thing as cash.  That option is a very diluted redemption value; American Express charges 200 points for every $1 in statement credit that you want.  For most purchases, that works out to a rewards rate of 0.5%.  For the bonus categories, it works out to 1.0% -- but at that point you're paying the annual fee plus all the pack fees just to get a 1% cash back card that you can get from any bank.  In fact, even with the bonus categories and packs, it's worse than a regular 1% cash back card, because (besides all the fees you have to pay) you can't just request a "statement credit" for anything you want.  The "statement credits" are restricted to certain categories, and there are various other limitations.

Hence, the conclusion of my earlier post: if you just want to maximize your rewards, it's almost certainly a better bet to get a 2% cash back card (you can still get one from Fidelity, but you have to open a free account with Fidelity to redeem).  Frankly even a 1% cash back card like Chase Sapphire or Chase Freedom would be better than following Creditaddict's suggestion to redeem for statement credits, where the absolute maximum you can ever earn is 1.0% back (and you're less than that if you ever make a purchase outside of the bonus categories).  And I believe you won't forfeit your rewards with Chase if your payment is ever late, whereas with American Express you do forfeit for any late payments.

I think it's perfectly fine for people to get an American Express card because they think it looks cool or will impress their friends or whatever.  But I think folks should understand what the rewards program is before they apply for the card, so they're not disappointed when they see how diluted the rewards program is compared to what else is on the market.

[Anonymous]

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@Anonymous wrote:

I think it's perfectly fine for people to get an American Express card because they think it looks cool or will impress their friends or whatever.  But I think folks should understand what the rewards program is before they apply for the card, so they're not disappointed when they see how diluted the rewards program is compared to what else is on the market.

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Thanks a lot for the info, Icon. I too was considering the Zync because A) I think it looks cool, and B) I thought the rewards scheme was better than that, but now I think I'll pass.

I'll start looking into the BofA Accelerated Cash Rewards Amex w/ 1.25% cash back instead..

[Anonymous]

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@Anonymous wrote:

Thanks a lot for the info, Icon. I too was considering the Zync because A) I think it looks cool, and B) I thought the rewards scheme was better than that, but now I think I'll pass.

I'll start looking into the BofA Accelerated Cash Rewards Amex w/ 1.25% cash back instead.. 

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Check these site  ... 

http://www.askmrcreditcard.com/creditcardblog/bank-of-america-accelerated-cash-rewards-american-express-card/

http://www.creditcards.com/credit-cards/bank-of-america-accelerated-cash-rewards-american-express-card.php

When you look for a card to apply;

Take your time and research.  Check what they are offering ... and compare.

APR, AF, BT Fees, Rewards Program, Selection of Rewards and minimum amount / pts for Redemption, Benefit of having a card, etc.  

My example;   I choose Discover More.  

pros  ...  Guarantee 5% Cash Back Bonus up to $____ spending.  

               Able to  choose the card from over 100 design.  

               Right now, I have two ... Clear - Purple (they made a mistake)  and  Dolphin with half black (my original order)  ... 

                  ...    and I just ordered third one.

cons ...  Must spend the amount of $_____ (I for got, because I don't care)  to earn 1% rewards.   Which I don't care.

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