Should I get a Zync Card?

[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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Or it's fine to get the card if it is practical for your lifestyle.  Pretty judgemental IMO.

[Anonymous]

That comment wasn't meant to be judgmental, and I don't think it is when read in context.  I think it is simply a fact that at least some people are attracted to particular cards because they regard the cards as prestigious.  For instance, Visa Black explicitly advertises itself as "The world’s most prestigious . . . credit card."  On this very forum there have been lengthy discussions on whether American Express are more prestigious, with posters on both sides.  Obviously, there are lots of other reasons besides prestige why you would want an American Express card — some of them have very competitive rewards programs; people like the customer service; etc.  All valid choices.

But it is also, I think, true that for many consumers the sense of prestige is a big draw.  On the Zync cardholder-only Web site where customers can give feedback to American Express, the portfolio team asked people in a survey, "What prompted you to get the Zync Card."  Of the top three responses, two were prestige- or appearance-related.  The two three reasons people gave were: (1) "I liked the way the Card looked," with 87% of cardholders citing that as a reason for wanting the Zync Card; (2) "Customer service" (78.3% citing that); and (3) "The prestige of the American Express brand" (73.9% citing that).  Less than half of Zync cardholders cited the rewards program as a reason they wanted the Zync card.

This fits with my own experience that the Zync rewards program isn’t as generous as other programs on the market for people who pay in full (as is required with the Zync Card).  So it seems clear to me that the prestige of American Express and the attractive card design are big reasons many people want this card.  I don’t think it’s at all unreasonable to pay $25-$85 (depending on pack enrollments) for a card because you like the design or want the prestige of an American Express card.  I have the card myself and use it regularly.  I just think the point of this board is to help people make informed decisions, and if they care about the card design and the prestige of AmEx, this card is a good fit; if they just want the best rewards, this card might not be the best option for them.

[Anonymous]

I like the AmEx Zync card and use it whenever possible. When you're using an american express card it's not just the points, it's about the protections the card offers. The free purchase return protection program, the free extended warranty program, car insurance, etc. Also, as far as the points go, the eco pack offers 2x points when you shop at "green" retailers like whole foods and chipolte. If you log on to and look at american express' bonus shopping website www.bonuspointsmall.com you find links to all the retailers that offer even better points (most 3x but many 5x). For instance, staples, banana republic, walmart, target, barnes and noble, macy's, dell, etc. They have a "back-to-school" 5x point promotion going right now with purchase at barnes and noble, kohl's, macy's, finishline, etc. Since AmEx dropped the free companion tickets on domestic flights for the platinum card, the Zync has become the best deal AmEx has (except for the Centurion). I use the Zync instead of a credit card because of the lack of a pre-set credit limit and the very good points program. Instead of writing a check for my car purchase a few months ago, I put it on my Zync card and got the points (had to call AmEx beforehand to notify them I was going to do that). I also have the blue card, but don't really use it anymore.

I don't really care about the "prestige" of any card. I will point out that the visa black card ripoff of the amex centurion is probably the WORST credit card ever made. The card is falsely advertised as exclusive, most customers get a $10,000 credit limit, and concierge service is a joke. A friend of mine with a low 600 credit score got this card and very much regretted it. I tried to stop him when he first signed up, but he wouldn't listen. How exclusive is a card that they advertise all over tv, send out lots of mailings, and approve people with low credit ratings? The Amex platinum is far better than the faux black card, especially if you travel abroad and take advantage of the free companion tickets on international flights.

[Anonymous]

I think you should get the zync.  It is nice to have both charge and credit cards.   Since American Express backdates to first card date, it is good to get one early and keep it.

[Anonymous]

I second yingyang0 with respect to the protections.

I have Blue, and most, if not all of the protections, apply to my account as well.

Last year, I purchased a necklace and pendant for my wife for her birthday. After the necklace got snagged on a seatbelt and broke, I called up Amex and they credited me the cost (though it turns out that Tiffany would have replaced the necklace for free).

Total time, less than 10 minutes. Total dollars back into my pocket $160 (silver necklace and blue key pendant).

[Anonymous]

My only issue with the "purchase protections" is that you can get the same protections on cards that have no fees at all.  So why pay a fee for Zync?

Compare Zync to, say, the Fidelity Investment American Express card (which is not a "real" AmEx but a network card issued by FIA).  The Fidelity card has no annual fee; a more valuable rewards program than Zync (2% *cash* back on everything; with Zync you generally get only 1% towards gift cards); and the exact same purchase protections as Zync offers including the accidental damage protection the previous poster mentioned for the jewelry.  I actually find the customer service better with the Fidelity card too.

That's why I find it hard to justify the Zync annual fee.  Personally I am still using the Zync but only because my employer requires me to have an American Express Corporate Card, and you need some kind of personal AmEx charge card if you want to earn points on your AmEx Corporate Card business expenses.  Zync is the cheapest personal card you can get so it's the least expensive way for me to get rewards on my business expenses.  I don't quite see why someone would pay an annual fee for Zync if they didn't have some weird reason like that, when other cards offer the same benefits completely free.

[Anonymous]

By the way, I do agree with Wolf3 that backdating is a very valuable feature of the AmEx cards.  If that's the only reason you want an AmEx card at the moment, though, you could probably just get a no-fee revolving product like Blue.  If your credit is iffy, then Zync might make sense because their credit standards are somewhat lower for charge cards than for revolving cards.

If you are thinking about doing that, note that AmEx will not let you product change from Zync to a revolving product down the line.

[score_building]

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@Anonymous wrote:

My only issue with the "purchase protections" is that you can get the same protections on cards that have no fees at all.  So why pay a fee for Zync?

Compare Zync to, say, the Fidelity Investment American Express card (which is not a "real" AmEx but a network card issued by FIA).  The Fidelity card has no annual fee; a more valuable rewards program than Zync (2% *cash* back on everything; with Zync you generally get only 1% towards gift cards); and the exact same purchase protections as Zync offers including the accidental damage protection the previous poster mentioned for the jewelry.  I actually find the customer service better with the Fidelity card too.

That's why I find it hard to justify the Zync annual fee.  Personally I am still using the Zync but only because my employer requires me to have an American Express Corporate Card, and you need some kind of personal AmEx charge card if you want to earn points on your AmEx Corporate Card business expenses.  Zync is the cheapest personal card you can get so it's the least expensive way for me to get rewards on my business expenses.  I don't quite see why someone would pay an annual fee for Zync if they didn't have some weird reason like that, when other cards offer the same benefits completely free.

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Because they generally don't have equivalent benes., agreed Shwab may be a notable exception/ better overall deal.

[Anonymous]

I assume that both the Schwab and Fidelity cards have a more difficult underwriting process to get through if you don't have great credit.

The Fidelity rewards program is actually a points program where 5,000 points ($2,500 in spending) have a cash value of $50. I assume, but don't know that because there are different rewards in the system that you have to actually ask for your checks or statement credits (depending on how they pay them out). Don't get me wrong, the Fidelity card looks good and I would seriously consider it if I didn't already have a card (Blue) that provides nearly identical rewards.

[Anonymous]

Just to clarify for anyone who's considering the Fidelity AmEx card, it is *technically* a points system but if you request they will automatically redeem your points for cash.  To do that, you need a Fidelity mySmart Cash Account (100% free, no balance or direct deposit requirements), and you sign up for automatic redemption online or over the phone.  WIth automatic redemption, points will accumulate each month until you have at least 5000 points -- then they will redeem *all* of your points for a direct deposit into your Fidelity account.  For example, if you have 4500 points after your August statement, no redemption occurs; if you have 7101 after your September statement, you'll get a direct deposit for $71.01 by the end of September.  You can then transfer the money to any bank account you want; no fee for outgoing transfers.  If you prefer, you can redeem the points for things other than cash (e.g., gift cards or airline flights), and I think in that case you don't need a Fidelity account at all.

I don't know whether the underwriting process is harder for the Fidelity card.  I know someone with a stable job and an income of more than $150,000 who had a $15k credit limits from FIA without ever once asking them for a credit limit increase.  He applied for AmEx Blue and was approved for only $2k, and they refused to increase it when he complained.  His experience at least suggests that AmEx is stricter than FIA, but obviously others could have different experiences.