What is so great about the oasis/optima AMEX Program?

[Anonymous]

I don't get why everyone is wanting the AMEX oasis/optima program? Can anyone list why it is such a great program? I had a green card and a blue card. However, the green card got cancelled because of several late pays (never 30 days late, but not paid immediately) in a row and they cancelled the blue card as well when the green card was cancelled and sent it to collections (was not late on and they didn't tell me to till the CA called!). Someone told me to get the oasis program. I would like to transfer some high rate balances on other cards that I have. I stupidly closed them out and am paying on them. I just refinanced my house for a lower rate with scores in the 620s (got two paid medical collections off my CR that should never have been there this week, so that score was with those paid collections). My rate is 6.4%. So can someone tell me WHY I should ever go with Amex again? I am worried that one late pay (not that I intend to ever be late again!), they will promptly close the account and demand the full balance like they did on my old card! My limit on the old card was $4,000. It was maxed out. Seems like they are more trouble than they are worth when they close accounts unexpectedly, freeze accounts, do constant account reviews, etc. Why do people want them so bad, and why should I want them?

Message Edited by missgamecock on 11-08-2007 01:19 PM

[Anonymous]

I do not have any experience with the Oasis program, in fact I only recently became an AMEX cardholder myself but from what I hear American Express has exceptional customer service/rewards/perks/etc. So far they have been good to me =)

It wouldn't hurt to get back in their good graces, if you do not plan on being late again then why not? I would, however sign up for their payment protection plan if you transfer a huge balance...just in case.

Good luck whatever you do, I'm sure those balances on the closed cards are not helping, yikes!

[SmartCookie]

It's a great opportunity for many people who will get something out of it... whatever it may be.  Although I think it's a brilliant way to collect money that typically is beyond collecting SOL, I also think it rides a grey area of being illegal.  Afterall, it is an attempt to collect a debt.

I did it however.  I was fairly certain that the debt was correct, and to get to pay it off without it causing a problem on my CBRs makes me sleep better at night.

My debt was small, under $500, and I could easily afford it at this time.

I have very much missed the perks that I had with my Gold card and am on the road to having it back.

I'm going to benefit immensely from the 15+ years of regained account age.

Had it been a 30k debt, I would have retained counsel and sued them for offering this to me. 

So in a nutshell, for anyone who is 'invited' (doesn't that sound so exclusive!) into the OASIS program, they have to weigh their own pros and cons.

[Anonymous]

Also- I am sure that I read before that if you do Oasis- they start the CL history back when you became a member w/ the old card- whichever one you had first. So it will up the ave. age of your accounts.

Almost positive I read it here, someone correct me if I am wrong plz.

[Anonymous]

Ok. I am supposed to be refinancing my home loan tomorrow but the bank decided to keep THIRTEEN MONTHS of escrow for taxes (I can't figure out for the life of me as to why, when they will end up refunding this money in 6 mos to a year because I had overpaid into it!). So I had to switch which credit cards I was going to pay off (all last minute stuff at 5pm tonight). It works out better this way because I'll be paying off 4 cards and have those lines open. Unfortunately I can't pay off the big one. My big card has a rediculous interest rate, so maybe it would behoove me to transfer the balance to the oasis card. I had a 4k limit before, so I am assuming/guessing I would get a $2k limit with it. At first I was ready to discount them because I am terrified of having the rug yanked out from under me again. It was AWFUL. However, this may be a better option. I was offered this card back in March if I paid the blue card in full and tossed it to the shredder. I'll do more research. Thanks!

[Anonymous]

My brain is fuzzy but for some reason I THINK I remember on our first house which was an FHA/VA combo loan that we had to put up a whole years taxes in escrow...didn't know at the time we could have the seller pay it...heck, didn't even know at that time you could ask for the seller just to pay about anything - especially the closing costs, prepaids and escrows- in this area closing costs paid by the seller is common...

[SmartCookie]

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missgamecock wrote:

Ok. I am supposed to be refinancing my home loan tomorrow but the bank decided to keep THIRTEEN MONTHS of escrow for taxes (I can't figure out for the life of me as to why, when they will end up refunding this money in 6 mos to a year because I had overpaid into it!). So I had to switch which credit cards I was going to pay off (all last minute stuff at 5pm tonight). It works out better this way because I'll be paying off 4 cards and have those lines open. Unfortunately I can't pay off the big one. My big card has a rediculous interest rate, so maybe it would behoove me to transfer the balance to the oasis card. I had a 4k limit before, so I am assuming/guessing I would get a $2k limit with it. At first I was ready to discount them because I am terrified of having the rug yanked out from under me again. It was AWFUL. However, this may be a better option. I was offered this card back in March if I paid the blue card in full and tossed it to the shredder. I'll do more research. Thanks!

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The beginning CL of the new card they issue is 50% of the debt that you have to PIF.  I don't know how they work BTs with this card so don't count on it until you talk to them.  If the program doesn't work for you now, it might in the future.  Search for the 3 numbers for them and don't hesitate to call, they are very helpful in answering all questions and were not the least bit pressuring when I spoke with them.

[Anonymous]

Between this opton nd the likesof First Premie or tribute, I could think of plenty of reasons to get back into the good graces of Amex.  Especially if they are going to give you your entire history to go with it.

[Anonymous]

I'd do a bit of searching if I were you.  I can't quote the specific law, but I believe it's no longer legal to require more than 2 months of escrow and taxes. 

Again I don't remember where I got that little tidbit but I do remember reading it somewhere.

Check it out.

Van

[Anonymous]

Yep here it is, I thought I remembered seeing this.

In a nutshell this is what the link says

Section 10 of RESPA sets limits on the amounts that a lender may require a borrower to put into an escrow account for purposes of paying taxes, hazard insurance and other charges related to the property. RESPA doesn't require lenders to impose an escrow account on borrowers, but certain government loan programs or lenders may require escrow accounts as a condition of the loan.

During the course of the loan, RESPA prohibits a lender from charging excessive amounts for the escrow account. Each month, the lender may require a borrower to pay into the escrow account no more than 1/12 of the total of all disbursements payable during the year, plus an amount necessary to pay for any shortage in the account. In addition, the lender may require a cushion, not to exceed an amount equal to 1/6 of the total disbursements for the year.

The lender must perform an escrow account analysis once during the year and notify borrowers of any shortage. Any excess of $50 or more must be returned to the borrower.

http://real-estate.lawyers.com/residential-real-estate/Financing-A-House-FAQ.html#twelve

Van