American Express Green vs Zync, what is the difference?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
ivotedale
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Postby ivotedale » Wed Oct 26, 2011 11:02 pm

I'd say you'd probably be in for the Zync since you paid in full the last 10 months. That time period should've been enough to show some sort of credit history anyway.

With that said however, I haven't heard of anyone getting a Green card with that little history- I honestly think the Zync would be a better value depending on your spending habits. I personally signed up for the foodies pack w/ Zync, along with the annual fee, that's $50/ yr total. I plan on spending at least $5,000 a year with the card, so I assume I'll break even.
The Green on the other hand is $95- something to consider, and benefits seem to be strictly more travel-oriented. Again, not sure what your lifestyle/spending habits are.

There's also the issue of Member Rewards, and Member Rewards Express (Zync). Honestly, if you just want to get your foot in the door with that little credit history, you shouldn't necessarily be looking for the top rewards program with them to begin with imo.

I'm personally hoping they make the card upgradeable at some point in the future- but like you, I just got the card as a way to step up to better Amex cards later down the road.

If you can break from charge cards, I've been suggested that the Amex Clear card is another "easier to obtain" card if you will. Nothing special, 1% of every purchase essentially, but again, if the goal is to just get past the gates of Amex, that's another option.

Best of luck either way!
Currently: American Express Blue Sky, American Express Zync, Chase Freedom Visa, Capital One Newcomers--->converted to Capital One Quicksilver Mastercard NO AF


newbiecredit
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Postby newbiecredit » Thu Oct 27, 2011 12:18 am

i just pulled the trigger 2hours ago and waited for 60 secs.. i got approved for the green amex! finally i can stop thinking!

ivotedale
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Postby ivotedale » Thu Oct 27, 2011 1:41 am

Nice! Let us know how it works out for you once you've used it and whatnot. Congrats!
Currently: American Express Blue Sky, American Express Zync, Chase Freedom Visa, Capital One Newcomers--->converted to Capital One Quicksilver Mastercard NO AF

newbiecredit
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Postby newbiecredit » Thu Oct 27, 2011 1:44 am

thanks. so with amex green, there's no pre-set limit right? but of course i should start low coz im just starting out. will it be better if i use this for everyday purchases like food, grocery, gas, etc? instead of putting it on my 2 secured cards, at least with amex ill get rewards points.

ivotedale
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Postby ivotedale » Thu Oct 27, 2011 2:18 am

You should receive your spending info with your welcome packet/etc. Since it's the only card you have now that can reap rewards, I would use it as much as I could.

I've also noted since it is a charge card, i don't think you can make multiple payments throughout the month...so if you were one to pay a credit card several times over the course of a month, it will be different. At least in my experience of one month with the Zync, I've only been allowed to pay after the statement was released for the month.

Also though, since the Green card is not revolving, I wouldn't ignore using the other secure cards either. Not sure what the inactivity might do with secured cards, but it's good to keep activity going on them every once in awhile.
Currently: American Express Blue Sky, American Express Zync, Chase Freedom Visa, Capital One Newcomers--->converted to Capital One Quicksilver Mastercard NO AF

newbiecredit
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Postby newbiecredit » Thu Oct 27, 2011 2:37 am

yeah ill keep using all 3. i hope i get a good amount of limit as my first timer. at least now i have something with rewards.. and start building credit with amex. ive heard they have good credit card for cash back. in 3years haha!

oh i cant pay several times in a month? i guess gotta limit it.

wait, so if they give me a spending info on the pack, would u recommend using most of it? coz i read in one forum that since its a charge card, amex reports it to the credit companies the highest amount charged as the credit limit.

how should i use it to maximize the rewards? and at the same time building up a reputation with amex as months and years goes by?

ivotedale
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Postby ivotedale » Thu Oct 27, 2011 8:24 pm

Since we're discussing this new charge card, they are categorized as "open" not revolving. FICO will not take into account a utilization ratio.

I've also been hearing older models of FICO scoring have used a "highest spending" threshold as a credit limit, but newer FICO scoring models are not so. It honestly wouldn't make sense as to why they'd do such a thing- even one user here mentioned he/she/a friend booked a vacation, charged it, and cancelled at the last minute to "gain a high limit."
That to me encourages purchase-fraud, and doesn't help anyone out.

So really, that leaves your charge card to do a few things well for your credit score over the long run: boosting your average age of account (longer you have it/length of credit history), always paying in full (payment history), and amounts owed. Again, utilization is not a part of this, though I haven't looked into if they consider utilization with those given a "credit limit of $500-1000" on these Zync cards. Who knows.

MyFico has some great standard information about scoring here.
But don't worry about it, always pay in full and on time, and you'll be fine.

American Express Zync Card Review

it goes over how much you can earn, the capabilities/disadvantages of the card, and other user feedback as well.

Here's another arbitrary link from BankRate.com too, in regards to charge cards and utilization: Are charge cards bad for credit scores?
Currently: American Express Blue Sky, American Express Zync, Chase Freedom Visa, Capital One Newcomers--->converted to Capital One Quicksilver Mastercard NO AF

newbiecredit
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Postby newbiecredit » Fri Oct 28, 2011 1:14 am

thanks for the link. now, i know more about charge cards. ill just wait 7-10 days in the mail for it and see how i goes.

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Pete838
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Postby Pete838 » Fri Oct 28, 2011 7:55 am

ivotedale wrote:I've also noted since it is a charge card, i don't think you can make multiple payments throughout the month...so if you were one to pay a credit card several times over the course of a month, it will be different. At least in my experience of one month with the Zync, I've only been allowed to pay after the statement was released for the month.

This will change once you've been with them for a while. With new accounts, AMEX only allows payment if the account shows a "Payment Due", and only up to the amount due; i.e. you cannot overpay the account resulting in a credit balance. I've been with them for a couple of years now and can make payments whenever, as frequently, and for however much I feel like.
Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
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newbiecredit
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Postby newbiecredit » Sun Oct 30, 2011 1:44 am

oh cool! ive been looking at that. coz whenever i have the money, i pay it as early as i can. yeah im just starting so ill be with the month to month payments for now.

cant wait for my card in the mail. im happy coz with my 10month history and only 2 secured cards, i got approved. i know amex is picky when approving. now im satisfied.. i have a visa.. a mastercard.. and an amex.. ill stick to these 3 for now. hopefully my wf secured will be unsecured soon, i hope they upgrade me to the unsecured one.



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