Reports of Amex Secured

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cashnocredit
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Reports of Amex Secured

Postby cashnocredit » Wed Jan 19, 2011 11:07 am

There have been reports that Amex, after declining apps, have offered secured cards. This seems limited to situations of high income (>200k), short credit history, possibly with some credit negs. Offers required 10k minimum cds.

This is sort of what I'm looking for. I would happily put 100k in a cd in return for a Amex charge card with 50k spending limits. I have infrequent but occasiona need to charge upwards of 35k at a time. Not sure how to approach Amex.

I was using only debit cards up until two years ago and had zero credit at that time. Dumb, I know.


gangof4
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Postby gangof4 » Wed Jan 19, 2011 7:59 pm

American Express is also a bank, and likely trying to drum up business when the public is being penalized with low interest rates for saving. The "secured" card notion may jus be a way to get the customers to purchase a saving account, CD, etc. for which they'll get a credit card.

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Cucumber
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Postby Cucumber » Mon Jan 24, 2011 3:54 am

With that much money why bother with that? I mean ther e has gotta be a lot of options for guys like you with money right?
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cashnocredit
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Postby cashnocredit » Mon Jan 24, 2011 2:44 pm

Cucumber wrote:With that much money why bother with that? I mean ther e has gotta be a lot of options for guys like you with money right?


Yeah, in a lot of ways. The biggest "option" is not use credit. I once had a log of CCs but when my bank, WF, issued a check card with a Visa logo I just started using it for everything. I liked the convenience and lack of monthly CC bills. I was a workaholic and would sometimes miss a payment then pay everything the next month. The fees/interest when I would do that was annoying so I just stopped using the, Eventually they were all canceled after years of non-use.

For big stuff I do bank wires. Only works during banking hours and wires still take some time to show up and get processed. At the same time I started running into more hassles renting cars/hotel rooms with the check card.

So two years ago I pulled a CR (first time I ever did that). I had no open TLs and only one old and closed CC. Also, I couldn't get a FICO score.

I picked up a secured WF and Citi card which took care of most CC needs. However, Citi has reduced new secured accounts from a max of 25k to 5k. Don't yet know if that will affect me when the 18 mo cd is up.

For various reasons in my CR, that I can't fix immediately, I look like a renter that walked away from a new mortgage. That's because I bought my home for cash and the mortgage is joint. I bought out half interest and the other party pays the mortgage/taxes/upkeep since they live there and I don't. Not living at a place you have a new mortgage on is a major red flag applying for a CC as I'm sure you can imagine.

So what wonderful other options do I have? None that I can see other than applying for a Cap one card. They are the only company that asks about savings and investment accounts balances.

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Postby ashleyAMX » Mon Jan 31, 2011 7:22 pm

I'm not for sure that there is an American Express Secured Card. But, this seems to be similar to your description...

https://www295.americanexpress.com/cards/npz.do?pmccode=245#CARDS/245/1/0/1

It's "One from American Express" . It is a savings reward card. You get 1% interest deposited into your American Express account on every purchase. It also has its own variation of the bonus points mall.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sun Feb 06, 2011 8:56 pm

That's what is not always fair about credit scoring. It doesn't matter your income or reasons for not using it, because you will be treated the same as an average earner in the same position - to have good credit you have to use it, even if it's not needed. Warren Buffett is rumored to have a FICO of 712 due to this.

So what wonderful other options do I have?


I think you will have to approach this as the average person would who is building credit for the first time. The advantages you have is the ability to afford the security deposit for that card you mentioned and others.
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bubblebusteconomy
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Postby bubblebusteconomy » Sun Feb 13, 2011 5:03 am

Stop for a moment to think why an American Express secured card does not exist. That would be too logical. The answer is there is no interest that will be made for the bank and why do something unless usury rates can be charged. That is how Wall St thinks.
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cashnocredit
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Postby cashnocredit » Mon Feb 14, 2011 5:53 pm

bubblebusteconomy wrote:Stop for a moment to think why an American Express secured card does not exist. That would be too logical. The answer is there is no interest that will be made for the bank and why do something unless usury rates can be charged. That is how Wall St thinks.


Your argument is exactly why Amex is the most appropriate issuer for secured cards. Their premier cards are charge cards, not revolving cards.It would be a perfect match for secured accounts. I'd put 50k on deposit with them for a secured card in a flash. Actually, I've already got a lot more than that on deposit with them but no card.

cashnocredit
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Postby cashnocredit » Mon Feb 14, 2011 6:18 pm

ashleyAMX wrote:I'm not for sure that there is an American Express Secured Card. But, this seems to be similar to your description...

https://www295.americanexpress.com/cards/npz.do?pmccode=245#CARDS/245/1/0/1

It's "One from American Express" . It is a savings reward card. You get 1% interest deposited into your American Express account on every purchase. It also has its own variation of the bonus points mall.


It doesn't look like they offer this anymore.

SteveT
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Postby SteveT » Sun Jun 10, 2012 12:42 am

I reviving an old thread.

I know that Amex is offering secured charge cards to a targeted group. I was wondering if anyone has received an offer.



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