convert prepaid amex to credit card? fact or fiction?

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convert prepaid amex to credit card? fact or fiction?

Postby shoptalk01 » Fri Aug 10, 2012 1:15 pm

Has anyone heard of this? I was told I should get an American Express Prepaid card then after at least 6 months of use they might offer to let me apply for a real credit card. I this even close to being true?

Normally prepaid cards seem to be a stupid idea, but Amex has a deal where they transfer from your bank account for free and there's no monthly or transaction fees. Even if there's no fee for loading or using the card, what's really the point?

The best I can see, this is an opportunity for credit card issuers to get cards in the hands of people who don't qualify for credit, then they collect the fee from the merchant that they would otherwise miss out on if you paid cash. I just don't get why they would offer you a real credit card if you've been using prepaid. I'm thinking it's either a trick to get people to use the prepaid card or they are trying to get people to use their Amex cards more.

I'm in a small town and most local merchants hate Amex because they charge a higher processing fee and even if they accept Amex they will ask if you have a different card. Of course these are all people I know and when I get out on the road, I don't have much problem.

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Postby DavidNY » Fri Aug 10, 2012 1:29 pm

The point is Amex makes money on merchant fees.

Amex says they review prepaid card accounts periodically and may offer a green card.

There are much better cards out there than a green Amex.

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