The Zync is dead. Long live the Zync!

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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CC Deville
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Postby CC Deville » Tue Oct 02, 2012 7:14 pm

irvine801 wrote:So deville, what do u honestly think amex will do for us zync cardholders? Close us out or maybe bump us up to green? Hmmm. Now I'm really curious.


I'm not sure. Like I said, they have discontinued plenty of revolvers and almost always replaced them with Blue. A discontinued charge card is king of unchartered territory. The AMEX One Card was a charge card that earned 1% on purchases that went automatically into a savings account (not sure exactly how it worked, but something like that). AFAIK they allowed One cardholders to keep their cards but they no longer earn rewards-at all. I don't know this for sure though.

If they do upgrade, they will likely "offer" it (because it will have a higher annual fee) and hopefully waive the annual fee for the first year.


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Snowman
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Postby Snowman » Tue Oct 02, 2012 7:49 pm

Deville- My annual income has gone up alot. Last year I made about 4,200 a year. But when I applied for my current card I used my income from last year, and I only got a 700 limit. This year however, with all my tips included along with a second job, I'm expecting to pull in about 12,000. The question is what would I qualify for. I'd use my 2 paychecks (400 total for the months, we get paychecks every 2 weeks.) Tips- 150 (every 2 weeks, I work 3 days a week for a total of 6, and pull in about 50 for the days I work.) I also got another job doing inputing payrolls and sales for a Restaurant owner. I get paid about 150 every 2 weeks (300 for the month) so it adds up to roughly about 12,000 give or take. I'm sorry I didn't mention this in any of my other posts because I was not sure if it was relevant or not.
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Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
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CC Deville
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Postby CC Deville » Tue Oct 02, 2012 7:55 pm

Snowman wrote:Deville- My annual income has gone up alot. Last year I made about 4,200 a year. But when I applied for my current card I used my income from last year, and I only got a 700 limit. This year however, with all my tips included along with a second job, I'm expecting to pull in about 12,000. The question is what would I qualify for.


You could still very well qualify for Green, Gold or PRG provided that you have very few other debts. You are likely to get a pretty small spending limit; however. These are no preset spending limit cards; however, AMEX has a feature on their cards online that allows you to enter a number to see if your purchase will be approved. For instance, lets say you enter $500 and press enter, the website will tell you whether or not that will be approved. I would guess that at first you would be at $500 and then maybe get up to $1000 within a few months depending on your spending pattern. AMEX has a pre approval feature on their website, so always a good idea to check that out before actually applying. This pre approval is a soft inquiry only and it is not a guarantee of approval.

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Snowman
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Postby Snowman » Tue Oct 02, 2012 8:14 pm

I don't really have any other debts. I'm fortunate that my parents still let me live with them, because I cannot really afford to move out on an income of 12,000. I'm fine with a small spending limit. I have checked their pre-approval function, but it says that it is either expired, or they have no offers for me yet. My account officially will be opened for 6 months on the 25th of this month. Would it be a good idea to get my score after the 25th? I have another question also. I have a friend that last year applied for a Zync Card (when it was still there) and he made about 9k last year, but 10k is what he put on the app. Would a creditor like AMEX verify truly how much he makes, or any other bank? would they call my boss to verify how much I make? (I wouldn't lie, it's just my income has gone up quite a bit this year due to some good luck and more effort on my part I guess so it might look a bit suspicious.) Is my income listed on the CR's? I'm just wondering, because my friend has yet to be FR'ed or caught, but then again he uses his card only when he goes out and eats or for cheap things, so he's able to pay it back easier. I don't mind the annual fee really. I didn't mention that my income earlier in some of my first threads because I was not sure if it was considered relevant, and I didn't know if I was supposed to use my expected income from this year compared to last year. Last year's was pretty low, but I'm forutnate that my income jumped quite a bit. But my key question also is whether AMEX or any other creditor verifies income? because my friend cheated a little bit, but he hasn't been caught so I would guess not, but if someone could tell me if I'm right or not would be great.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

craigm1
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Postby craigm1 » Tue Oct 02, 2012 9:09 pm

The zync was a piker card for amex, look on this board and see how little people's credit lines were, it cheapened the brand that's why it's gone

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FastSRT8
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Postby FastSRT8 » Tue Oct 02, 2012 9:48 pm

I'm sure for those who now have higher incomes Amex will sent you a Green card. They like all business would much rather have a fee paying customer rather than not. I believe like magazine subscriptions, Amex wants to show merchants they have a membership base! The more clients they can say have Amex cards, the easier it would be for them to get more merchants to accept the card; thus bringing in more profit for them. It's really a nutty cycle! They need us more than we need them.
Carpe diem quam minimum credula postero!

Moneytalks
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Postby Moneytalks » Wed Oct 03, 2012 7:42 am

irvine801 wrote:So deville, what do u honestly think amex will do for us zync cardholders? Close us out or maybe bump us up to green? Hmmm. Now I'm really curious.


The only way they'd do that is if you pay the extra $$ haha. You probably will get grandfathered in and keep your Zync with whatever benefits it has...
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CC Deville
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Postby CC Deville » Wed Oct 03, 2012 4:40 pm

Snowman wrote:I don't really have any other debts. I'm fortunate that my parents still let me live with them, because I cannot really afford to move out on an income of 12,000. I'm fine with a small spending limit. I have checked their pre-approval function, but it says that it is either expired, or they have no offers for me yet. My account officially will be opened for 6 months on the 25th of this month. Would it be a good idea to get my score after the 25th? I have another question also. I have a friend that last year applied for a Zync Card (when it was still there) and he made about 9k last year, but 10k is what he put on the app. Would a creditor like AMEX verify truly how much he makes, or any other bank? would they call my boss to verify how much I make? (I wouldn't lie, it's just my income has gone up quite a bit this year due to some good luck and more effort on my part I guess so it might look a bit suspicious.) Is my income listed on the CR's? I'm just wondering, because my friend has yet to be FR'ed or caught, but then again he uses his card only when he goes out and eats or for cheap things, so he's able to pay it back easier. I don't mind the annual fee really. I didn't mention that my income earlier in some of my first threads because I was not sure if it was considered relevant, and I didn't know if I was supposed to use my expected income from this year compared to last year. Last year's was pretty low, but I'm forutnate that my income jumped quite a bit. But my key question also is whether AMEX or any other creditor verifies income? because my friend cheated a little bit, but he hasn't been caught so I would guess not, but if someone could tell me if I'm right or not would be great.


Well, it is never advisable to fib on an application for credit. But as you might expect, lots of people do. With as huge as most banks are these days, they do not have the ability to contact each applicants employer to verify income. I am not even sure if that would be legal (?). There are also several products on the market right now that can estimate income with surprisingly close accuracy. I believe Equifax even offers such a product. Credit unions are known to require recent pay stubs in order to be approved for certain products. When I joined Pentagon FCU a few years ago and applied for a loan they requested this information; however, when I applied for a new loan this year they did not (because I had proven myself with the prior loan). Where this gets cloudy is with AMEX. As you know, AMEX likes to perform Financial Reviews on accounts from time to time. Nobody knows what causes an account to be F/R'ed but it is believed to be triggered primarily by changes in spending patterns. I also believe that being a small business owner places you on their radar from the start. Again, pure conjecture. If you are F/R'ed the bank will send you an IRS tax form that allows the release of your prior years' tax records to the bank. I have heard of a few people that applied for a Citibank card and were made to submit to the IRS tax records. But at least with Citibank, this was done BEFORE they became a cardholder and I have not heard of any Citibank F/R's after becoming a cardholder. F/R's seem to be an AMEX deal. But do not live in fear of your AMEX card; F/R's are very rare and frankly, they seem to be for good reason. One guy a few years ago, back during the Great Recession, was complaining on a credit board about being F/R'ed and didn't understand why his account was chosen. Turns out he was making HUGE purchases for coins and precious metals. Uh, yeah, duirng a world recession and you are buying precious metals? You are BEGGING for an F/R. My point is, that a lot of times now after the Great Recession, people who are being F/R'ed are usually doing something suspicious or are just plain scandalous and AMEX wants to ensure that they will be paid back.

To sum up: your and your friends chances of being caught are slim, but why take the chance?

irvine801
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Postby irvine801 » Wed Oct 03, 2012 6:02 pm

Moneytalks wrote:The only way they'd do that is if you pay the extra $$ haha. You probably will get grandfathered in and keep your Zync with whatever benefits it has...


I'm happy either way honestly. As long I don't have to close out my account or anything dumb like that.
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Snowman
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Postby Snowman » Wed Oct 03, 2012 6:15 pm

Deville- I wouldn't lie anyway, but is my income listed on the CR or when you get your fico score. Because my income has gone up 3X since last year. I'm going to gross roughly, but it will really be 11,200-300 due to taxes and stuff. So, that being said, will any other bank verify my income? I mean as long as I do not go overboard on any cards I think I should be okay, but I just do not want them to have jumping at me because my income went up a lot.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.



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