AMEX/Cobalt Card credit check?

Discussion in 'Credit Talk' started by jonesing, Jun 20, 2001.

  1. jonesing

    jonesing Well-Known Member

    Since we're talking about American Express cards, I have a friend who lost a lot last year. He tried his hand at one of those dot-com startups and, well, it wasn't pretty. He's back on his feet with a 9-5 job at a computer training company. Before that, however, he declared Chap 7 and Chap 11 (he was 15% owner of the dot-com). Part of the BK included his Amex Gold and Amex/Hilton cards. He saw this Cobalt card and thought about getting it because of the benes of AMEX (his big thing is getting advance play tix and hotel bonuses for using Amex). But, he said the application asked for SSN. Do they run a credit check for this prepaid AMEX card? Could he still get one even if he's on their blacklist?
     
  2. dogman

    dogman Well-Known Member

    Nope. When they run the SS number it will tie to the debts owed. They will not issue the card until its been paid back - AMEX is known throughout the industry as the one that "never forgets until paid".

    But your significant other without AMEX experience or good experience could get COBalt, then order up some additonal cards.

    Your friend would get one this way I believe.

    Give it a shot and let us know. We are getting more information on COBalt daily.

    thanks - dogman
     
  3. breeze

    breeze Well-Known Member

    No inquiry when I got it, but I was an amex cardholder at the time.

    I don't think they care - it's a debit card.

    breeze
     
  4. GEORGE

    GEORGE Well-Known Member

    CREDIT CHECK FOR A PREPAID CARD...STUPID...THAT WOULD BE AS LOGICAL AS DOING A CREDIT REPORT FOR A SAVINGS BOND OR A CD!!!
     
  5. dogman

    dogman Well-Known Member

    AND TO BE BLUNT ABOUT IT

    I don't have a clue how COBalt works other than my basic understanding of prepaid cards.
    Listen to others who know more about it - I don't have one.

    c ya dogman
     
  6. Cadillac408

    Cadillac408 Well-Known Member

    I have one...

    They did'nt run any credit check that I'm aware of. I use the card to filter money from other cedit cards to beat that cash advance fee. For example:

    I have a Capital One card that I'm trying to build. To keep activity on the card, I transfer $140 from it to the Cobaltcard. Then I wait until the bill is due and then I go to an AMT machine and withdrawl the cash (for a $1 fee at the ATM) off of the Cobaltcard and pay Capital One. I am not charge a fee by Cobalt to do this. This method is so I keep activity on the Capital One card. The card has too low of a limit ($200) to make regular purchases on yet. Don't want to go over my limit.

    Another example is when I HAD <sigh> an Am/Ex Gold charge card (AU on now ex boyfriends account) it didn't have a way of getting cash off of it. On several occations I have spontaneously left and went on a trip and didn't have time to balance my checkbook, etc. to make sure I had spending money. So, I would transfer $300 (which is the max you can pull off of Cobaltcard...$100/day up to $300 a week) off of Am/Ex Gold to Cobalt and then when I got to where I was going, I would withdrawl $100/day for 3 days. And by the way...when you transfer funds to Cobaltcard, they are available at the AMT machine IMMEDIATELY. So I could transfer funds onto the card as we speak and then walk to the AMT machine across the street and withdrawl $100 NO PROBLEM! This method would allow me to figure out my checkbook later and then pay Am/Ex when the bill was due.
     
  7. jonesing

    jonesing Well-Known Member

    Re: I have one...

    MP, that's pretty cool!!!! So the CC companies don't charge you a cash advance fee for putting money onto the Cobalt? I remember someone saying that PayPal transfers might get charged at the higher cash advance fee because it's a "cash-like" transaction...

    hmmm maybe I'll get Cobalt too LOL
     
  8. Cyprigirl

    Cyprigirl Well-Known Member

    Re: I have one...

    It says on the AMEX that the card is for teenagers, is this the same Cobalt card everyone is talking about?

    Thanks!
    Cyprigirl :)
     
  9. breeze

    breeze Well-Known Member

    Re: I have one...

    Yes, but you don't have to be a teenager to get it. It works just like MP said. I have used it in restaurants and stores also.

    I think Cobalt is supposed to start charging a fee soon, so better hurry. :) It will be worth a small fee, IMHO. Still beats cash advances.

    breeze
     
  10. Cyprigirl

    Cyprigirl Well-Known Member

    Re: I have one...

    Thanks Breeze!

    I just applied and I got approved!

    Well I have my AMEX, sort of :)


    Anyway its a good start in building a relationship with AMEX.

    I have already funded it and my card will be arriving in a few days.

    I really like the look of the card. Blue is my favorite color.

    The online processing took a little, just hoping they really don't do credit checks, I can not afford anymore inquiries.

    Cyprigirl :)
     
  11. breeze

    breeze Well-Known Member

    Re: I have one...

    Quit worrying and enjoy!!

    They don't check anything. Maybe your address or phone number against DNS - some sort of ID check. Definitely not CR.

    When you funded it, they take the time to authorize, just like any online purchase. The server at that site is always kinda slow, and it has humongous graphics.


    breeze
     
  12. Marie

    Marie Well-Known Member

    Re: I have one...

    me too. Easy to get. no credit check and I still owed an old amex account at the time of approval for Cobalt.

    They verify your address somehow, but it doesn't show up on any credit report anywhere.
     
  13. Rob

    Rob Active Member

    Re: I have one...

    since we are all talking about the cobalt card, I was also approved, I don't get many approvals anywhere and was happy to see something approved, if you know what I mean.

    * Rob *
     
  14. breeze

    breeze Well-Known Member

    Re: I have one...

    Yes, for everyone who craves AmEx and can't get it yet, get a Cobalt Card. When you use it in a restaurant they don't know it's a debit card. They see "American Express."

    breeze
     
  15. Shantel

    Shantel Well-Known Member

    Re: I have one...

    Does Amex monitor the Cobalt card spending, etc? Meaning, can it really help you establish a relationship with them (i.e. getting pre-approvals in the mail).

    Thanks
     
  16. breeze

    breeze Well-Known Member

    Re: I have one...

    I dunno, but knowing AmEX they'll track it. somehow. And the industry in general - this is supposed to be a card for teens, now, why would a CCC offer a card for teens??? Future customers!!

    Would you believe, Capital One is offering a teen card, a real credit card, that parents sign for. But it is the teenager's card. Their pitch is to teach your kids how to manage credit. Nah - it's future customers.

    breeze
     
  17. Mirage

    Mirage Well-Known Member

    Re: I have one...

    Just applied for it and was approved in 177 seconds. I know everyone here stated that there is no credit inquiry but I was denied the secured Optima last year. So its cool to have a Amex product with no annual fees.

    Anyone here know when we can start funding the account with a checking account?

    Best regards,
    Sam
     
  18. Cadillac408

    Cadillac408 Well-Known Member

    Re: I have one...

    True BUT anyone who knows credit cards would be able to tell right away that the card is CHEAPLY MADE! Don't get me wrong...it's a nice color and all but the card is flimsy and the signature strip on the back is not the same as you would see on a regular card. It's like a cheap white strip. Heck, I have frequent flyer cards that are made better than this card...my Safeway rewards card is even made better. I expected a little more coming form Am/Ex. But hey...what do you expect for a FREE debit card. You get what you pay for.
     
  19. breeze

    breeze Well-Known Member

    Re: I have one...

    You're being picky MP ;)

    breeze
     
  20. breeze

    breeze Well-Known Member

    Re: I have one...

    Look, when the waiter brings you the bar tab, you can smile and say, "you accept AmEx, don't you?"

    breeze
     

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