Just got off the phone with a Fidelity rep who was all to eager to open an account for me. I told him to slow down I wanted to ask some questions first. Found out that first you have to open an account then you have to apply directly to AMEX. I asked if there was a possibility that someone could get declined for the AMEX card he said that it was totally up to AMEX rather people are approved or not; So this might not be such a good idea for those of us who are credit challenged I think I will sit this one out and wait for the secured optima and cobaltcard.
RE: Fidelity AMEX Card- Did so I was told something different? Check my post. Rep stated that the card is a for sure thing since the money is coming directly from your account. Cash transactions are debted immediately and purchases are debited (am I spelling that right?) monthly.
Also... There's almost no reason why Am/Ex would not issue a card to someone who is *credit challenged* because they are not giving you any credit. That's like being denied for a Visa Check card...but on the other hand, there are people that have not been able to obtain a check card. Humm...
RE: Also... MP$40, As I recall, back in the day when VISA check cards first came out they would NOT give one to you if you were credit challenged. I was, at the time, and remember it well. It was yet another one of those embarrassing credit situations that I am trying to remedy by being on this board... Cheers and have a good weekend, Cindy
RE: Also... Yes, I do currently have one. I actually used to have three: one for the joint account with my husband, one for my personal account with Wingspan, and I DID have one with that #$%$#%$#% x.com (but we all know what happened THERE...). Cheers, Cindy
Oh...Now I see.... Well I just got back from the bathroom and after doing some thinking, now I know why your application has to be *approved* by Am/Ex. Since purchases are deducted from your account monthly, I guess in essense they are extending you a little bit of credit. I guess they need to check people out first to make sure that they don't get the card, charge it up, and then withdraw their money out of their account. O.k. I see now...
RE: corp amex gold Everyone at my work just got amex corporate gold cards "You are personally responsible for all charges." I might inquire about getting one, but don't want to embarassed. One lady, who is on a H1 Visa, no credit, no bank account, nada, no drivers license, nada, got one too. I might have to see whats up with that. They specifically said "You guys have to pay the $55 fee, and you are personally responsible for all charges you make." Anyone know about this? (my company is nearly a dot-bomb so its not like the company has any credit to back it).
RE: Fidelity AMEX Card- Did so These reps get compensated for how many applications they send in. I'm pretty sure about that. They will say anything to get your money. I would call back again and speak to at least 2 people to get a better idea. You may have been speaking to someone who is new and doesn't know. I just don't want you to be disappointed.
RE: Fidelity AMEX Card- Did so I would think that the only reason one would be denied this would be proven fraud or serious bad check writing. I am sure this is the only reason for an inqiry. It is similar to a debit card in some ways as funds are debited from your account and your assets guarantee the card. Don't forget you can have margin in these accounts so in that respect it is more like a secured credit card with a very low interest rate. The $5000 minimum reduces most risk for Amex. Most people that open these accounts usually do invest and do build assets plus think about it...how many Amex accounts are issued with limits greater than $5000. They set these limits for a reason and the minimum use to be higher. This card carries no more risk than a Cobalt Card yet it is treated like a real credit card with all the prestige and perks that go with a Platinum/Gold card and all the benefits too. You will never be refused a car rental with this card. Try that with your Capital One Gold Card with the big $200 limit!!!...wait...make that a $29 limit after they subtract all their fees and interest. LOL....jus gotta luv Cap1
RE: Also... I was once denied for a Visa check card. My cards were lost, I called to order a new one, I wait and wait, and all of a sudden a letter stating, "your application for a Visa check card has been denied." I was able to straighten it out, ridiculous stuff.
Good Point Mike Thats the huge advantage of no preset limit. I travel frequently, which means hotel, car, air, etc. On the fabulous Cap GOLD Visa (for even an unlikely maximum $2000 credit line), every time you travel, each vendor runs the card and then "holds" an amount of credit during the transaction. Unfortunately, credit is restricted and is tied up until each agency releases the hold. With my AMEX Personal Card - (Green Card if you will) - who cares? That problem disappeared forever the day I got the Card. CYA Dog
Corp Am/Ex Card.... I know a little about this card and one thing I do know is that your credit has to be FUBAR before they deny you. I got a card w/ unpaid collections, unpaid judgment for $1200, paid charge offs, and messed up student loans. My card did come with restrictions though. The limit for travel (ie plane tickets, gas, hotel) is $5k. The retail limit (ie Costco, grocery stores, etc.) is a crummy $500! What sucks is that I use the card mostly for retail purchases. Originally it was $100 and I had to have our site Am/Ex administrator call them up and beg for a higher limit. They are correct in the fact that you are responsible for all charges, etc. If for some reason you are denied the card, you can have your manager guarentee the card. At my company, they only do this as a LAST RESORT! It's embarassing though. Then your boss thinks that you are a total looser and have bad credit. I personally help people in my dept. fill out the application for this card and I submit it for them. Of all the people that I've helped out over the last 2 years, I can recall that no more than 2 people have been denied. So they must have real easy requirements cause I've submitted tons of applications and I know not everyone has perfect credit.
RE: Corp Am/Ex Card.... MP$40, Does your company have to set up any type of relationship with AMEX to start employees applying for the card? I guess I just figure some low level mail clerk could throw an app to Amex and have a Gold Card in his wallet, and be the only one in the Co. to have one at that!
RE: Corp Am/Ex Card.... Yes my company has a relationship with Am/Ex and we have 1 person (the Am/Ex site administrator) dedicated to be a liason (sp?)between employees and Am/Ex. I give the application to people and they fill it out. Then they give it to me and I fax it to the site admin. Keep in mind that the application is not your standard credit card application that you would see from Am/Ex. It's a 1 page app (originally done in an excel spreasheet) and it asks for name, address, phone, ssn, dob, dept #, your signature, manager's signature. Then at the bottom is information for you to check the amount of traveler's checks that you want. Once the site admin gets your app, he imputs the information into the computer via the web. I guess Am/Ex has a special web site for the site admin to imput information. It's rather nice. So I guess the mail clerk could have a card if his/her manager signed off on it. The card is available to all employees but mainly for the ones that travel. I have mine for retail purchases. The best is that we submit our expense reports on-line and your Am/Ex transactions are downloaded to your expense report profile. Then all you have to do is drag and drop it on to an expense report. You can also select an option for your company to pay Am/Ex directly! They will wire money to your Am/Ex account on your behalf! I LOVE THIS! I don't have to wait for a check, then mail them a check. I generally don't use it for personal stuff but a few times I have made purchases to aquire membership rewards points (which my company also pays for!). I can enroll my other Am/Ex cards also at no extra charge but the Secured Optima isn't eligable for the program and I can't enroll my Gold because it's not my account...I'm only an AU. That's a shame cause my Gold card could be earning some serious points now! I use it ALL THE TIME!
