Discussion in 'Credit Talk' started by Michael, Jan 8, 2001.

  1. Michael

    Michael Guest

    *******Alright Great News******

    I just got word from a client who has not one trade line yet reporting that his AMEX FIDELITY GOLD CARD has been sent. Sent about 5 days after account was funded (that's service!).

    Amex told him that they have a special relationship with Fidelity and credit is not a factor in approval. They can monitor your U.S.A. account to verify balance, but above that they do go on past spending patterns, when approving charges!

    Dogman I know you will agree with me when I say WAY TO GO AMEX!

    I'm gonna get one myself!

    Also frankly I think this account with it's prestige as a high worth individual is 10 times better than the Secured Card, which carries a stigma of Deadbeat with it.

    With the Secured card there also is no reporting, but let's face it after 1 year with this card Amex is sure to approve you for a Blue card, with at least 5K in credit, what will you get with the secured card $250.00 in unsecured credit!
  2. river

    river Well-Known Member


    Michael,do you know if Fidility approves accounts by credit check? I have the secure Amex Optima card and the only things I get from it is: inside credit building and the benefits,such as the free internet access and other few good things.I really can't ask for anymore at this point. I am in the process of re-establishing my credit and am VERY lucky to have the secure optima or anything with the Amex logo.I would consider pulling my savings out to get this card,but don't want to lose out if not approved for Fidility account. Thanks for any info.
  3. Eboni

    Eboni Guest

    If You have $5000

    You need a min $5000 in a Fidelity Ultra Service Account to get this card. How many people have 5K sitting around?
  4. Eboni

    Eboni Guest

    Free Internet?

    Amex offers free internet access?
  5. Michael

    Michael Guest


    River it seems Amex doesn't really do a credit check on this card. Besides you already have a relationship with Amex which can only help further!
  6. Michael

    Michael Guest

    RE: If You have $5000

    Lot's of people do have some cash in a savings account, and it only takes $2,500.00 to open.

    Once open and you have a cheque book you could deposit your salary, and some other cash to top it off to $5K, and then write a cheque to take what you need out!

    Also let's face it $5K is only 2 months average salary, you claim most people don't have that lying around, however I will respond why don't you have 2 months salary saved up?

    The first rule of economics any economist will tell you is to pay yourself first an amount of 10% into savings!
  7. sam

    sam Well-Known Member

    RE: If You have $5000

    I spose if alot of us had that kind of savings we'd never carry a balance on our credit cards nor would we ever get in trouble.

    Let's face it, a lot of people live/exist in debt.
  8. Angela

    Angela Guest

    Michael congradulations.

    Is this AMEX card going to show the same way a regular AMEX card does in the CRA reports? or is this a debit card that is nice to use in a fine restaurant without really helping to build credit. The distinction is important to me because while I have no money, my fiance does. if this is a credit builder, I am going to ask him for help since he has a Fidelity account.
  9. Michael

    Michael Guest

    RE: If You have $5000

    Sam I agree, but why not change the living pay day to pay day pattern!
  10. Michael

    Michael Guest

    RE: Michael congradulations.

    Aparently it does not report like a normal Amex Card does, but neither did the Secured Optima Card.

    My own feeling though is if you get one Amex will look at you as the High net worth individual they market the card for and you can parlay that to a regular Amex or Blue card down the road, if your the primary card holder.

    It's not a debit card persay as the funds are subtracted from your account but at months end not daily like a debit card would be.

    Fidelity also pays the bill for 2 cards.
  11. sam

    sam Well-Known Member

    RE: Michael congradulations.

    Wow this card is about as neat as the elusive cobalt card :)

    j/k of course.

    But isn't it the same concept as the cobalt card??

    Cept you can buy smokes and booze with it :)
  12. Angela

    Angela Guest

    Thanks Michael.

    If somebody gets a regular AMEX blue or green or whatever color card does it really help your credit? My fiance says he got a green card in 1981 right out of college. He paid the $35 annual fee (later $50 for the gold) until 1995 when he cancelled it. The card only got used for dinners out. When he cancelled it, AE offered to waive the $50 fee. He feels that the card is oversold and laughs that he was paying for the card along with his student loans in the early 80's.

    Give me your opinion because I am feeling excited at the thought of having such a pretty card with my kind of credit.
  13. Cadillac408

    Cadillac408 Well-Known Member

    Michael, You're tha Man!

    Hey Michael...

    Thanks for all your help. I also just wanted to let you know that I appreciate and value your posts.

    So, now I'm really anxious to open an account. My plan is to open the account sometime in early Feb. when I get my tax return check. I will set up direct deposit to this account so I can start saving 10% like I should be! I am excited! I guess this is the closest that I will come to having an Am/Ex Platinum card <snicker> even if it's not a *real* one. It still carries the same benifits and that's all that matters. I called the 800 that they gave for Fideltiy Am/Ex members and the rep stated that if you wanted to upgrade to Platinum, all you had to do is tell them so. They will probably verify that you have at least $5k in your account and then upgrade you and charge you the fee. Wow! Then like Michael said, by having this card, you are establishing a relationship with Am/Ex. I'm going to be Am/Ex'd out here pretty soon! I love it.

    And for those of you that were stating that coming up w/ $5k is hard to do....I suggested to Cindy that maybe you should look into getting the money out of 401k benifits? Perhaps borrow the money from a friend or relative just LONG ENOUGH to open the account and get the card. Then you can withdraw the money and return it. Maybe for some of you that were approved for the Citibank AAdvantage car w/ high limits, use a balance transfer check to open the account? Then after all is said and done, withdrawl the funds and pay Citibank back? I'm just throwing out ideas here. Michael stated that they were QUICK to open the account, verify funds, and send out a card.
  14. roni

    roni Well-Known Member

    RE: If You have $5000

    Hey eboni, i do. I just got my army bonus check. I'll be dang-on

  15. Cadillac408

    Cadillac408 Well-Known Member
  16. Cadillac408

    Cadillac408 Well-Known Member

    For Am/Ex members ONLY!

    They ask for your account number.
  17. Cadillac408

    Cadillac408 Well-Known Member

    RE: If You have $5000

    Yes you are correct Michael. I have a friend who has always been facinated with the economy and how things work. By the time she was a senior in highschool she had saved up over $10k. Took her about 3 years and that was working part time. When you're 18, that's A LOT of money! I was so impressed. I'm going to make a serious effort to do this. I guess I'll have to cut corners somewhere. I know I can do I want to start saving for a house even though I'll never be a homeowner in the Bay Area (unless I go to a start up company, get some stock and pray for a miracle! That's called the *Get Rich Quick* scheme in Silicon Valley).
  18. Momof3

    Momof3 Well-Known Member

    Well some of us don't

    Why you may ask? How about rent, bills and feeding and clothing three children, medical bills insurance etc. I am sorry but some of us are not that fortunate:(

  19. Mike

    Mike Well-Known Member

    ...and if you don't have $5000

    then you probably don't deserve this card. Many here have made mistakes in the past, the idea now is to rebuild and not make the same mistakes again. Going with a high cost secured card is just another way of getting buried again especially when one has no cushion. Start saving and in a short time you will have the money to open this account. You can fully invest the $5000 and should be able to conservatively earn 10% or more on your account...this sure beats paying 30%!!! Use the Amex as a tool, charge your monthly expenses, earn your miles, yet pay it off at the end of the month. You will pay no interest and will be on your way to financial independence.
  20. roni

    roni Well-Known Member

    Mike, I agree.



Share This Page