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American Express Optima Card-Is it worth enough to get one?

Date: Tue, 11/21/2006 - 14:49

Submitted by DebtCruncher
on Tue, 11/21/2006 - 14:49

Posts: 2293 Credits: [Donate]

Total Replies: 55

American Express Optima Card-Is it worth enough to get one?


So I had an American Express Blue card from 5 years ago that I let go delinquent in 2003 ... they charged it off in 2004 and really did not put any collection into it ... I didn't get collection letters or calls, and they didn't sell it.

When I got myself back on track this year, I figured since they were patient enough not to hound me for it that I would pay them off first, before I tackled my other credit cards.

I called them in October and said I wanted to take care of my balance. The guy said because I was a valued customer and took care of my responsibility, that I was pre-approved for an American Express Optima card. It made my laugh a little and I asked the guy if he was serious; I halfway thought it was a ploy just to get me to follow through with my payoff. He said "yes I'm not kidding." So I said "well we all know how those pre-approvals work... I'll fill out the application and then once you check my credit you'll change your mind." He said they wouldn't even check my credit...

So a few weeks went by. Today a lady from American Express called; asked if I got the application, had any questions, and was I interested in applying? I told her I never got it; she read back my address and they had the wrong city and zip code. She said "I've updated the records and we will mail you another one... you really should sign up for it."

I'm thinking if this is real, it might be a good start to get my credit back on track.

But i'm just wondering why they're so anxious to get me to apply for it? They put more effort into this then they did collecting my old card.... I've never had a credit card call to see if you got their application.

Does anyone have experience with an American Express Optima card? Are there hidden fees? I'm just thinking this is a little too good to be true.


I have a question, I have a 697 Fico score with Trans Union and only a two year AAOA history, I have two closed CC accounts from back in 2003 and 3 CC accounts I opened last year and 1 charge card I opened as well last year.

The only reason I mention Trans Union is to keep it simple.....Well anyway, my Father has the Optima Amex which was opened in 1984 and with a 17,000 limit which he is adding me as an authorized user. I called Fico and they did say that when this account is reported to my 3 credit bureaus it will show on my reports as opened in 1984, so it will help my AAOA tremendously not to mention my util ratio which is now 12%.

So my question is, what kind of score increase should I expect to see?

Any help or opinions would be greatly appreciated.


lrhall41

Submitted by mustanglvr2006 on Fri, 03/11/2011 - 08:52

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Like most of you, I had a delinquent bill with AmEx. Unfortunately, my debt was sold to a collections agency. I requested AmEx to buy my account back so that I could pay off my debt to them, with the hopes of obtaining another card with them in the future. Sure enough they did and I was offered the Optima Card, that was three years ago and I have never been happier. AmEx is a great card to have and the company has wonderful customer service. I say go for it, just be more credit responsible this time :-)


lrhall41

Submitted by anonymous on Sun, 03/13/2011 - 17:15

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I'm not going to waste everyone's time by writing up a big response. I have an American Express Optima Card after losing my Amex Gold back in 2005. After working my credit back up to 721, I thought surely after 2yrs of perfect credit I'd get an increase but alas, this Amex card does not qualify for an increase and I'm stuck at a $500 buck limit.

Pros:


  • Legitimate Card with no hidden fees or cost.
  • Reestablish credit and a relationship with Amex.
  • Reports your card history from the original American Express account date. This means if you lost your card after being a member for 10-20yrs, this card will activate saying you've been a valued customer from the old date, in-turn boosting your credit.

Cons:

Low credit limit

  • High Interest Rate
  • No ability to increase credit (even if in good standing.)
  • If you have this card your chances of qualifying for another card like Blue is slim to none. I actually read in other threads that you need to cancel before applying to get approval.
  • No membership rewards points.
-Novabori


lrhall41

Submitted by anonymous on Thu, 05/10/2012 - 06:03

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We had a green American express card that we went delinquent on which was sold off to a collection company ... at the time we owed 6500 on it.  We made 6 monthly payments to the company and immediately after it was paid off we were offered the Optima Card with a 1900 limit.  We just decided to accept the offer and sent it back on January 6th and they approved it on January 8th and they said that the cards on their way and that we would have them in 7-10 days.  I am beyond shocked that they have offered such a decent credit limit.  I sure hope that this will pave the way to better credit card offers from other companies. 


lrhall41

Submitted by anonymous on Thu, 01/10/2013 - 18:00

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