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

I was told by the collections agency I would get an app after the debt was paid. I too thought "Yeah right", but today the app showed up. It has a limit of $1500 and a APR of 18% High but I need to rebuild so I am sending the app in and see what happens.

It's not a scam. I got into trouble with my platinum card a few years ago and was offered the Optimum after I paid it off. My preset spending limit is 700.00. The only thing I don't know is if it's actually helping my Credit report. Amex hasn't offered me a different card despite having had the Optimum( all on time payments) for 2 years.

Just got my Optma card offer. They want 15% to 18% interest. No thank you.
I will try to haggle with them for a low limit on a regular AmEX card.

Yesterday I got a settlement offer from AMEX in the mail. I had an AMEX green card that went into default in Sept 2004. They are saying they will settle for 70% of $1750. I called the number just to see if they would open my account back up and send me a card if I paid the full balance TODAY. AMEX put me on hold and then came back and stated that I was pre-qualified for the Optima Card with a $500 limit and that an application would be sent once the balance was paid. I told the rep to send me a letter stating all that and if it was legit, then I'd do it. I really would like to regain card membership so we will see what happens.

I too went through the same situation as most of you. My account was sent for collection 3 1/2 years back. I was finally able to pay off the debt (around 35K) last month in full. I was offered lower settlement options during the 3 year period, but decided that I would pay them off in full and learn a tough lesson on money management. I feel great after paying Amex in full via NCO financial.

During the final phases of my debt closure, I was told by the collection agency that once this debt is paid in full, I would be pre-approved for an Optima card. I was pretty sure he was joking, but within 3 weeks of my case being closed and the debt being paid, I received an application for the Optima card. I mailed back the application and just received my new Optima card today. It has a 5k limit.

Well, I don't need a dime from any creditor these days, and have closed all my credit lines except for a car loan. However, I felt it might be nice to build a good credit score with this card and never make the same financial mismanagement mistakes again. I'm actually glad to be back with Amex.

Hello all,

My experience with the American Express Optima card is as follows:

I originally had an American Express Platinum w/ Hilton Honors rewards. My card became delinquent and the account was subsequently closed. I owed AMEX roughly $4,200. During the initial phone conversations, they gave me two options. If I wanted, I could settle the account and pay AMEX roughly $2,200. The end result would be that the account was settled and paid off for less than the debt was worth. The other option was to make payments until the balance was paid in full. The minimum payment they would accept was 10% of the total balance. In this case, it would be 10 monthly payments of $420. Upon receipt of the final payment, the account would be paid off and AMEX would report that the account was 'Paid In Full'.

Then next step was obtaining my pre-approved AMEX Optima credit card. This card came with a $1200 credit limit, a standard APR and a $49 annual fee. After 12 months of using the card and making EVERY payment on time, I was eligible to upgrade to a different AMEX card, based on approval.

In short, this is a good program for those of you looking to make good on outstanding debt, staying on good terms with AMEX and eventually obtaining another AMEX card. In my experience, the best way to handle debt or delinquent accounts is to maintain communication with them. Keep them in the loop, because after all, you do owe them the money you spent. (I know there are exceptions to this.) But, by keeping them aware of your financial situation and asking them for help, you will position yourself to maintain or improve your credit.

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I too paid off my American Express in full rather than the much cheaper settlement. To my chargrin, I never even received the application. Those who post here that they receive a card are from the collection agency. You speak with American Express---they have never heard of the Oasis card. You would think someone would have knowledge. No.


Pay the settlement with pride. You will get the same treatment.

All the credit card companies offer the consumer one card if you pay off one of the other ones. I have been through that 2. But i am so backwards when it comes to my finances that they are screwed again cause i went and borrowed some money i should not have. On top of it i now owe my relatives a bunch of money.

suggestion is pay off your debts before you get or think about another card. It will feel a whole lot better being debt free. Pay with cash but also if you're trying to buy a house in the future do not ruin your credit by getting more than one credit card at a time and pay the balance if you can afford 2

Your talking out your a$$. im positive that everyone here speaks the truth of there situation, good or bad. I too went delinquent on a green card... for OVER 15YEARS... the balance was only $961.00. I used it to tune up my motorcycle then wrecked and lost my job. I recently called them to get the account number so I could include them in my bankruptcy, and the rep gave me a phone number to the AE office that could assist me.Ii told them I wanted the balance and account number so I could pay them off. right away I was offered an optima card with a $500.00 limit if I was to pay them off. ... so I didnt include them in the bankruptcy and plan to get the optima to rebuild my credit. Over the 15yr period they sent me 2-3 letters with this similar offer but at that time i wasnt intrested. I think AE treats people very fair considering and compaired to other card services...

i hear you they will not grant you a card if you file bankruptcy.

yeah i just heard that also. oh well, no big deal. thx

Are there any state laws governing the time an issuer takes to approve a card for someone who's filed for bankruptcy? I've read that applying for a high-rate card is a good way to show that you could be trusted. But I'm not sure if it's really possible to have such offers from creditors.

They charge an annual fee and as long as you make payments you are good. You keep your tenure with them and it helps boost your credit score. You still have an account with them and it places you in good standing on your credit report. On top of that, Anerican Express is a good cardto have. They offer credit counseling and advice via their website and you can pull your credit report once a year for free. You also have good benefits through them for travel and, if you get the rental car insurance plan, you can use your card to rent cars and pay $19 for full coverage (instead of the ridiculous price per day the rental companies charge). All in all...I wouldn't trade it for the world and I appreciate them giving me the opportunity to get back on track during this difficult economic time.

I defaulted on AmEx Green card $3k, 1.5 years ago. They sent it to a collection agency that primarily serves American Express and was later passed on to a differen agency United Recovery Systems. After 1 year, it finally went to Law Offices of James West out of Texas (Another collection Agency). I paid around $1k now and planning to keep making payments until mid 2011. Do you guys think I still have a chance to get back on Amex? I loved their service and everything about them.

I had the same problem and yes they doallow you to open a optimum card with them with a credit limit of 800

My Amex card went delinquent after 30 days and they closed my account. Mind you I've only had the card for 3 months and paid $99 fee for it. I paid it off completely after about 45 days...caught it before collections. I just opened a letter from Amex thats been sitting on my table for weeks (afraid to open it) and sure enough it says that if I pay off the balance ( which i already did ), they will send me a prequalified app for the Optima credit card. I'm actually elated because it's what I wanted to begin with (hated the charge card). I have no idea why Amex wouldn't give me a credit line for the life of me until now after I've gone delinquent. However, when I called AMex to inquire about it the rep had no idea what I was talking about. This doesn't mean it's a scam...cuz EVERY call Ive made to them has been an idiotic experience. I'll give it a couple of weeks and see if this app shows up.