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

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


This may be a good offer but be aware that you are creating a new account amidst your existing debts. This will have an effect if you apply for a loan with your bank. If a new account is opened, the credit score goes down because there is no track record or a credit history on that account.

However, if you have made up your mind, clear all the doubts before you sign up for the card. Go through all the terms and conditions carefully and speak with the customer care to get the answers of few questions not mentioned in the contract. Once you sign it, the document becomes legal and both parties are bound to follow the terms.


Submitted by onelamb on Tue, 11/21/2006 - 15:05

onelamb

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debt cruncher,
I am in the same "boat" w/Am.EX.paying off a collection and then having the collection agency offer to mail an application for the Optima Card. Sure they can mail the app....I tell her, but will I still be quaranteed a credit card. She was very confident about my receiving the card. I became very suspicious and did some online research about this "optima card" by Am.EX. I have read many pros and mostly cons. I came upon this site and after reading the posted message...figured out Am.Ex. is out to either gain back a customer and then "stick" it to us w/outrageous charges. My husband is totally against accepting this optima card. If Am.EX want to keep customers then accept our request for the Blue Card instead. Requesting Comments!!!


Submitted by on Tue, 05/22/2007 - 10:17

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I did receive the American Express Optima Card as well. There is just a pre limit setting and there are no hidden fees etc. I am very happy with this card. The only point I do not like is that you cannot collect points/miles. And I had the Gold Card before and AMEX took my 37000points when I couldn pay the card on time. this is very dissapointing !


Submitted by on Fri, 04/24/2009 - 12:27

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It's an approach that maybe other credit card companies should try. I would've never applied for another card but they seem to understand and allowed me to pay with no pressure. I know there business is to make money and I'm cool with that. I just like their swagger! My card will be here tomorrow.


Submitted by on Mon, 04/27/2009 - 14:36

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HI GUYS.. I AM FROM INDIA PLANNING TO GO ABROAD FOR MY MASTERS.. AM I ELIGIBLE FOR APPLYING CREDIT CARDS WITH AMEX, HSBC,MBNA,RBC.. PLEASE TELL ME ABOUT THIS..WHICH IS THE BEST ONE TO APLLY.AND HOW MUCH CREDIT LINE DO THEY OFFER TO STUDENTS IN AMEX BLUE OR OPTIMA....


Submitted by on Wed, 04/29/2009 - 00:17

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I am glad to have stumbled upon this page because I am in the process of the same exact thing. I am in the process of paying off my AMEX Corporate Card and I have received the same offer. However I was sent to a collection agency to collect payment for the debt, however this company primarily services AMEX only. I received the letter as well and the gent from the collection company told me the same thing that once I cleared my balance that I will automatically receive this Optima card, and the application was a mere formality. And that they wouldn't even check my credit. That I would get this card with a $5000 limit. Has anyone actually received this card besides Shari_NY and is this the real deal?


Submitted by dancwilliams on Wed, 04/29/2009 - 15:55

dancwilliams

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Same thing here. Paid off past due balance was made the offer. When the account went delinquent I had almost 800,000 reward points that they will not give back! AMEX SUCKS!


Submitted by on Thu, 04/30/2009 - 11:35

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Yes I am actually going through the same thing with AMEX, they told me after my debt was paid off that I would recieve the offer to get the Optima card, to try to re-boot my credit with AMEX, we will see how good of a deal it actually is. Anyone else actually get this card???


Submitted by on Mon, 05/11/2009 - 12:52

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Hi,
I also recieved many phone calls & the letter in the mail from AMEX re: the OASIS program. DO NOT PARTICIPATE YOU WILL NOT RECEIVE THE APPLICATION & YOU WILL NOT RECEIVE THE CARD.

I made payment (~1500) but twas then flatly denied for the card. Nothing changed in my credit file, no bankruptcy this is just a scam by a collection agency (You are not dealing with AMEX in this matter) to settle old debts. Old debts that are not even legally collectible anymore.

Arghhhhh.....Don't get scammed like I did---Do not PArticipate, there is no guarantee you will receive the card. Google Amex Oasis & you will see the complaints


Submitted by on Wed, 05/13/2009 - 12:29

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I went through the same problem and finally paid them off, sure enough they called me a week after sending back the application to verify employment and told me they would process thew card, a week later I got the card with my preset spending limit no hidden fees no bs, Amex rules


Submitted by on Tue, 05/19/2009 - 19:09

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i just received an app from amex opti card to pay 49 .00 anual fee. and im going to get the card. i can do it on line here and use a debit card to get the anual fee and no spending limit. theyalso say on the letter they want me back from previous yrs. i always paid them off every month so what i read here there ripping ppl off . is this true?


Submitted by on Fri, 05/22/2009 - 00:12

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I HAVE THIS CARD!!!

About 4 years ago, I had the American Express Gold card and went through a job setback and was unable to pay my balance. They closed out my card and I was contacted by AMEX's collection dept. I made arrangements to pay off what I owed them and they told me that once it was paid off they could offer me the Optima card as a way of keeping my relationship with them, as well as them helping to rebuild my credit after letting the previous card get delinquint.

Like I said, that was about 4 years ago...I paid off the Gold card and received the Optima card. There are NO hidden fees, NO gimmicks, just a prefect example of why I choose them in the first place. They are a GREAT credit card company and truly value their cardholders. The card I received had a pre-set limit on it, but I was able to use it in a responsible way to mend my credit report over the years and have since applied for and got approved for the AMEX Blue card.

The Optima card and the program they implement is truly amazing and have helped me-even after I went months and months without paying them back for my previous mistake.

If you have the same opportunity to get this card....TAKE IT!

THANKS AMEX!!!


Submitted by on Wed, 06/17/2009 - 14:01

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After a big mistake on amex's part with my platinum card (messed up autobilling while I was abroad, don't travel abroad with just a passport and an amex plat), they issued me this card (optima). And gave me back all my points (55k in points). It's actually a decent program. If they hadn't have done this, I wouldn't have come back to amex. I was told after 2-3 months they would move me back to a higher end card.


Submitted by on Thu, 07/30/2009 - 14:59

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Quote:

Originally Posted by anonymous
i went through the same problem and finally paid them off, sure enough they called me a week after sending back the application to verify employment and told me they would process thew card, a week later i got the card with my preset spending limit no hidden fees no bs, amex rules


i also went upside down on 2 amex acounts,gold and blue. After paying off the 2nd one, i received the optima offer. It took 2 calls to them to receive the applications, but did receive it. The next week i received the card in 5 days with a preset spending limit with no rewards, but thats okay. Its all good!


Submitted by on Fri, 09/04/2009 - 05:48

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JUST RECEIVED THE OPTIMA CARD YESTERDAY. READ THE FINE PRINT. WORKS LIKE ANY OTHER CARD. HAPPY TO BE BACK IN THE CREDIT ZONE TO IMPROVE MY SCORES.:p


Submitted by on Wed, 09/30/2009 - 18:04

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I'm in the same boat. Got my plat account down to a couple thousand and they said as soon as it's taken care of I'll have an optima card. I've had them send me at least 3 letters confirming this. Well see what happens when it's time to put up though. I've never had a credit card though. If I pay the balance every month in full do I still have to pay interest?


Submitted by on Thu, 10/29/2009 - 03:42

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i dont understand why Amex would offer someone who had too much debt, more credit to get into MORE debt. i dont not think this "card" is from Amex-- this is a program run by a collection agency that work primarily for amex. we got the letter today at the bottom it reads: this is an attempt to collect a debt-- which by law collectors have to state.
would not recommend ppl doing... if you want to clear your debt, call Amex cust svc, not the number given on the letter.


Submitted by on Thu, 11/05/2009 - 15:16

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I just got the same call from FirstSource collection agencies. I accepted I hope it is not a scam. I really want to pay back my debt and rebuild my credit after the year I have had. They told me I will be receiving a welcome packet in the mail as well as a $100.00 gas gift card....


Submitted by on Tue, 12/08/2009 - 11:32

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I was in the same boat wit Amex had a clear n gold car with a lot of rewars. All my accounts with Amex went to collection in 2008 I finish payin them off n applied for the optima. I got wit a preset spending limit of 500. My credit is shot n Amex is the only CC company that gave me a card. Take advantage of it and just use it carefully. I Love amex n all of their offers. No scams no jokes guys this is real. You will just get the card wit a pre set spendin limit. Its like starting all over again. I'm sure that as long as they see you can handle this card they will offer other card they think you might qualify for. Good luck wit ur Optima....looks really nice too....if u hav any questions post somethinm


Submitted by on Mon, 12/14/2009 - 21:45

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Wow, I originally posted this thread a long time ago! Probably one of my first posts after I came to this site.

Well, back then I had paid off my charged-off Amex account for the full balance owed (no settlement). They never sent me the application for the Optima card, and I never pursued it either. Which is probably better anyway, because nowadays I'm seeing lots of stores with signs posted that they no longer accept Amex "because of the high/unfair merchant fees they charge."

Also, aside, Amex is the only chargeoff I haven't been able to get off my credit report. I settled with 2 other Chase accounts, and got those removed shortly thereafter. But Amex keeps verifying it whenever I dispute. You'd think after 3+ years being paid off, they'd have better things to do. Guess I should have negotiated a little better back then and demanded a pay-for-delete.


Submitted by DebtCruncher on Tue, 12/15/2009 - 17:34

DebtCruncher

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Just received the letter in the mail, hoping to get back on the Amex family. They really were great, best CC I ever dealt with.....I will see what happens, Since they don't check your credit, how do they determine your pre-set limit of the new opti card?


Submitted by on Sat, 12/26/2009 - 18:12

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I had the AMEX platnum, gold business, gold personal. I got in trouble with my business and got behind with Amex. I paid off my accounts after six months, and was offered the optima "to get back on track". My premium cards were cancelled, now I have the Optima card. 29.99% + $49 per year. I need all the credit I can get, so it will help. I've paid on time for the last 15 months, so it will be interesting to see If I can get a good card again.


Submitted by on Thu, 01/07/2010 - 16:02

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Quote:

Originally Posted by Anonymous
Hi,
I also recieved many phone calls & the letter in the mail from AMEX re: the OASIS program. DO NOT PARTICIPATE YOU WILL NOT RECEIVE THE APPLICATION & YOU WILL NOT RECEIVE THE CARD.
I made payment (~1500) but twas then flatly denied for the card. Nothing changed in my credit file, no bankruptcy this is just a scam by a collection agency (You are not dealing with AMEX in this matter) to settle old debts. Old debts that are not even legally collectible anymore.
Arghhhhh.....Don't get scammed like I did---Do not PArticipate, there is no guarantee you will receive the card. Google Amex Oasis & you will see the complaints


I had the optima card for years and they gave it to collection when it went delinquent. The company representated itself as Amex, telling me I could repair my card problem and set up a payment plan. Amex, could care less. I wasn't notified before they did it and I was scammed by the collection agency.


Submitted by on Sat, 02/20/2010 - 20:11

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I too was offered the Optima card when my account went deliquent 30 days. I was sent to a collection agency but I had already paid Amex the same day. The card IS in fact offered by Amex. If you read the fine print it says clearly, "The Optima Card is issued by American Express Centurion Bank" - Nowhere on my letter does it say it is an attempt to collect a debt. The reason they offer it is because if you are someone whose paid off your account then you are someone who will ultimately pay period. Even if you get in a bind for a short time. And they value that more than people who never pay them and they have to charge it off. There is nothing to be afraid of. It is just a credit card - Not a charge card through Amex to show you can be responsible again. Simple


Submitted by on Tue, 02/23/2010 - 22:11

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I also had a previous collection situation with Amex Blue Card - after I paid the debt I was offered an Amex Optima, I wanted to rebuild my credit so I accepted the card. Im just paying my bill on time at the end of the month, like I did with the Amex Gold card, hopefully if I continue to pay on time, I will be able to regain my Amex Blue card again. Time will tell.


Submitted by on Tue, 03/16/2010 - 11:56

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Quote:

Originally Posted by Anonymous
I also had a previous collection situation with Amex Blue Card - after I paid the debt I was offered an Amex Optima, I wanted to rebuild my credit so I accepted the card. Im just paying my bill on time at the end of the month, like I did with the Amex Gold card, hopefully if I continue to pay on time, I will be able to regain my Amex Blue card again. Time will tell.


I was just recently offered this card, and I am going to accept it, since I really want an Amex as it is a good card and it sucks I lost my job and screwed up my first one, I know they come with limits what is the avg. credit limit they come with?


Submitted by on Tue, 05/04/2010 - 16:56

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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.


Submitted by on Fri, 05/21/2010 - 05:42

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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.


Submitted by on Fri, 06/11/2010 - 13:24

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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.


Submitted by on Tue, 08/17/2010 - 13:29

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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. :)


Submitted by on Thu, 08/26/2010 - 14:47

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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.


Submitted by on Mon, 09/20/2010 - 18:59

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Quote:

Originally Posted by Anonymous
Hi,
I also recieved many phone calls & the letter in the mail from AMEX re: the OASIS program. DO NOT PARTICIPATE YOU WILL NOT RECEIVE THE APPLICATION & YOU WILL NOT RECEIVE THE CARD.
I made payment (~1500) but twas then flatly denied for the card. Nothing changed in my credit file, no bankruptcy this is just a scam by a collection agency (You are not dealing with AMEX in this matter) to settle old debts. Old debts that are not even legally collectible anymore.
Arghhhhh.....Don't get scammed like I did---Do not PArticipate, there is no guarantee you will receive the card. Google Amex Oasis & you will see the complaints


-----------

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.


Submitted by on Sun, 10/10/2010 - 20:24

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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


Submitted by triniskier on Mon, 10/11/2010 - 04:37

triniskier

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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...


Submitted by on Sat, 12/11/2010 - 17:21

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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.


Submitted by on Mon, 12/27/2010 - 13:47

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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.


Submitted by on Sun, 01/02/2011 - 14:30

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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.


Submitted by on Wed, 02/09/2011 - 02:29

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ive been in your situation. the best thing you can do since you are making payments is to use that to your advantage. Ask, no...demand that they take the delinquencies off your record if you pay them off. get any promises in writing! otherwise you pay them off and the bad record is STILL there making it no different than had you not paid them. Fact is once your credit is dinged, no one really cares that you finally paid them off.


Submitted by on Wed, 02/09/2011 - 02:36

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Try orchard bank, merrick bank, credit one bank, first premier bank... these places will give cards to recently discharged bankruptcies. The APR's are awful...but it wouldnt matter if you don't carry balances right? I've rebuilt my credit with these. After a year or two I was approved for better cards.


Submitted by on Wed, 02/09/2011 - 02:42

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I really do hope this letter I received is real because that would really be impressive on AMEX. I mean, offering a credit card to a delinquent? For those of you with bad credit you know what a crazy thing this is to actually get a second chance. As far as the annual fee and APR, it's pretty decent for those with low credit scores. Of course it's high compared to those with good scores...but then again people like that aren't in the same situation are they?


Submitted by on Wed, 02/09/2011 - 02:54

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