Amex Optima/oasis Program
Hello CB Team, My cousin was Delinquent (90 days) on his AMEX PRG charge-card (total of $2700) and right before paying his AMEX PRG balance off using his tax refund received from the IRS, Amex cancelled it on 2/22/2018 along with his BCE (good status). On 3/5/2018 he received an invitation letter by mail from AMEX saying that they're giving him a second chance if he paid his balance in full by offering him an AMEX Optima application.
The problem is. Before he got AMEX Optima invitation letter he already made payment arrangement plan the day before to pay-off his balance IN FULL by March 21, 2018. So, when he called AMEX Optima number they told him yes we see your payment arrangement plan and once the balance is paid in full we will send you an application and the Optima card will be around $1100 (Limit) and you will be on 12 months (kinda like probation) before you can apply for any other AMEX Plan.
Now is this AMEX Optima Program (Regain Card Membership) worth it. Also, when he made the payment arrangement over the phone (The day before he received the Optima Invitation letter) the AMEX account manager informed him that she will submit a request with positive notes to RE-INSTATE his cancelled AMEX PRG & cancelled BCE and they will mail him a decision within 7-10 days (which he personally think it will never happen because once the Account is cancelled it will never be reopened). Anyone here have recent experience with this AMEX Optima (Regain Card Membership) Program? Will Amex EVER re-instate these cancelled accounts?? If NOT, will they ever send him an Optima Card once his Balance is paid in full? Thank you All. Yes, the Optima program is real.
Never heard of reopening closed accounts, though. That's likely something they just said to get him to agree to pay. That's their job. It's obviously too late now, but he should have communicated with them regarding his plans when he got behind and was going to use the tax refund to pay it off.
That could have kept the accounts open. They have a great hardship plan and they are one of the best creditors at working with you. Thanks @Shifter He told me he tried working with them back in January but they insisted on payment right away (Probably the agent over the phone wasn't having it). Too late now anyway as you said but hopefully after 12 months of probation with them they will be nice to consider him for future cards. I got the application to apply for the optima card when I paid off one of my charged off AMEX account.
I have the Optima card therefore I can tell you the oasis program is real. Keep in mind they will suspend your Optima card (aka. Not let you use your account) if you have multiple charged off accounts until you paid off all of them. As for getting approved for a new card, you will still be subject to their credit requirements. Sent from my iPhone using Tapatalk Thank You for the info.
I passed it on to him and i also told him when he gets the Optima Card to pay IN-FULL every month. No more BS with AMEX. Your cousin needs to come here and learn themselves. Why were they carrying a balance on a charge card without a pay over time feature as opposed to a revolver that they could have made minimal payments on?
That's financial Darwinism. I invited him to CB and hopefully he learns. Thanks I would have your cousin to follow up on getting his accounts reinstated before getting the Optima. @dvd Its almost impossible but Never say Never. Even-though we all know once an account is closed/cancelled its close to impossible to be re-opened.
However, I will ask him to follow up closely on that once his full payment is cleared and before requesting an Optima application. Your cousin needs to come here and learn themselves. Why were they carrying a balance on a charge card without a pay over time feature as opposed to a revolver that they could have made minimal payments on?
That's financial Darwinism. I invited him to CB and hopefully he learns.
Thanks I would have your cousin to follow up on getting his accounts reinstated before getting the Optima. He received a letter from them yesterday saying: Your request to reinstate the account referenced above has been declined.' Reason(s) for our decision.Your FICO score as provided by Experian. Your cousin needs to come here and learn themselves. Why were they carrying a balance on a charge card without a pay over time feature as opposed to a revolver that they could have made minimal payments on?
That's financial Darwinism. I invited him to CB and hopefully he learns. Thanks I would have your cousin to follow up on getting his accounts reinstated before getting the Optima. He received a letter from them yesterday saying: Your request to reinstate the account referenced above has been declined.' Reason(s) for our decision.Your FICO score as provided by Experian.It’s very hard for them to reinstate an account. I didn’t even know that such an option existed. Like I said, he still subject to AMEX’s credit requirements.
I think you need at least 680 FICO to be considered for a card. If he really wants an Amex card, he might want to take them up on that Optima card. Sent from my iPhone using Tapatalk. by. Dispersion - CB (Default).
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Optima Oasis
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The interest in these cards was so strong that 250,000 were issued even before the official launch date in 1958. The first cards issued were paper, but in 1959 AmEx became the first company to issue plastic charge cards. The evolution of “The Card” The American Express Gold Card was first issued in 1966, differentiating between two of their customer segments. The exclusive and invitation-only Platinum Card came along in 1984. The cards’ branding became important, as they became a sort of status symbol among business people.
In 1987, American Express introduced their first revolving credit card, the Optima Card. Today American Express processes more than one-fourth of all credit card transactions in the United States and is the number one card among people who spend more than $10,000 annually. Their cards include the classic Green, Gold and Platinum charge cards, a no-fee Blue card, as well as co-branded credit cards. There also are a variety of business credit cards and even an ultra-exclusive Black Card, for those who can qualify.
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