Will Zync Be “Gold” for American Express?
| December 9, 2009 |
As the latest trend of not carrying a balance on your credit card continues to grow, it looks like charge cards could emerge ahead of the pack. With this the leader of charge cards, American Express, has now announced that its newest offer in it long line of charge card will be focused to young adults. The card’s name is Zync and it could potentially be the card that younger cardholders will soon migrate toward as it looks very impressive and offers the same rewards that millions of other American Express charge cardholders receive at a much lower annual fee ($20).
So will the Zync from American Express garner the attention of those it is trying to reach? On all accounts the answer to that will probably be yes. Even as many young adults may be trying to stay away from credit cards at the moment, they are essentially the ones that have a lot more to gain from using credit cards in the long run. For them building credit has been and will be one of the key building blocks in life. If they are to get a card then this one could be the perfect credit card for them as they don’t have to carry a balance and get hit with interest charges.
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There are so many no-fee credit cards, having a charge card seems to be (mostly) a prestige thing. From the $95 Green card all the way to the ultra-exclusive Centurian card, Zync card is a gamble. The key demographic is smart enough to know they’ll have to spend a lot of money (and pay it off every month) to build enough points for anything good, but Amex does offer better purchase protection than your average Visa. I see this card being popular mostly with people thinking about getting a Green card but have been put off by the high fee.
Comment by Brianc — February 7, 2010 @ 12:40 pm