The “American Express Zync credit card” was released recently, aimed at younger consumers who wish to pay their balance off in full each month (whether they like it or not).
That means there’s no interest or finance charges tied to the Zync card, which is clearly a plus for young consumers who are notorious for getting into debt.
Of course, it diminishes the value of the credit card to some degree, as it’s really a form of convenience, and not so much a revolving credit line.
It’s similar to many of the American Express credit cards already kicking around for older consumers, like the Gold Card, which must be paid in full each month.
The big difference is the annual fee, which at $25, is much cheaper than the credit cards for the big boys and girls.
Zync from American Express is also customizable, with four different packs available for an additional $20 each annually (the Eco Pack is free).
They include the Go Pack, Social Pack, Connect Pack, and Eco Pack, each offering special deals and discounts for the associated lifestyle.
Zync offers standard American Express membership awards, purchase protection, extended warranty, return protection, excellent dispute resolution, and more.
While Zync may be a good choice for parents who want their kids to carry a credit card without the risk of being hit with finance charges, the annual fee can be a bit of a setback.
There are also a number of revolving American Express credit cards with no annual fee out there that offer the same benefits, though there is the risk of getting into more trouble.
It seems the Zync was released with the credit crisis in mind, as revolving credit cards dominated those boom years, and may be getting phased out as card issuers look for profit without taking on as much risk.