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!).
Similar to many other American Express credit cards, it’s an installment card (also referred to as a charge card) because the full balance must be paid each month; no minimum payment option with this one kids.
The Zync card resembles the many American Express credit cards already kicking around for older consumers, like the Gold Card, which also 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.
Choose Your Own Pack
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 rewards, 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.