About Zync From American Express
Banks have always tried to capture the young adult market since they represent the next generation of high value consumers. To do so, they can offer rewards credit cards affiliated with popular brands such as MTV or Best Buy, while others feature exclusive access to sporting and concert event tickets. American Express offers its Zync card to students and young adults who want the opportunity to tailor their credit card to their individual needs.
For each dollar spent with this card, customers will earn a single point in American Express’s Membership Rewards Express program. Cardholders can also choose to add on different “Packs” to their card at additional costs. For example, The “GO” Pack adds $20 a year to the cardholder’s annual fee, while offering double points for airfare ticket purchases, as well as other travel discounts. Additional packs include the ECO Pack, the CONNECT Pack, and the RESTAURANT Pack which offer additional points for environmentally conscious purchases, telecommunications expenses, and food spending respectively. This product is an American Express charge card, not a credit card. There is no applicable interest rate as cardholder’s complete balance is due each month when their statement is received. There is a $25 annual fee for this card, and a 2.7% foreign transaction fee on all charges processed outside the United States.
American Express has taken a unique approach to this product. Rather than flood the market with a dozen similar cards, they are leaving it up to their customers to pick and choose the features they value the most, much like choosing option packages on a new car. As a charge card, this product encourages customers to pay their balances in full each month rather than carry a balance, which is always the best way to manage one’s finances.
American Express’s Membership Rewards program is extremely valuable, but Zync customers will not be receiving the same points that are given to holders of other cards. The Membership Rewards Express points that this card offers lack many of the features that make the standard Membership Rewards program so valuable. For example, the standard program offers options to transfer points to miles with 15 different carriers, while members of the Zync card’s Express version do not have that option. Furthermore, standard Membership Rewards points can be used to pay for travel on a one point to one cent basis, while two Membership Rewards Express points are required for a single cent of travel, a major devaluation. Finally, the Zync card, like most of American Express’s products, still carries the 2.7% foreign transaction fee which is wholly unjustified.
This card does a reasonable job of allowing customers to tailor benefits to their own needs. For some cardholders, the low annual fee and lifestyle specific options will be seen as a great way to get the features they want at a reasonable price. Others should consider alternative products from American Express that feature cash back, or the standard version of their excellent Membership Rewards program.
Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author’s alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.
This article was accurate at time of posting. Please note that terms may have changed. This offer is not available at this current time on our site. Please visit our American Express issuer page to view other cards that may fit your needs.
