American Express has a called ‘American Express Optima‘ (not to be confused with the rumored American Express Optio card). This card was American Express’ first credit card offered (previous cards were charge cards) that originally launched in 1987. Recently I’ve been seeing more and more mentions of this card on credit rebuilding sites such as myFICO.
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What Is The Optima Card?
The American Express Optima card is a ‘second chance’ card with a $49 annual fee.
Who Can Apply For This Card?
It’s not possible to apply for this card directly, you need to be invited to apply. Unlike premium cards such as the American Express Black card this isn’t a card you want to be invited to apply for. Generally American Express offers this to cardholders who had a relationship with American Express and then defaulted/became delinquent on payments. American Express then offers this card as an option once these balances have been settled. American Express doesn’t offer a secured credit card, so this is an alternative to that. Sometimes these are referred to as second chance credit cards.
What Benefits/Earning Rates Does This Card?
Like most cards aimed at those with poor credit this card doesn’t come with any real benefits for the $49 annual fee. It’s also not a rewards earning card.
View Comments (79)
How long does it take for them to send you the application? I just paid off my entire balance on 7/20/23 and have not received any correspondence or mail from them.
Well, how bad do you want it? The card doesn't offer any benefits. And Amex isn't always accepted. I defaulted on an Amex Plat and a Sapphire Reserve during COVID-19. Of course, my scores dropped from just under 800 to now hovering above 500. It sucks!
I defaulted on my personal Gold and business Green Cards in late 2018 for several thousand dollars. I get a snail mail offer from Amex in about September 2020 that if I paid my balances off, I would be offered the Optima Oasis Card.
I paid both accounts off and received the application a few weeks later. I got my Optima Card in November 2020. Was finally approved for Gold Card in February 2023.
Did you pay off both cards before applying for the Optima card?
How long after you pay your balance should you receive the application cause I paid it on Christmas and just want to know how long the wait is.
My wife got the invitation 3 weeks after paying off her chargeoff !
Does anyone know if all of your accounts with AMEX has to be settled in order to receive this card? I had 4 AMEX accounts all go 90 and they closed my accounts. I’ve been a member since 1995 so they offered me the Optima credit card opportunity to reestablish with them. My question is, will they still approve me if I pay off only the card they made me the offer on, or will I have to pay off all of my other accounts before they approve me for the card?
Not sure if my situation answers your question, but here it goes. I had an Amex Blue Cash card that went into default. 30, 60, 90, 120, charge off, etc. Had the card for about 15 years before the defaults. I had a large balance before the defaults. I worked with them and got them to settle for about 50% of the amount owed. After the settlement, I was invited to apply for the optima card after a year. I didn't do it. Mainly because I just was not interested in any more credit cards. Fast forward, it's now 2 years later now, I had settled other credit card debts, and my credit's finally back in the 700s again. I thought because of the history, I wouldn't be considered for anything but the optima card. I took a chance, and applied for the Delta Platinum card. A few seconds later, I was approved! Go ahead and apply. The worst they'd say is no. And then work on settling your other accounts.
Hi. I had 3 accounts that I defaulted on with Amex, and I paid off ONE totally and received an invite (it was a condition of me paying it off). I have now finished paying off the other two, but they still had balances when I received the invite. Good luck.
I too would like to know the answer to this
I recently checked my credit report only to find that I have a 90 day delinquency on an account that I have already paid in full. The amount that was reported as delinquent is $10. Yes, $10. I had no idea I owed this or how the company calculated that I owed $10. Nevertheless, my 775 credit score went down to 605 because of this delinquency. I’m devastated. I have always had good credit and it is shocking to know that a company is willing to ruin a person’s credit over $10. I contacted them and they said they’ll review it but that it’s unlikely it’ll be removed. I’ve filed disputes with the credit agencies but in the meantime I’m stuck with a 605 FICO and now a lower than average Vantage score as well. It just seems unethical to ruin someone’s excellent credit this {way to cut the long story short }i read a comment of a young man sharing testimony of how a hacker increased his credit score at first i was Skeptical and nervous because i know there are a lot of fake hackers out there. but my mind was telling me just to give him a trial and i sent a mail to cybspace279 At Gmail Dot Com and guess what the result was Amazing my credit which went down to 605 was increased
I can attest that this is absolutely a second chance card from American Express. Basically, you agree to pay off your previous balance (either in-full or through an installment plan) and the debt collector will extend an offer for an American Express Optima card (paper application). Once your application is submitted and processed (almost guaranteed approval) you'll receive your AMEX Optima card in the mail. Basically, continue to do things correctly and build your credit and re-establish your relationship with American Express and you'll be eligible for additional AMEX cards.
My Optima story:
Back in late 70's when when I purchased a house I canceled my Amex due to the yearly fee ( I recall $75) A few years later I started checking my FICO score and there was an active but apparently dormant Amex card number still listed in my file, So I called to inquire (with a great fico score over 800 BTW) an Amex rep offered me the Optima blue and white with no fee so I accepted, which upon renewal year turned into a Amex Optima Platinum silver card which I had until 3 years ago Amex fraud alert called because my card was receiving a few fraudulent charges on Macdonald's for $6. I was told my card had to be cancelled. When my replacement card arrived in the original blue and white optima and not silver, when I called Amex I was told they no longer are printing the silver card, so go figure. I still receive points and the card has my original issue date of 1974
Don’t fall for this
Amex uses this as a false promise for repayment
I did the payment plan and payed in full actually making the last payment a month early
No invitation was extended
AMEX lied
James the experience I just had was that I had to call and request the application. I thought it would automatically come once my final payment was made but it did not. Once I called and requested,I got the application in about 14 business days
Where did you call? Seems most of amex customer service is unaware of v the Options card.
Is there a certain department I need to call at Amex to get mine?
I would have to disagree. I paid $13,600.00 over the last 6 months and was told from the start what the credit limit would be on the new card and I would receive the "offer to regain membership" within 30 days of the final payment being processed, which did in fact occur. I will note that this invitation came in the form of a BLANK AMEX card application. If you were expecting a credit card in the mail, most likely you got the app thinking it was junk mail and tossed it.
James - you may want to follow up with them. It does take some time after the payment is complete to get the invite. I too thought it was a false promise, but a few weeks after the payment, I received an email with the invitation
I've been an Amex cardholder since 1977, starting with the green, went to gold and to platinum. I had never been delinquent. When Amex offered me the brand new Optima credit card, no annual fees with almost the same benefits as I was paying an large annual fee for, why not get it too. After a couple years I cancelled my Amex Platinum card. The last couple of years Amex has been trying to have me change over to any one of the fee based cards. Just today I received an offer for a one year fee free card. It must be something new, "Optima second chance" cards?