The New AmEx “Zync” Charge Card

Fortunately, for the charge card user, there is a new product from American Express that will take some of the sting out of seeing all those zeros at the end of your monthly bill.

The Zync charge card from American Express has just been released on the market with the intent of gaining support with an ample rewards program. Ranging from the all-too-common frequent flyer miles to vouchers for restaurants, ritzy boutiques, and five star hotels, the Zync comes with the ability to bundle rewards packages, giving you points toward multiple rewards from a single purchase.

The way Zync works is by charging a flat rate of $25 a year. Basically, Zync offers rewards programs a-la-carte, charging you greater annual fees for the more rewards included in your plan. Of course, you don't have to bundle a bunch of rewards and get charged annual fees that you can't afford, but if you do wish to upgrade, AmEx will add rewards packages at the beginning of the month following the upgrade request.

Like all charge cards, the Zync also features a zero-percent interest fee. The difference between a charge card and a debit or credit card is that the balance is due in full at the end of the month. Although this may not be the best idea for some, AmEx hopes to use this feature of charge cards to stimulate a growing interest in young adults who are facing student loans and credit debt. Mandating customers to settle up, in full, at the end of every month, AmEx is basically betting that as consumers wrestle with the recession, try to spend wisely, and face credit cards that have raised rates and slashed credit lines, AmEx's charge cards will look attractive compared to falling into spiraling debt with high-interest-rate credit and debit cards.

Applying for the Zync is easy and follows the same process as a traditional credit card, so it might be a good idea to check up on your credit score prior to filling out all of the paperwork, because it will help to have a good credit history.

-AJ Register