Since I announced my partnership with Zync from American Express on the quarterlife project, I’ve gotten many questions that sound something like this, “I thought you advocated getting OUT of debt, why are you working with a credit card company?” Yes I absolutely support not racking up credit card debt which is exactly why partnering with Zync, which is a CHARGE card, not a credit card, is such a great fit! In this post, I will share what the difference is between a charge card and credit card as well as a little more about my role with Zync.

Many of us think about or use the terms “charge” and “credit” interchangeably, but they are not the same. Here is the main difference: a credit card allows you to carry a balance therefore enabling you to rack up debt and finance charges whereas a charge card requires payment in full each month, no debt allowed! A charge card may sound a lot like a debit card, but using a charge card is a better way to build and secure your financial foundation. As you pay your balance each month, your payment history is reported to the credit bureaus positively impacting your credit score. Your payment history with a debit card is not reported to credit bureaus, so they don’t help to establish a positive credit score or profile. And hopefully you know how important good credit is to apply for loans, leases, insurance and even jobs! Charge cards also offer purchase protection, merchant dispute resolution, money management tools, fraud alerts, and much better rewards programs. The ZYNC Card gives you the added flexibility to select bundles of rewards and benefits called “Packs” that are tailored to specific lifestyle interests and spending habits in different categories. My personal favorite is the “Give Back Pack” which gives extra points for charitable contributions and volunteer hours – how cool is that?! You can read more about the Packs here.

So now for some “behind the scenes” info about why I’m such a Zync fan. In September when Zync and I were “flirting” about working together, I went to the Amex offices in New York to be part of a “Zync Tank” meeting. While there, I met the Zync Advisory Panel (ZAP) which consisted of 16 influential bloggers in areas like art, culture, fashion, food, personal finance and giving back. ZAP provided feedback to Amex about what 20 somethings need and want in a card. I observed how Amex took all of this great info and designed rewards packs that are a direct result of the feedback they received. I also met many of the key executives at Amex, who are all super cool and super smart, and saw first hand how dedicated they are to offering resources to help 20 somethings become more financially empowered. For example, Zync launched a targeted Quarterlife survey (that I got to collaborate with them on!) to learn more about the financial concerns of 20 somethings. I have a great deal of respect for a company who cares so much about anticipating and meeting the needs of their card members!

As part of my role with Zync, I’ll be doing media interviews about the survey findings and the financial concerns of Gen Y. Additionally, I am providing multi-media content to help 20-somethings get fiscally fit, including a list of my top ten financial tips. You can also e-mail me your questions about quarterlife quandaries at zynclifecoach@aexp.com and I will address some of the most commonly asked ones via bi-weekly video posts on the ZYNC Facebook page. Whew! I better get to work…but before I sign off, what is ONE step you can take today to become more fiscally fit? You can check my tips for clues here.

Your Quaterlife Coach,

Christine