American Express Credit Limit

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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day440
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American Express Credit Limit

Postby day440 » Sun Mar 29, 2015 8:51 am

I was just approved for the Gold card. It states "unlimited credit". Then is says my credit limit will be based on my purchasing habits. Can anyone explain exactly what this means? How do I know how much I can initially spend? I don't plan to charge large amounts and will pay off whatever I do charge each month. I was just wondering about the credit limit. TIA!


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Vattené
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Postby Vattené » Sun Mar 29, 2015 10:10 am

All Amex charge cards have what's known as "no preset credit limit," as opposed to the hard limit traditional revolving credit cards have. There is a limit, but it is dynamic. If you are using your Gold Card for normal purchases you would otherwise make you will be fine; if you try to buy a yacht or something, you'll probably get turned down.
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PlyrStar93
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Postby PlyrStar93 » Sun Mar 29, 2015 12:13 pm

As hat Vattené said, you do have an internal limit. If you plan a large purchase, you can find out if Amex will approve the charge or not by logging in and using the "Check Spending Ability" tool. Just put in the amount you want to charge and see the result. Note that if you check three times within a short period in a day, you usually get locked out of the tool for 24 hours (i.e. you will need to wait a day to be able to use the tool again, but charges can be approved).

As far as the limit, you might not be able to find out the actual, since you most likely get locked out after a few tries. Not sure if calling customer service will help, since I don't have a charge card; when my 8k limit BCE was able to charge 10k according to the tool, I attempted to find out the actual limit and was locked, but the CSR kept saying 8k was OK and anything above that was not a guarantee.
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takeshi
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Postby takeshi » Mon Mar 30, 2015 8:29 am

day440 wrote:It states "unlimited credit".

It does not say "unlimited credit". It says "no pre-set spending limit" which is not the same thing. Some additional info from AmEx:
No Pre-Set Spending Limit does not mean unlimited spending. Purchasing power adjusts with your use of the Card, your payment history, credit record, and financial resources known to us, and other factors.

day440
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Postby day440 » Mon Mar 30, 2015 4:06 pm

Thanks everyone! That's clears it up for me.

hammerandnails1859
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Postby hammerandnails1859 » Tue Mar 31, 2015 1:22 pm

day440 wrote:Thanks everyone! That's clears it up for me.


Clear as mud, anyways... right? lol Good luck!



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