just got my green amex, any advice?

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newbiecredit
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just got my green amex, any advice?

Postby newbiecredit » Fri Nov 04, 2011 2:42 am

i just got my first amex 2 days ago. im so happy i got to be part of the amex family. perfect card since i want something with rewards and pay every month. since it has no pre-set limit? does it mean it really has none? like from 0 to whatever? i read some people that has zync got a 250 limit.. isnt zync a charge card too? how come it has a limit? i need to know more how charge cards go. any advice?


Ramzo
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Postby Ramzo » Fri Nov 04, 2011 10:29 am

Congrats on your new card, newbiecredit. Be smart with it!

Basically, the "no pre-set spending limit" thing is true. There is no actual pre-set spending limit, but that doesn't mean you can't be denied a transaction either. Just keep in mint that it is a payment card, not a credit card in the conventional way. Don't default any payment, or you're gonna be screwed hard.

As for your Zync card having a 250 limit question, I believe that's for the first few months for new cardmembers. Then they remove it.

RRMATT
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Postby RRMATT » Fri Nov 04, 2011 12:35 pm

I have a Zync and it did post a 250 limit until I actually had the physical card in hard.

sticf
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Postby sticf » Fri Nov 04, 2011 2:38 pm

Congratulations on the card. My best advice: "Don't be foolish with your new tool. Give it the respect you would give any item that can ruin your life (at least in the short run)."

No preset limit does not mean no limit. Amex will evaluate your spending habits, your ability to pay them back (according to your application) and your account history. There is no hard cap that you can see but that does not mean the ceiling is not made of glass.

newbiecredit
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Postby newbiecredit » Fri Nov 04, 2011 2:54 pm

thanks guys. i dont really do big transactions so i guess im ok. my big purchases are just mostly groceries. when i got my green amex, it didnt say my starting spending limit. should i call amex for that so i know? i tried the check spending limit on my account and i just put in any amount and it said it's approved, i just wanna make sure my transactions cant be declined coz i get ashamed.. haha

Moneytalks
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Postby Moneytalks » Sun Feb 05, 2012 7:49 pm

I'm on the same boat as you newbiecredit, except mines still in the mail :(
Wallet: Amex BCE & Chase Freedom. (Credit Card dieting since 2014)

irvine801
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Postby irvine801 » Mon Feb 06, 2012 12:33 pm

Lol my zync has a 500 limit. I haven't even gotten mine yet. I'm still awaiting the media dept to call me today.
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darobin77
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Postby darobin77 » Sat Feb 18, 2012 10:15 am

newbiecredit wrote:i just got my first amex 2 days ago. im so happy i got to be part of the amex family. perfect card since i want something with rewards and pay every month. since it has no pre-set limit? does it mean it really has none? like from 0 to whatever? i read some people that has zync got a 250 limit.. isnt zync a charge card too? how come it has a limit? i need to know more how charge cards go. any advice?


Its a not a real unlimited limit, when you log onto your online account you can use the, i think spend pattern button and it will tell you what charge will be approved.

congrats BTW

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PlatinumAMEX94
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Postby PlatinumAMEX94 » Sat Feb 18, 2012 2:33 pm

newbiecredit wrote:i just got my first amex 2 days ago. im so happy i got to be part of the amex family. perfect card since i want something with rewards and pay every month. since it has no pre-set limit? does it mean it really has none? like from 0 to whatever? i read some people that has zync got a 250 limit.. isnt zync a charge card too? how come it has a limit? i need to know more how charge cards go. any advice?


Welcome to the club. Membership has privileges, don't abuse them. Hopefully you and American Express will have a long, healthy happy relationship. Always pay your bill on time and if you can, make multiple payments before your bill is due, it will keep you on their good side. Every account/relationship is different for everyone. I have heard horror stories from different individuals, but from experience I know that there is an internal score card based on your profile that tells AmEx all kinds of things about you, such as if you are a good customer or not. AT&T has the same system and based on your profile it tells them what they can and will do for you. If you are profitable for them (multiple cards all with annual fees, booking travel through American Express) they are more likely to side with you, such as with a charge dispute.

If you want your limit raised then you should prepay your bill in advance over the amount you are going to charge. Demonstrating the ability to pay is what increases your spending limit. American Express keeps a history of the most you have ever charged, and your highest paid bill. So when you call AmEx, they look at all these factors that make up your profile with them. And NEVER bounce a check to AmEx. It puts you on a black list.

If you want to put an automobile on your card,(for the RW points of course) you could send them a cashiers check or pay online say, $30k, you would have a credit balance and no problem getting it approved by AmEx. The car dealer however most likely will not accept payment unless you pay their merchant fee of 5%. Remember, everything YOU buy AmEx always gets a percentage paid back by the merchant. That is one reason some retailers will not accept their card, it is too expensive for them to do so. Your spending limit is now 30k per month. That is how you do it the fast track way. And it doesn't have to be a car, it can be whatever you want it to be. Most personal cards are used for discretionary income spending, so it just depends on if you shop a lot. Platinum card members automatically have a 25k per day threshold that can be used for cash advances. It links to your bank account and serves as an amazing ATM alternative. So if you're in Vegas and need some cash and your debit card only lets you take out $500, you can always use your card for cash. I am not sure if that works with the Green or Zync card.
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Money card
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Postby Money card » Sat Feb 18, 2012 10:40 pm

Congratulations on your green card. Are you planning to use the card for business or personal use?

I love my green card I use it for personal use and get the bill sent to my home.



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