With Amex "no preset" spending limit, what's your max?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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Mully85
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With Amex "no preset" spending limit, what's your max?

Postby Mully85 » Mon Mar 26, 2012 11:06 am

I was just approved for my first Amex card, it is the regular Gold card. Since Amex doesn't have any "Pre-Set Spending Limits", I understand they give you a "Purchasing Power".

Do they tell you what that purchasing power is?

I understand obviously I can't buy a car with this thing, but if I wanted to go get a new computer for my family, would it let me do that? My main question though is...does AMEX tell you your purchasing power?

Thanks!


Crashem
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Postby Crashem » Mon Mar 26, 2012 2:26 pm

Mully85,

AMEX's spending ability is very weird. First off, there is a tool online that allows you to do sample purchases and it will show you whether or not it will approve it. Don't use it too many times as it will force you to call them to see if it will approve.

Let me tell you my story. I got a platinum is Dec 2011 after a long hiatus from having an AMEX card (from when I was in college). It wouldn't approve me for anything over 2500 or 3000 dollars (i forget). Basically that was worthless for what I needed it for. I was told by agent that the computers determined spending limits based on past spending habits (huh this is a new card), payment history, and other things and that it really wouldn't start raising it until after 6 months of history. Well that is BS. My guess is that they based the initial limit off of my last AMEX card from college. Fast forward two months later (Feb 2012), I can now do 60k or more. How did I do it? Go crazy with your AMEX card one month. Figure out what your credit limit is from the spending tool. When you get close to that limit, then go pay that card mid month. Keep doing it for a month or two, and you should see your spending limit skyrocket. For example, the AMEX computer only allows you to spend $1000 so it is hard for you to prove you can do more. If you spend 4k in a month by making multiple payments in a month, at the end of the month, the AMEX computers realize you can handle more. In fact, if you owe a balance, you can even send them a prepayment for more than your balance which will give you additional spending ability. Do it a couple of months and you should see that spending limit skyrocket.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

bmw1990Z
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Postby bmw1990Z » Mon Mar 26, 2012 4:50 pm

Question: with amex can you pay on your bill throught the month (with charge cards?) One of the reasons I want to switch from my citi forward student card to an amex zync or gold card is I don't like the interest and you can't pay throughout the month.
Cards in my wallet:
-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013

CC Deville
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Postby CC Deville » Mon Mar 26, 2012 4:59 pm

bmw1990Z wrote:Question: with amex can you pay on your bill throught the month (with charge cards?) One of the reasons I want to switch from my citi forward student card to an amex zync or gold card is I don't like the interest and you can't pay throughout the month.


Really? As long as I have a balance on my Citibank cards, they allow me to make a payment (up to 4 per billing period) direclty from their site. You may also set up bill pay through your bank and pay anytime you like.

I have paid my Amex Blue during the montly before anything was owed; I have yet to try it with Zync but I assume it is the same. Just be careful, most banks limit the amount of payments per billing cycle directly from their site.

bmw1990Z
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Postby bmw1990Z » Mon Mar 26, 2012 5:35 pm

Maybe I have something set wrong but it will only let me pay my bill at the end of the month...i try to click other (as in other amount from last months statement) and it wont let me!
Cards in my wallet:

-Citi Forward Card for College Students-July 2011

-American Express Platinum Delta Skymiles--July 2013

Crashem
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Postby Crashem » Mon Mar 26, 2012 7:02 pm

I am assuming you have bank accounts linked to your AMEX account and you are on the AMEX website. I am able to pay whenever I want up to the current charges (ie they haven't created a bill for it). I can do it any time during the month and as many times as I want. I am talking about with the AMEX charge cards (zync/green/gold/plat/etc.). Not sure if you can do the same with credit cards (ie blue etc.), but I assume so.

In fact if you owe anything, you can pay extra to give yourself extra spending ability. For example, if you have current charges of $100. You can pay 2600 so that your AMEX shows positive balance of $2500. So if you "no pre set limit" was normally $1500, with the $2500 positive balance, you could charge close to $4000 and get approved ($2500+$1500). Using this method you can really juice your "no preset limit" quickly, I got mine from $2500 or so to $60k+ in a couple of months. Here is the issue, you can't prepay online. You either need to call up and pay or send them a check mid-month (i used my bank's bill pay function to do so).
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Crashem
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Postby Crashem » Mon Mar 26, 2012 7:04 pm

BMW,

You have interest on your citi forward card? There shouldn't be any interest if you pay in full after each statement due to your grace period. However if you carry a balance across billing statements, you will incur interest the entire time.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Pipe Doctor
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Postby Pipe Doctor » Mon Mar 26, 2012 8:05 pm

I got my first amex prg card last month. I maxed it out at $2500 in 2 days. I made weekly payments totaling $7500 during the first month. Last week I used the online tool to check my spending ability and $25k was approved. I guess the first month they want to see what you buy and what you pay for and frequency. My current balance is $9k and I am 6 days into my billing period. I use my card for all purchases - business and personal.

Also, I can now make payments almost daily online. During the first month only 2 payments were accepted online. The others were made via telephone. After 1 telephone payment, they transferred me to authorizations for my payment. I explained my situation that I was a new card member, etc, etc. and said straight out that I was maximizing points and charging everything and wanted to make weekly payments. She congratulated me and said I was doing exactly what amex wants from new customers. They want to see that you can pay for 100% of all purchases. She told me that after my first statement I wouldn't have to worry about any future declines. Also ANY payment is credited immediately - that second to your spending ability. Not the next day or next month.

My goal is never to pay for an airline ticket again. My wife and I do ALOT of traveling. Florida, Carribean, etc. Thinking back, I should have applied for the starwood card.....
Amex PRG - Everyday card:)
Amex Platinum
Amex Jet Blue 10k - For those purchases when you can't PIF
Barclays Rewards 4.5k - Just to have a lower debt ratio
NFCU Signature 15k - Just to have a lower debt ratio
USAA World MC 12k - Ditto

bmw1990Z
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Postby bmw1990Z » Mon Mar 26, 2012 9:52 pm

I do not currently have interest, I was just trying to say I like the idea of a charge card with no interest at all vs a credit card.
Cards in my wallet:

-Citi Forward Card for College Students-July 2011

-American Express Platinum Delta Skymiles--July 2013

Crashem
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Posts: 538
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Postby Crashem » Tue Mar 27, 2012 12:02 am

bmw1990Z wrote:I do not currently have interest, I was just trying to say I like the idea of a charge card with no interest at all vs a credit card.


Gotcha. But then again the reason is that you pay in full at end of month which would result in the same thing if you paid in full on your credit card. But a charge card might make you more responsible with your credit. As FYI, AMEX now has option to pay for things over time on their charge cards and the interest rate is stinky.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k



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