$35K Hard Limit

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MrMosby
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$35K Hard Limit

Postby MrMosby » Mon Feb 03, 2014 1:44 pm

I remember seeing in a previous thread a mention of American Express not allowing you to have a limit over $35K on a single card without going through some form of a FR.


I was talking to Chase today about shifting lines around, and they said in order to have more than $35K on a single card lending would need to review.


Is there some sort of CARD Act/Money Laundering/Patriot Act legislation that I'm not aware of?
Everyday Preferred $43K | Amex Platinum NPSL | Citi Hilton Reserve $45K | Chase Hyatt $10K | Delta Platinum $10K | Chase Sapphire Preferred $64K


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FastSRT8
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Postby FastSRT8 » Mon Feb 03, 2014 2:26 pm

From my personal experience, I have never had this requested of me. It was only a conversation with Amex and only once.
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MrMosby
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Postby MrMosby » Mon Feb 03, 2014 2:30 pm

I didn't have it requested either, she just warned me at Chase than any limit of $35,000 needed to be approved by lending. I didn't ask what that entailed. It just reminded me of the Amex conversation.
Everyday Preferred $43K | Amex Platinum NPSL | Citi Hilton Reserve $45K | Chase Hyatt $10K | Delta Platinum $10K | Chase Sapphire Preferred $64K


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Postby djrez4 » Mon Feb 03, 2014 4:17 pm

It appears that $35k is the top limit offered on Visa Platinum cards, which is the highest, hard-limit cards Visa offers; Visa Signature must be NPSL. Unfortunately, the Visa Product Brand Standards are behind a login that I can't access. I'm guessing Visa has issued regulations within a document somewhere on that site. If anyone has a login, the website is here: http://www.productbrandstandards.com

What the heck does that have to do with Amex? Credit cards are a business. Amex and Visa are in the same business. I'm guessing that whatever reason Visa had to cut things off at $35k applies to Amex as well. If you want to be able to spend more than $35k on a credit card, you get an NPSL card.
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MrMosby
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Postby MrMosby » Mon Feb 03, 2014 4:38 pm

My cards are Visa Signature cards, so they re NPSL but they also having a revolving credit limit. Chase can do above $35K but they need additional review (which based on the thread below sounds the same for Amex).


The conversation came up when I was considering closing a card and wanted to move my limit over.


My bigger question was just WHY is $35,000 such a meaningful number.


This is the thread related to Amex http://creditcardforum.com/american-express/4912-amex-credit-limit-35k-more-requires-form-4506-t.html
Everyday Preferred $43K | Amex Platinum NPSL | Citi Hilton Reserve $45K | Chase Hyatt $10K | Delta Platinum $10K | Chase Sapphire Preferred $64K

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Postby JoDa » Mon Feb 03, 2014 10:03 pm

I know some people who have higher than $35K revolving limits with Chase on a single card, but I have no idea if they had to do anything special to get them. I know these folks have *very* high incomes and spend *a lot* on their cards, but they never mentioned any special review, though that could be just "not getting into the weeds" of specifics. I mean, if Chase *at large* is willing to give you $64K, seems a quick conversation would let you consolidate those at a high limit? Maybe?
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UMP $11.5K
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MrMosby
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Postby MrMosby » Mon Feb 03, 2014 10:17 pm

The CSR said typically requests to consolidate like this are approve, they just need to submit any request to transfer credit line increases that results in over $35K on one card to lending.

Maybe there is some sort of industry statistic that shows over $35K on a card is higher risk for fraud/default. Who knows.
Everyday Preferred $43K | Amex Platinum NPSL | Citi Hilton Reserve $45K | Chase Hyatt $10K | Delta Platinum $10K | Chase Sapphire Preferred $64K


JoDa
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Postby JoDa » Mon Feb 03, 2014 10:42 pm

Well, even having the $19K on a single line (soon to be more when I consolidate with the UMP) makes *me* a little nervous, so I can see where they'd maybe like to talk with you before going over $35K.

Kind of related story, when I bought my last car, it was during the loosey-goosey credit limit days. I was working with the financial officer when he excused himself to go "run" another customer's payment. Turned out the other customer was buying a late-model used car fully on a credit card. I can only hope the customer had an outstanding long-term 0% offer...though, after the credit melt-down, I have my doubts...
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

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Postby takeshi » Wed Feb 05, 2014 8:05 am

MrMosby wrote:I remember seeing in a previous thread a mention of American Express not allowing you to have a limit over $35K on a single card without going through some form of a FR.

That can lead to income verification via 4506-T but that's not the same thing as an FR. I hit the income verification when I recently submitted a CL request to take a card to $20K so it wasn't that specific card's limit versus total available credit with AmEx as I have another AmEx card already at $25K.

JoDa wrote:Well, even having the $19K on a single line (soon to be more when I consolidate with the UMP) makes *me* a little nervous

It's all in what you're used to though I was nervous when I charged $19K to a card in one transaction for a remodel job last year.

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Postby JoDa » Wed Feb 05, 2014 7:51 pm

takeshi wrote:It's all in what you're used to though I was nervous when I charged $19K to a card in one transaction for a remodel job last year.


For me, it's more the risk of losing the card or having it stolen. I work in a HUGE office building, and just a few weeks ago, apparently someone went through an office suite (fortunately not mine) and lifted cash and credit cards. The thief was apparently very well-organized, since the cards they stole had thousands of dollars in charges on them within an hour of the first report that a card was missing. I assume they'll be caught because we have security cameras *everywhere,* but it sucks in the meantime while the victims sort out their issues and the thief is identified. I never charge anything I can't pay off, and *won't* unless it's "desperate times" (which would be truly desperate since I do have substantial savings I can tap if needed), so just *having* the line doesn't worry me on the "temptation" front, having it worries me on the fraud and theft front (I had my UMP stolen back when I had a *much* lower line, and the thieves maxed it out within 3 hours...while all was well because I reported it promptly, I did have to go through that hassle and also the hassle of filing a police report because the fraud was substantial).
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K



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