American Express Gold Card With No Pre-set Spending Limit

[rockup55]

Thanks for the explanation.  However, I am still not clear on one point.  As I mentioned above, the American Express charge card that I was issued gives me the OPTION to either pay the full balance each month or pay transactions that exceed $100 -- OVER TIME -- meaning the balance is NOT required to be paid in full every month as indicated in your post.  For the pay over time balances, you are required to pay a minimum amout each month and you pay interest on the unpaid balance just like a normal credit card.  Finally, the maximum amount that they will allow me to carry in a pay over time balance is $35,000. Therefore, it would seem to me that the card is actually a combination of a charge card where some balances have to be paid in full each month  and a traditional credit card where you pay over time.  Maybe when I elect to place items in the pay over time category, the $35000 is used as the limit for calculating utilization.  I guess I will see in time.  Anyway, thanks for your input.

[taxi818]

Yes. It's something new they are trying. As the revolvers are the best. So if travel related. Not just 100 dollars. You can pay over time. Anything else in full. Just get a amex revolver as well to end headaches. 

[rockup55]

I think I am going to just stick with this one for now.  Actually, I don't view this one as a headache because they very clearly segregate the charges on your statement for you each month  between how much has to be paid in full  and your option of how  how much can be paid over time with the minimum payment and appropriate interest charges or just pay it all in full..  Seems like you get the best of all worlds in one card.  I have four traditional credit cards with collective limits of $10,000 but I always pay them all off each month except for a small balance to keep utilization under 5%.  I choose to not charge anything on credit cards that I cannot pay off in full each month.  With this new American Express Card, my strategy would be to make a small amount of charges in the Pay Over Time category just to activate the $35,000 credit limit but still pay off those balances in full each month to keep utilization at a very low level.  Maybe I am missing something but  seems to me you get the best of all worlds in one card including credit card charging previleges up to $35,000 and unlimited other spending up to your capability to pay it all off in a month. 

[elim]

hrmmmm, this is your card???

nice feature they came up with. i guess they want some of the interest market.

[rockup55]

Yes, that is my card.

[Anonymous]

when you go to amex online there is an option that says check spending limit.. 

[rockup55]

My Amex Online site has an item called "Check Spending Ability" but that is not the same thing as a spending limit.  The Check spending ability is use to enable one to see if they are going to approve an upcoming charge that you have already made.  All of my communication from American Express related to the pay in full charges indicate that I DO NOT not have a pre-set spending limit.  As long as my income remains where it is and I am not late on any of my payments, I do not anticipate them declining any charge I wish to make.  The only communication I hae specifically received from them regarding a spending limit was the letter they sent me saying I had been approved for the Pay Over Time Feature that gives me the choice to pay virtually any charge of $100 or more over time.  The letter further states the following; "As a reminder, we will not place any charge into a Pay Over Time balance if it causes the total of your Pay Over Time balances to go over your Pay Over Time Limit, which is $35,000".  That is the only spending limit reference they make about portion of  my account.  Every other reference says No Pre-Set Spending Limit.  Now having said that, I am not sure they would approve it if I went out and charged a $75,000 Jaguar with the intent to pay it off in a month but that's not in my spendinhg plans anyway lol.