AMEX Plat Extended Payment Option POT

[Anonymous]

Hi All,

I recently enrolled in my AMEX Platinum's Extended Payment Option for the 10,000 MR Points and have a POT limit of $35,000, according to the letter that I got via snail mail from AMEX.

I was wondering if anybody knew if this affected or counted towards the $34,500 overall extended credit across all revolving AMEX accounts.

I currently also have a BCP at $20,700 (which I plan on converting to a BCE) and a EDP at $2,300 that I wanted to ask for a 3x CLI in October.

Thoughts and comments would be appreciated. Thanks!

[Anonymous]

I've wondered the same thing. My $35,000 POT is effective next week and I'm at 20k exposure with my SPG and BCE. I always heard that when you cross 35k in total exposure you're open to possible 4506 requests. I'll bet a card holder's behavior may have as much to do with those requests as exposure does.. 

[Anonymous]

No, the spending power amount listed under the PoT does not affect your overall exposure limit with Amex.  The $35K is a standard amount given when you enroll in the program and it doesn't actually mean that you would be approved if you ran out and charged $35K.  Every charge you make on a Amex charge card is reviewed and a decision made at that time if they'll approve the transaction or not.

Additionally, it's  myth that once your exposure goes over $34,500 that you'll get hit with a 4506T request..  Many people here, including myself, have far more than that and have never had to submit one. Depending on your income, credit file, transaction and payment history with Amex, you could be asked to provide PoI in the form of a 4506 or bank statements at any time.

[Anonymous]

Right !?

That's why I was surprised to find out that my POT limit on the Plat is what it is, given my current exposure. If treated like a revolving account, this puts me above $34.5K by default.

The 3x CLI isn't always guaranteed though, and fortunately, the 3x CLI is a soft pull, so, we'll see what happens in late October when it'll be time to bring the $2300 limit to $6900. I'll bring back some data points. I always pay my cards every two weeks on pay day and always pay in full, so we'll see how AMEX considers my good behavior.

Also, I just got off the phone with an AMEX rep about a reimbursable airline fee and while I had her on the phone, I nonchlantly brought up the fact that I wanted to PC my AMEX BCP to BCE. I had a $600+ balance on it and it wasn't an issue. She was nice, efficient, and even understood that I didn't wanna pay the $95 AF (even though I didn't tell her that) when the EDP is a better fit for me. New card will be coming in the mail. CC information won't change, just the logo on the card, same $20.7K limit. So happy with AMEX! 

[DeeBee78]

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@Anonymous wrote:

Hi All,

I recently enrolled in my AMEX Platinum's Extended Payment Option for the 10,000 MR Points and have a POT limit of $35,000, according to the letter that I got via snail mail from AMEX.

I was wondering if anybody knew if this affected or counted towards the $34,500 overall extended credit across all revolving AMEX accounts.

I currently also have a BCP at $20,700 (which I plan on converting to a BCE) and a EDP at $2,300 that I wanted to ask for a 3x CLI in October.

Thoughts and comments would be appreciated. Thanks!

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The POT line is a bit of an anomaly where it is basically a Line of Credit, but only in Amex's eyes. They don't report it as a separate tradeline, and any minimum payment on it is rolled into your charge card's payment, and those two amounts together are what gets reported to the bureaus. 

FYI, Amex doesn't have a max exposure. $34.5K just happens to be the amount most people are extended in revolving credit before a 4506-T request. Several people here have more than $50K in revolvers with Amex, because their profiles support it.

[700orbust]

I got a Platinum card around the last weekend of August. I got two letters in the mail this week, one for enrolling in the "extended payment option, the Pay Over Time". It says its effective 10/17/17. I guess I need two statements to cut before it all starts up? It also mentions a limit of 10,000. But also says I have NPSL.

Then I got a second letter saying I qualified for enrollemnt in the "select & pay later" feature as of the same 10/17/17. Not completely sure of the differences in the two yet. But, I like the idea of being able to roll a couple larger purchases over a couple months if I wanted to. I like keeping a certain amount of cash in the bank. Always helps me out when I am interacting with the bank