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I read here that AmEx members could request the spending ability over their designated limit.
So being in a bit of a bind, I took advantage of this option and requested an amount over my current limit and spent a portion of it.
To give you an idea, here are the details:
Amex Gold Delta - revolver
Original Limit: $2200
Spending ability: $1000 over limit
Spent: $700 over limit
Statement Balance: $2900
I figured that I would atleast owe a minimum payment, plus the $700 I went over. Today I finally received my minimum payment amount and it only says $90.
I called AmEx to ask a representative why I only had to pay $90, instead of atleast $700. He said AmEx understands that their members sometimes need the extra help and that I only have to pay the $90 to be current and not considered late. Although he advised me to pay the entire amount over the limit.
I asked what would happen if I only pay $90, he said AmEx may not allow me to make additional purchases until it is paid down.
I'm still in a bit of a bind, so not having to pay the entire amount would be helpful, but I don't want to run the risk of AmEx conducting a financial review and perhaps lowering my limit, and possibly affecting my future 3x cli requests....
Anyone with experience with this or suggestions? Possible scenarios of what could happen?
@Goblin wrote:I read here that AmEx members could request the spending ability over their designated limit.
So being in a bit of a bind, I took advantage of this option and requested an amount over my current limit and spent a portion of it.
To give you an idea, here are the details:
Amex Gold Delta - revolver
Original Limit: $2200
Spending ability: $1000 over limit
Spent: $700 over limit
Statement Balance: $2900
I figured that I would atleast owe a minimum payment, plus the $700 I went over. Today I finally received my minimum payment amount and it only says $90.
I called AmEx to ask a representative why I only had to pay $90, instead of atleast $700. He said AmEx understands that their members sometimes need the extra help and that I only have to pay the $90 to be current and not considered late. Although he advised me to pay the entire amount over the limit.
I asked what would happen if I only pay $90, he said AmEx may not allow me to make additional purchases until it is paid down.
I'm still in a bit of a bind, so not having to pay the entire amount would be helpful, but I don't want to run the risk of AmEx conducting a financial review and perhaps lowering my limit, and possibly affecting my future 3x cli requests....
Anyone with experience with this or suggestions? Possible scenarios of what could happen?
pay over the minimum payment, paying only the minimum is a huge red flag, depending on your relationship lenth and past history, you could be on the edge of FR, or other AA, since you expected to pay $700 plus minimum, I would do so, perhaps charge a bill that you normally pay with cash, to keep things under control, if its a longer term situation, you may want to revaluate your current budget, and possibly sellign some assets to cover this emergency.
AMEX loves to see an account paid in full every month. The were a charge card only company until 1989 I believe when the offered their first credit card, the Optima. All their cards have the ability to be treated with a No Preset Spend Limit. I have a charge card and a credit card with AMEX. I cannot tell you how they treat customers who pay over time as I have always paid my account in full on both cards by the due date. I can tell you that AMEX does seem to be coming to the conclusion that to compete in today's market, they better start offering people products more conducive to the average user so they are starting to change.
Pay the $700.00 AMEX allowed you to go over plus more than the minimum payment and you should be fine.
I would also be very careful about going over the limit anytime soon.
@-Wade- wrote:I would also be very careful about going over the limit anytime soon.
Well he already did. But yes great they allowed. But as others stated. For sure don't pay minimum. And if rep said pay the 700. Do it. Use another card to pay other expenses as not to freak them out.
@taxi818 wrote:
@-Wade- wrote:I would also be very careful about going over the limit anytime soon.
Well he already did. But yes great they allowed. But as others stated. For sure don't pay minimum. And if rep said pay the 700. Do it. Use another card to pay other expenses as not to freak them out.
I understand that. I would not want to habbit of going over the limit
True. I also read where others said any amex will allow I'm just to chicken to try.