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What should I do with my new AMEX card?

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OHWWCB
Regular Contributor

Re: What should I do with my new AMEX card?


@ojefferyo wrote:

Persoally I would just keep the card and just let it age. You've already taken the HP for it and really if AMEX wants to give you a higher limit later you'll get it. 


I didn't take a HP for it because I took a HP for my first AMEX revolver in January so it didn't cost me anything. Plus no sense in keeping the card if I can't hit the bonus spend due to the annual fee.


Hilton Honors $15,000 | AMEX Green | Chase Sapphire Preferred $9000 | Discover IT $6600 | Marriott Premiere Rewards $5000 | Chase Freedom $5500 | Barclaycard Visa with Apple Rewards $2000 | CapitalOne Quicksilver One $2000 | US Airways Dividend Miles $2400
Message 11 of 17
ojefferyo
Valued Contributor

Re: What should I do with my new AMEX card?


@JSS3 wrote:
What were you going to put on the card had the limit been sufficient? That's what you run though it, but pay it back after it posts then repeat.

He wanted to put his rent through it but he said it wasn't even enough.

Amex Platinum, Amex Hilton HHonors Surpass, Chase Southwest Premier, Chase Marriott Rewards Premier, Discover IT, Sony Visa, Barclay Arrival+ MC, Cabela Visa, Walmart SC, Amazon SC, Kohls, Diners Club Premier, PayPal Credit, PenFed Platinum Reward Visa, PenFed PLOC, Chase Ritz Carlton, Citi TY Premier, Amex BCP, Discover Miles, Care Credit, Blue Nile SC, iComfort SC, Cap1 Venture, Chase Hyatt, Lowes, US Bank Cash+, Citi Costco Visa
Message 12 of 17
ojefferyo
Valued Contributor

Re: What should I do with my new AMEX card?


@OHWWCB wrote:

@ojefferyo wrote:

Persoally I would just keep the card and just let it age. You've already taken the HP for it and really if AMEX wants to give you a higher limit later you'll get it. 


I didn't take a HP for it because I took a HP for my first AMEX revolver in January so it didn't cost me anything. Plus no sense in keeping the card if I can't hit the bonus spend due to the annual fee.


Did you just get this card or you just posting about it now?

Amex Platinum, Amex Hilton HHonors Surpass, Chase Southwest Premier, Chase Marriott Rewards Premier, Discover IT, Sony Visa, Barclay Arrival+ MC, Cabela Visa, Walmart SC, Amazon SC, Kohls, Diners Club Premier, PayPal Credit, PenFed Platinum Reward Visa, PenFed PLOC, Chase Ritz Carlton, Citi TY Premier, Amex BCP, Discover Miles, Care Credit, Blue Nile SC, iComfort SC, Cap1 Venture, Chase Hyatt, Lowes, US Bank Cash+, Citi Costco Visa
Message 13 of 17
AverageJoe1970
Contributor

Re: What should I do with my new AMEX card?

I vote for closing the account. It sounds completely pointless and useless.

Wasn't always this way. Lessons learned.
Scores: Exp838 || Tu840 || Equ839
Credit Card Collection: Chase Sapphire Reserve 48K || Chase United 43K || Barclays Apple 39K || AMEX CASH 37K || BOA CASH 35K || Apple 25K || FNB AMEX 20K || Chase Amazon 15K ||
Utilization: >1%
Message 14 of 17
thom02099
Valued Contributor

Re: What should I do with my new AMEX card?


@OHWWCB wrote:

@Anonymous wrote:

@OHWWCB wrote:

I applied for and was approved for the Delta Platinum Skymiles from AMEX. I was disappointed that the initial credit limit is only $1100 so I called new accounts and he told me once I received the card that it would be no problem to increase the credit limit. Cool! So I finally received the card today and they told me I can't increase the credit limit because they just increased the credit limit on my HHonors card a few weeks ago. Now I don't know what I should do. This card has a $189 AF and I need to spend $3000 in the first three months to hit the bonus miles spend. With this limit, it isn't even enough to pay my rent! The card is useless to me, and with an AF that is 20% of the credit limit, I don't know why I shouldn't just tell them to cancel the card. Even the 3x CLI in 90 days (or maybe 6 months) isn't worth it with this limit. I feel like I'm better off just canceling it and re-applying in 6 months when I can either get a better initial CL or be eligible for a CLI.

 

Thoughts?


Maybe try calling new accounts again and see what if anything they might do about the CL?  Sees bizarre for that card to give you such a low CL with that kind of spend requirement.  If you don't mind wasting an HP maybe closing it would be the best option if you don't want to deal with trying to get the bonus with such a small limit and high AF.


Yeah, I did that and they said there was nothing I could do. I called customer service to cancel the card and the woman was really helpful and pretty incredulous at the initial CL. She offered, as did the other rep, to move limit from my HHonors card to the Delta card but I didn't want to do that as I feel like my 15k CL on my HHonors card looks better on my report than 3 card with 9k limits. I'll try again later this year I guess.


Looks better to whom?  The card is supposed to be a tool for your use.  You applied for it, presumably with a particular purpose in mind.  That they didn't give you a higher CL is a bit of a surprise, but they are offering a workaround.  If it were me, I'd move some of that CL from your $15K HHonors card to the card that, presumably, you were planning to use for a specific purpose.  It really doesn't matter, in the grand scheme of things, to have a bit less on the HHonors card and more on the Delta Platinum SkyMiles card.  You'll still have the same total credit limit (plus a grand), that you had prior, just distributed differently.  Of course, if you're running a lot through your HHonors card and nearing your max on that card, then there could be an impact, but you didn't indicate that this is the case.

Message 15 of 17
WLRK11
Regular Contributor

Re: What should I do with my new AMEX card?


@Anonymous wrote:
You can always pay it off as you spend in order to hit the spend you need. Doing that should help you persuade amex to CLI ("I'm already spending three times my limit every month and it isn't convenient to have to make these constant payments to do that ").

That doesn't work... I even called the EO.

Age: 20s | AAoA: 2 yrs | FICO Scores: 700s | Inq: EX: ?, EQ: ?, TR: ? | GARDENING AS OF 06/2014


























Message 16 of 17
takeshi74
Senior Contributor

Re: What should I do with my new AMEX card?


@OHWWCB wrote:

So I finally received the card today and they told me I can't increase the credit limit because they just increased the credit limit on my HHonors card a few weeks ago.


Make sure you read and understand the 3x CLI guide.  It's 6 months between CLI's as indicated in the guide.  It's possible that you might have been granted a higher limit on the new card prior to the CLI on the other card if the issue is a matter of total exposure and you're bumping into the limit of what AmEx is willing to extend to you.

 


@OHWWCB wrote:

I feel like I'm better off just canceling it and re-applying in 6 months when I can either get a better initial CL or be eligible for a CLI.


Given that you ended up in this situation it seems indavisable to rely on what you think would be the limit you deserve in future.  That is, unless you know you'll have drastic improvements to your credit in that timeframe.

 


@OHWWCB wrote:

She offered, as did the other rep, to move limit from my HHonors card to the Delta card but I didn't want to do that as I feel like my 15k CL on my HHonors card looks better on my report than 3 card with 9k limits.


I'd strongly suggest taking the offer and moving limits so you can use the card more easily.  Don't rely on what you think "looks good".  Creditors do not simply match limits so 15K on your HHonors card is only beneficial for utilization.  You've been given a solution and should take advantage of it IMO.  You can always request CLI's on the cards down the road and having more than a 3,300 ceiling on your new card will help considering you said that 3x of 1,100 still isn't of much use to you.

 


@Anonymous wrote:

Maybe try calling new accounts again and see what if anything they might do about the CL?  Sees bizarre for that card to give you such a low CL with that kind of spend requirement.


Not really.  Bonus spend requirements don't factor into CL decisions.  It's what the OP's credit qualified for,

Message 17 of 17
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