no preset spending limit Amex premier gold

Anonymous · ‎01-19-2016

Hello I was literally just instant approved for Amex Premier gold with no preset spending limit. My trans / Equafax score was around 690.

What does this mean? also I hear for this kind of card you have to pay in full every month ?

Can someone help me understand this card better?

Anonymous · ‎01-19-2016

Basically Amex decides how much you can charge per month based on their internal scoring, your credit history, your payment, history, income, etc.

they have a feature on their website to "check My Spending Ability" to tell if a purchase you plan to make will be approved.

Over time if you demonstrate your ability to pay the limits per month can become quite high.

And yes, you have to pay it off every month in full but the due date (Unless you have pay over time, but the APR is high).

Anonymous · ‎01-19-2016

What Starz said, plus in credit scoring for recent FICO models your spending on your Amex is not considered revolving debt so it doesn't count against your utilization. You do have to pay it every month, but if you don't normally run balances and you put most of your spending on that Amex your utilization will be insanely low.

takeshi74 · ‎01-20-2016

@Anonymous wrote:
Hello I was literally just instant approved for Amex Premier gold with no preset spending limit. My trans / Equafax score was around 690.
What does this mean? also I hear for this kind of card you have to pay in full every month ?

Can someone help me understand this card better?

You have to pay in full each month because it is a charge card. NPSL is a different matter. There are NPSL credit cards as well. AmEx bases your spending ability based on your credit and other factors. We don't know all the specifics but there is a tool online that you can use to see if a charge will go through. Do not repeatedly use the tool.

Why did you apply if you did not understand the product? You need to ensure that the products that you apply for are suited to your needs/wants. In future, carefully research before -- not after. We are certainly willing to help and answer any questions.