topic Re: Amex Gold Card Approved!! in Credit Card Approvals

Amex Gold Card Approved!!

Anonymous — Sat, 18 Jan 2020 20:54:15 GMT

I just applied for the Amex Gold Card and was approved! I honestly didn’t think I would be approved because I only have 3 ccs at the moment. But the lady in the phone was super friendly and recommended I apply for the gold card. So how is the charge card different from a credit card? Since she said I have the flexibility of carrying a balance of anything over $100? And what does NPSL mean in terms of CL? Will I know what my CL is?

Re: Amex Gold Card Approved!!

AllZero — Sat, 18 Jan 2020 20:59:36 GMT

@Anonymous wrote:
I just applied for the Amex Gold Card and was approved! I honestly didn’t think I would be approved because I only have 3 ccs at the moment. But the lady in the phone was super friendly and recommended I apply for the gold card. So how is the charge card different from a credit card? Since she said I have the flexibility of carrying a balance of anything over $100? And what does NPSL mean in terms of CL? Will I know what my CL is?

Congratulations on your approval! For charge cards, it's recommended to PIF Pay In Full.

NPSL No Preset Spending Limit. No set CL.

Re: Amex Gold Card Approved!!

AllZero — Sat, 18 Jan 2020 21:01:04 GMT

https://www.americanexpress.com/ca/en/benefits/gold-rewards-card/charge.html

No Pre-Set Spending Limit on Purchases

Enjoy financial flexibility and the opportunity to maximize your Membership Rewards® points.

Because your Card is a Charge Card, rather than a Credit Card, you pay your balance in full each month. As a Charge Card, you’ll have the financial flexibility of no pre-set spending limit on purchases, which provides you the opportunity to maximize your Membership Rewards points earned. Consider using your Card for things you would normally pay for with cash or debit, like gas, grocery, or drugstore purchases. No pre-set spending limit on purchases does not mean unlimited spending. Your purchases are approved based on a variety of factors, including current spending patterns, your payment history, credit record, and financial resources known to us. From time to time, proof of resources and security may be required to ensure you can consistently enjoy financial freedom and flexibility.

Re: Amex Gold Card Approved!!

M_Smart007 — Sat, 18 Jan 2020 21:01:11 GMT

Congrats!

Re: Amex Gold Card Approved!!

Marz2002 — Sat, 18 Jan 2020 22:05:19 GMT

CONGRATS @dnlpc526 on your AmEx Gold Card approval and Welcome to the FORUMS!!!

Re: Amex Gold Card Approved!!

AverageJoesCredit — Sat, 18 Jan 2020 23:49:22 GMT

Enjoy

Re: Amex Gold Card Approved!!

AverageJoesCredit — Sat, 18 Jan 2020 23:51:41 GMT

Also , id recommend learning about a specific credit card or charge card before applying. Know the benefits because you'll be paying a big AF for that Gold card and the card may not work for your spend. Always research. Again congrats

Re: Amex Gold Card Approved!!

thornback — Sun, 19 Jan 2020 00:40:56 GMT

@Anonymous wrote:
I just applied for the Amex Gold Card and was approved! I honestly didn’t think I would be approved because I only have 3 ccs at the moment. But the lady in the phone was super friendly and recommended I apply for the gold card. So how is the charge card different from a credit card? Since she said I have the flexibility of carrying a balance of anything over $100? And what does NPSL mean in terms of CL? Will I know what my CL is?

Charge Cards require your balance to be paid in full by the due date of each billing cycle. You don't have the luxury of paying only the minimum or a portion of your balance and utilizing the remainder of your limit for additional purchases as you would a Revolver. So -- it's the true "don't spend what you cannot pay for in cash" card.

NPSL (No Preset Spending Limit) means just that -- there is no pre-determined, set-in-stone limit that you cannot cross. Amex will decide on a purchase-by-purchase basis whether or not to authorize spend -- you do have an "internal limit" of which, you'll be unaware -- you'll find out if you've reached your max when a charge is declined and/or they request you make a payment on your existing balance (even though the billing cycle has not yet ended) in order to make additional purchases. They do offer an account feature (Check Spending Power) that allows you to "pre-approve" a spend amount ahead of time if you are unsure a charge will go through. Your internal limit increases with time as they learn your habits. They can also decrease your internal limit if they so choose (usually only if some other activity on your reports is causing concern -- like high utilization across all cards).

Don't let all that scare you though -- it sounds worse than it is. Just use your card responsibly and pay in full, on time, and all will be fine.

The POT feature is an extra that Amex offers some cardholders to allow them to "carry a balance" for eligible purchases so you can pay them over-time (it's like having a charge-revolver mix, in a way, I guess). I already tried to briefly explain it in your other post but I know you still have questions and/or would like more details so...

FICOers: those of you that use POT or know all about it, please share

Re: Amex Gold Card Approved!!

Anonymous — Sun, 19 Jan 2020 01:13:50 GMT

That’s thoroughly in-depth! Thank you, thornback. I appreciate all of your informative and educational replies. The “check your spending power” feature, while convenient and feasible in terms of checking for approval prior to usage, is somewhat ambiguous and ‘scary’ in a way. It would prove rather counter-intuitive if I had to use that feature every time prior to making a purchase? There’s still much I have to learn about a charge card and how spending limit is calculated. I’ll keep you posted!

Re: Amex Gold Card Approved!!

Anonymous — Sun, 19 Jan 2020 01:20:15 GMT

Thanks, Marz!

Re: Amex Gold Card Approved!!

Traveler101 — Sun, 19 Jan 2020 01:22:09 GMT

Congrats!

Re: Amex Gold Card Approved!!

thornback — Sun, 19 Jan 2020 01:24:56 GMT

@Anonymous wrote:
That’s thoroughly in-depth! Thank you, thornback. I appreciate all of your informative and educational replies. The “check your spending power” feature, while convenient and feasible in terms of checking for approval prior to usage, is somewhat ambiguous and ‘scary’ in a way. It would prove rather counter-intuitive if I had to use that feature every time prior to making a purchase? There’s still much I have to learn about a charge card and how spending limit is calculated. I’ll keep you posted!

Yeah -- it's not advised to use it all the time for every purchase. It's more so to pre-approve larger-than-normal purchases. So, say you typically don't make purchases over $200 but one day you need to spend $1500 on a single purchase -- you'd use your Spending Power button.

From what I gather from others that have/use the Gold - if you use your card for regular, everyday spend -- gas, groceries, utilities, dining, etc. -- you'll be fine - and this regular activity will build your internal limit. In the event you want to put a large charge on the card, check your spend power first. At some point - as you build a solid history - you won't have to be concerned about it anymore. I know folks that have the card and use it for anything & everything and never give a second thought to whether the charge would be approved -- but they've also had the card for several years.

Re: Amex Gold Card Approved!!

Anonymous — Sun, 19 Jan 2020 03:10:07 GMT

Congrats on your Amex Gold approval!

Re: Amex Gold Card Approved!!

Openwater — Mon, 20 Jan 2020 05:27:31 GMT

Congrats on joining the AMEX family, they are a great organization to work with. You should enjoy it! Cheers!

Re: Amex Gold Card Approved!!

mikesonthemend — Mon, 20 Jan 2020 05:33:52 GMT

No second chances with charge cards. Do not abuse.

Re: Amex Gold Card Approved!!

Anonymous — Mon, 20 Jan 2020 16:50:31 GMT

is it possible to get that changed or upgraded with a good pay off history?

@AllZero wrote:
https://www.americanexpress.com/ca/en/benefits/gold-rewards-card/charge.html

No Pre-Set Spending Limit on Purchases

Enjoy financial flexibility and the opportunity to maximize your Membership Rewards® points.

Because your Card is a Charge Card, rather than a Credit Card, you pay your balance in full each month. As a Charge Card, you’ll have the financial flexibility of no pre-set spending limit on purchases, which provides you the opportunity to maximize your Membership Rewards points earned. Consider using your Card for things you would normally pay for with cash or debit, like gas, grocery, or drugstore purchases. No pre-set spending limit on purchases does not mean unlimited spending. Your purchases are approved based on a variety of factors, including current spending patterns, your payment history, credit record, and financial resources known to us. From time to time, proof of resources and security may be required to ensure you can consistently enjoy financial freedom and flexibility.

Re: Amex Gold Card Approved!!

KJinNC — Mon, 20 Jan 2020 20:25:57 GMT

A charge card will always be a charge card. The basic concept of the card is that you don't want to carry around hundreds or thousands of dollars of cash. The charge card is used in place of cash, and then when you get a chance, you pay it off in full. That part will never change. Amex charge cards are Green, Gold, Platinum, and Centurion ("Black"). There are many Amex cards (for example, Blue Cash Everyday) that are traditional credit cards, where you can carry a balance as long as you make a minimum payment.

Charge card spending power will fluctuate. Mine has been as low as $5,000 and as high as $25,000 in the six months I've had my Gold Card. It's hard to pinpoint what factor has what effect sometimes, but I feel like if I "carry a balance" even within a reporting period, before the payment is due, that hurts my spending power. I don't worry about it, because it's unlikely I would use the card for a purchase above $5,000. Anyway, I am the type that makes payments multiple times a month, typically as soon as charges post. If in doubt about spending power for a particular purchase, you can call them to see if the will approve a purchase greater than the spending limit. They probably will if it's a reasonable request.

There is a Pay Over Time feature, referred to here as POT, that may be useful for some situations. I have not used it, but you can find info about it if you look here or elsewhere.

Hope this helps!

Re: Amex Gold Card Approved!!

morgacj2004 — Mon, 20 Jan 2020 20:28:57 GMT

It’s a good card for restaurant spend, grocery purchases and travel.

Re: Amex Gold Card Approved!!

Anonymous — Mon, 20 Jan 2020 20:31:50 GMT

thanks for all the info regarding amex NPSL charge cards.

much appreciated!

Re: Amex Gold Card Approved!!

Anonymous — Tue, 21 Jan 2020 05:04:51 GMT

Congratulation