topic Re: Amex SimplyCash Plus in Business Credit

Amex SimplyCash Plus

Uncle_Money — Tue, 23 Aug 2016 01:23:05 GMT

Hey guys,

So I just received my new American Express Simplycash Business card! I just activated the card and I know this card has expanded buying power but I want to ask for a CLI because the portion I'm able to carry balances on is only $2,000. That's really low and I'll go right over that limit almost immediately. I'd like to have the option of carrying a higher balance, especially since the APR is 0% until May 2017. The rep said I can ask for however much I want. My question is, how much should I ask for? She told me I can transfer credit from my personal BCP card ($18K limit there) but that would lower my available credit on the personal side and I'd rather not do that. I was actually surprised I even had that option.

With that said, I'd really like to go in and request $30K or somewhere in that area. FICO scores are in the high 700s with little utilization. Member since 2008 and this is my 6th account with Amex. Recommendations?

Re: Amex SimplyCash Plus

Anonymous — Tue, 23 Aug 2016 02:05:46 GMT

@Uncle_Money wrote:
Hey guys,

So I just received my new American Express Simplycash Business card! I just activated the card and I know this card has expanded buying power but I want to ask for a CLI because the portion I'm able to carry balances on is only $2,000. That's really low and I'll go right over that limit almost immediately. I'd like to have the option of carrying a higher balance, especially since the APR is 0% until May 2017. The rep said I can ask for however much I want. My question is, how much should I ask for? She told me I can transfer credit from my personal BCP card ($18K limit there) but that would lower my available credit on the personal side and I'd rather not do that. I was actually surprised I even had that option.

With that said, I'd really like to go in and request $30K or somewhere in that area. FICO scores are in the high 700s with little utilization. Member since 2008 and this is my 6th account with Amex. Recommendations?

UM

Their business cards are subject to the same 3X CLI rules that applies to the personal cards so the CSR was basically blowing smoke up your ..... Depending on when you last received any Amex CLI you'll need to wait 61 days and the ask for a CLI but the most you'll get is $6K. You can ask for any amount but that's all they'll approve. You might be getting close to the max that Amex will extend you depending on your overall limits. Both your personal and business limits count towards any internal limit that they have for you. You might end up having to move some limits around.

Always remember that Amex front line CSRs are some of the most misinformed ones that you'll ever encounter.

Re: Amex SimplyCash Plus

Uncle_Money — Tue, 23 Aug 2016 02:18:22 GMT

Irish80 - Thanks, so basically I should just ask for a total line of $6K?

The only hard credit line I have with them is the personal BCP @ $18K. The rest of the cards I have are the charge cards. I have multiple corps and I have a card for each respective company. I have 2 Plum, 1 Business Platinum, 1 Personal Platinum, 1 Personal Blue Cash Preferred and now the SimplyCash Plus Business. Do you know what their internal limit is?

Re: Amex SimplyCash Plus

Uncle_Money — Tue, 23 Aug 2016 03:37:16 GMT

I have to wait until December 18th because they recently increased my BCP rewards card on June 18th. I'll probably move some of the credit line from that card over to the Simplycash Plus since they gave me such a stingy limit of $2K!

Re: Amex SimplyCash Plus

Anonymous — Tue, 23 Aug 2016 13:51:40 GMT

@Uncle_Money wrote:
Irish80 - Thanks, so basically I should just ask for a total line of $6K?

@Anonymous only hard credit line I have with them is the personal BCP @ $18K. The rest of the cards I have are the charge cards. I have multiple corps and I have a card for each respective company. I have 2 Plum, 1 Business Platinum, 1 Personal Platinum, 1 Personal Blue Cash Preferred and now the SimplyCash Plus Business. Do you know what their internal limit is?

UM

Sorry, didn't see your question last night. Internal limits are set by your credit, internal scoring with them and income. I'd guess that as you get close to 35-40% of your income then you might be getting close.

As for your CLI and needing to wait until December, if the CLI was an auto one then you don't need to wait. You need to wait 6 months after you are approved for any CLI across all of your cards that is self requested but not one given by them. The wait is 91 days if you request one and it results in a denial.

Re: Amex SimplyCash Plus

Uncle_Money — Tue, 23 Aug 2016 19:01:20 GMT

Thanks, I just decided to move $8K from my BCP card over to this card so it now has a $10K credit line. I have to wait until 12/18 to ask for my next increase because my BCP received one on 6/18.

Correct me if I'm wrong, but I can ask for $30K in December then?

Re: Amex SimplyCash Plus

Anonymous — Tue, 23 Aug 2016 19:33:13 GMT

@Uncle_Money wrote:
Thanks, I just decided to move $8K from my BCP card over to this card so it now has a $10K credit line. I have to wait until 12/18 to ask for my next increase because my BCP received one on 6/18.

Correct me if I'm wrong, but I can ask for $30K in December then?

UM

Yes. But I have a hunch they won't give you anywhere near that. The fact that the SL was only $2K with your excellent profile clearly indicates that you're very close to the internal limit they have established.