topic Re: Why Amex gave me best rate, but low limit? in Credit Cards

Why Amex gave me best rate, but low limit?

My_Fako — Sat, 12 Mar 2016 02:59:27 GMT

I apped for PRG was approved, so I tried for Everyday.

I was approved on my second app, but why would they give me the best Apr 13%... then only give me $1400. you would think I would have the 23% apr.

Re: Why Amex gave me best rate, but low limit?

kdm31091 — Sat, 12 Mar 2016 03:05:31 GMT

Because with that limit, you can't rack up much of a balance anyway, so they won't be making much off of your interest. So I guess they throw a bone by providing a lower APR.

Re: Why Amex gave me best rate, but low limit?

My_Fako — Sat, 12 Mar 2016 03:10:50 GMT

I could use some bones!!!

Re: Why Amex gave me best rate, but low limit?

My_Fako — Sat, 12 Mar 2016 03:12:25 GMT

Do they still do x3 at act... or is it back to 61?

Re: Why Amex gave me best rate, but low limit?

kdm31091 — Sat, 12 Mar 2016 03:14:24 GMT

@My_Fako wrote:
Do they still do x3 at act... or is it back to 61?

Nothing is guaranteed regardless of what amount of time passes. You can ask for a CLI pretty much whenever you want, but you don't have to ask for 3x. Don't rely too much on "3x" and "61 days" and such. Some people have asked right away and been told to wait for the account to age a bit though. If denied for a CLI, you do have to wait 90 days.

I'd probably opt to use the account for a few months and show some history, but you do what you feel is best.

Re: Why Amex gave me best rate, but low limit?

My_Fako — Sat, 12 Mar 2016 03:20:52 GMT

Is the Amex EveryDay card white? Is it a ugly card in person? Never seen one.

Re: Why Amex gave me best rate, but low limit?

Anonymous — Sat, 12 Mar 2016 03:43:51 GMT

@My_Fako wrote:
Is the Amex EveryDay card white? Is it a ugly card in person? Never seen one.

It's mostly clear:

Re: Why Amex gave me best rate, but low limit?

NRB525 — Sat, 12 Mar 2016 04:02:12 GMT

@Anonymous wrote:
@My_Fako wrote:
Is the Amex EveryDay card white? Is it a ugly card in person? Never seen one.
It's mostly clear:

And yes, it's ugly. Trying to make "clear plastic" that is still somewhat visible is a design step too far to try with this cheap plastic.

The upside is, when you get the contactless chip, the wires inside the card are visible, so it has geek cred. And you can use the reflective chrome center mirror to check your teeth for extra salad, so it saves having to carry a mirror in your wallet.

Re: Why Amex gave me best rate, but low limit?

Anonymous — Sat, 12 Mar 2016 04:16:40 GMT

It's definitely hard to read the numbers on the ED.

Looks like these are your only 2 AmEx, but in case it's an issue or for others reading this...re: 3x remember that the timeline count is for any/all AmEx, not for each card. For example when I got my EDP in Sept with a low limit, I had to wait until mid-October to request CLI since I had gone for one on another AmEx in April.

Re: Why Amex gave me best rate, but low limit?

Kenny — Sat, 12 Mar 2016 04:50:32 GMT

Possibly income mixed with other limits you already have? It's a combination of things.. not just one, usually.

Re: Why Amex gave me best rate, but low limit?

CreditDunce — Sat, 12 Mar 2016 05:38:04 GMT

Amex may very well of given you the worst APR if you had not used the CK pre-qual link. We also do not know how CK was compensated for the app. It could be based on the starting limit giving them an incentive to low ball your limit. However, I doubt that is the case.

If your EX-08 score is decent, you might as well try for a CLI now. If you are denied, you just need to wait 90 days. Not much difference between 90 and 61 days.

Re: Why Amex gave me best rate, but low limit?

CreditDunce — Sat, 12 Mar 2016 05:40:14 GMT

@NRB525 wrote:
@Anonymous wrote:
@My_Fako wrote:
Is the Amex EveryDay card white? Is it a ugly card in person? Never seen one.
It's mostly clear:

And yes, it's ugly. Trying to make "clear plastic" that is still somewhat visible is a design step too far to try with this cheap plastic.
The upside is, when you get the contactless chip, the wires inside the card are visible, so it has geek cred. And you can use the reflective chrome center mirror to check your teeth for extra salad, so it saves having to carry a mirror in your wallet.

I didn't think about how the contactless chip would look in a clear card. I might request it for my ED or BCE. Thanks.

Re: Why Amex gave me best rate, but low limit?

My_Fako — Sat, 12 Mar 2016 07:34:29 GMT

I used the creditkarma link for PRG, Went to Amex's site for Everyday app...

Also did I get the min... limit tha theyt give out?

Re: Why Amex gave me best rate, but low limit?

Anonymous — Sat, 12 Mar 2016 08:32:09 GMT

@My_Fako wrote:
I used the creditkarma link for PRG, Went to Amex's site for Everyday app...

Also did I get the min... limit tha theyt give out?

I got the same APR but on the EDP. If you read the contract, your first month APR is determined on your previous utilization on your other cards at the time app (something like that). Later it will be based on New York Times prime rates or some **bleep**tt like that. I seen someone with 500 credit limit

Re: Why Amex gave me best rate, but low limit?

Anonymous — Sat, 12 Mar 2016 15:33:25 GMT

I have a $500 limit with i'm sure to be a 22%+ APR (still in the 0% APR bonus right now). So no, you did not get the lowest they can give out

Re: Why Amex gave me best rate, but low limit?

Anonymous — Sun, 13 Mar 2016 11:07:18 GMT

Be thankful for the APR. The CL will grow. Best of luck!

Re: Why Amex gave me best rate, but low limit?

ryox03 — Sun, 13 Mar 2016 13:35:51 GMT

Im kind of in the same boat and stuck at a 1000 limit for now which means a boarderline approval I am going to wait until 720 to CLI request. I got the PRG at the same time and I can get pre authorized up to $3000 for a charge most times so I use that mostly anyways. Just try to hit that 20% bonus most times with the ED.