topic Re: Please Teach me what I need to know about Amex. in Credit Cards

Please Teach me what I need to know about Amex.

Anonymous — Fri, 08 Apr 2016 18:00:53 GMT

I am wondering if you fine folks are willing to give an American Express newbie some overall tips about joining the family. This is a very exciting and important relationship to me. Just wanting to learn what I can.

Main things I'm looking for are--

What is a normal/average SL for BCP?

What might cause adverse action?

Are they good with balance transfers meaning it wouldn't scare them i.e. Barclay?

Do they like to see a lot of spend monthly and big chunks knocked off or do they like small transactions & multiple payments?

If I paid my rent would that scare them being a new customer seeing a transaction that's over $1,000?

I know there's a huge thread about the 3x credit line increase but it's a couple of years old. I have read a lot of it but the main question is should I try right away, or should I wait 61 days? Obviously I know it's different for everybody but what is more likely to get the increase, and not scare them?

I read somewhere that you can only get an increase every 180 days, is that correct?

Is carrying a balance not a big deal?

Are increases done online, or should I call? Also can you get CLI via chat?

Do they randomly shut people down often, or is that highly unlikely?

How long for card to usually come in the mail, and do you know if I can see my credit line before it arrives?

Thank you all so much! This is a great start. :-)

Re: Please Teach me what I need to know about Amex.

KSK1912 — Fri, 08 Apr 2016 19:19:03 GMT

@Anonymous wrote:
I am wondering if you fine folks are willing to give an American Express newbie some overall tips about joining the family. This is a very exciting and important relationship to me. Just wanting to learn what I can.

Main things I'm looking for are--
What is a normal/average SL for BCP?

What might cause adverse action?

Are they good with balance transfers meaning it wouldn't scare them i.e. Barclay?

Do they like to see a lot of spend monthly and big chunks knocked off or do they like small transactions & multiple payments?

If I paid my rent would that scare them being a new customer seeing a transaction that's over $1,000?

I know there's a huge thread about the 3x credit line increase but it's a couple of years old. I have read a lot of it but the main question is should I try right away, or should I wait 61 days? Obviously I know it's different for everybody but what is more likely to get the increase, and not scare them?

I read somewhere that you can only get an increase every 180 days, is that correct?

Is carrying a balance not a big deal?

Are increases done online, or should I call? Also can you get CLI via chat?

Do they randomly shut people down often, or is that highly unlikely?

How long for card to usually come in the mail, and do you know if I can see my credit line before it arrives?

Thank you all so much! This is a great start. :-)

I am fairly new to Amex too and i will follow this post as it will answer some of my questions too. But at the same time i will answer some of your questions as i know the answers. First of all welcome to Amex family. now to your questions. Also if you let people know what card you got approved for and your limit, that may help with the answers too.

SL for any card and any lender will definitely depend on the overall file and the ability of the person to pay it back. So i dont think there is a definite answer to this question.

Anything you do, and know you are not supposed to do For example i believe Amex don't like personal cards used for big business purchases. After all it is a personal card and should be used for that matter. If you get a square payment account, and charge your own cards to get cash out of them, which i see some people do, this would deifnitely be a double jeopardy both from square and Amex. I heard that they do not like your card being used too much thru paypal. Can not say this is %100 percent true but it was here on the forums and i just read it recently. So anything that you would do that is out of your daily use may raise a red flag with them.

I know Barclays is picky about BT's. I have never heard of Amex being the same way, and they even have several 0% BT offers with their cards. So i dont see any issue here, but someone else with more experience can chime in as i dont do BT's.

Any credit card company would like to see their cards being used. Use it just as much as you would normally use, and dont carry a balance unless you have to and you will be fine. Just keep your balance low until your first statement cuts off, because when i got my card, i had $1K limit and my statement balance was $988 because it cut off very quickly before i was even able to make a payment.

Bigger transactions are very common with Amex. I have watched on news someone in China buying a fine piece of art for $170 million and putting it on a centurion card Search youtube for $170 million amex charge, it is from a news channe, no bogus! If your transactions are always $5/$10 and you are a new member, you can always call or chat and tell them there is a charge coming, the amount, who will make the charge, and you will be good.

That thread is update with new info everyday. Read the first couple pages, then go to the last pages to get the latest info. I asked for it at the activation and got 2x. if i would have waited 61 days i am sure i would have gotten the 3x becvause i used the card a lot and paid it off. It is up to you. If you wait, at least they will have a little history with you. Meanwhile, try to use the card a lot and pay it off, so they see you need the cli here is the link for the 3x cli.

http://ficoforums.myfico.com/t5/Credit-Card-Applications/The-Definitive-Amex-3X-CLI-Guide/td-p/1811071/page/224

If you ask for cli, and denied, you wait 91 days, if approved 6 months. My activation cli was on dec 10th, and they told me i am eligible for another cli on june 10th. One thing with amex, no matter how many cards you have with them, you can only ask for cli on one card only and every 6 months. So if i get a cli on my bce on june 10th, i will have to wait 6 months to ask for cli on my delta skymiles. So only one account, and every 6 months provided you get the cli.

Carrying a balance: not sure how amex reacts to it as my card is new.

You can ask for cli online, thru chat or by calling. Whichever is more convenient.

For the card to come in the mail, if it is your first amex, and it is not shipped yet, call and ask them if they could rush it. they will overnite it to you at no charge. They did it to me without me asking. Rep over the phone said i sounded too excited to get my first amex so he rushed it for. If not, by regular mail, after approval i would say less than a week.

Re: Please Teach me what I need to know about Amex.

Anonymous — Fri, 08 Apr 2016 20:14:26 GMT

Thanks for the great info! I don't know what my limit is yet, but I was approved for the Blue Cash Preferred. I was asking about typical SL just because I don't know what mine is yet. I heard I can call in and find out, but I was thinking it might be fun to wait. :-) How long after opening the card do they usually take to report? That def clarifies the CLI a lot. I find it very odd that they only allow one CLI per total accts in 6 months, definitely different. I guess they don't want you to have a bunch of access to new $$ and flee the country lol. One the flip side, I know the AMEX cards can grow like crazy!

Re: Please Teach me what I need to know about Amex.

CreditDunce — Fri, 08 Apr 2016 20:34:29 GMT

Amex is a great credit card to have in your wallet. But they wouldn't be my first choice for carrying a balance. Especially if your credit score is marginal and/or new with Amex, I would treat them as a PIF card. Not that many people don't carry balances with Amex, they are just not a Cap1.

Limits can grow quickly. Unless you have a very strong credit report, I would wait the 61 days before requesting a x3 CLI. To request, you click on the link. Fill out the info and get your answer. It is a SP.

Amex is not known for randomly shutting people down. If they see something they don't like, they will freeze your accounts. To unfreeze the accounts you will need to approve a 4506-t. They will pull your tax return and make a decision. While it can take a while for the review, it is better than other lenders who will close the accounts.

The BCE/BCP is not normally overnighted. You may be able to request they overnight, though. The PRG is normally overnighted. When you are approved for the card, they give you your limit.

Re: Please Teach me what I need to know about Amex.

CreditDunce — Fri, 08 Apr 2016 20:36:48 GMT

I see they didn't give you your SL when you were approved. That is weird. They gave me my limits with the approval message. Was it instantly approved? All of mine have been instants, so that may be a difference.

Re: Please Teach me what I need to know about Amex.

Anonymous — Fri, 08 Apr 2016 20:40:11 GMT

Here is some helpful reading

American Express New Cardholder thread

http://ficoforums.myfico.com/t5/Credit-Cards/American-Express-New-Cardholder-Information/m-p/4315141/highlight/true#M1232028?filter=labels&q=american+express+new+cardholder

and

Amex 3x CLI thread

http://ficoforums.myfico.com/t5/Credit-Card-Applications/The-Definitive-Amex-3X-CLI-Guide/m-p/1811071/highlight/true#M5911

Re: Please Teach me what I need to know about Amex.

Anonymous — Fri, 08 Apr 2016 21:36:00 GMT

Honestly, AMEX isn't what it used to be. It's not elite and hasn't been for a very long time, the benefits aren't competitive, the interest rates are high, they charge the most for transaction fees (driving up costs you pay), they use indian call centers defeating the purpose of AMERICAN express, their business partners are dropping them like hot potatoes.

So, why exactly do you want an AMEX?

Re: Please Teach me what I need to know about Amex.

myjourney — Fri, 08 Apr 2016 21:51:06 GMT

So you have 13 questions about Amex

I have just one

Shouldn't you have got these answers before applying? Lol

IwantaFabulous.....SMH Lol

Re: Please Teach me what I need to know about Amex.

olehammer — Sat, 09 Apr 2016 21:29:34 GMT

Re: Please Teach me what I need to know about Amex.

Anonymous — Sun, 10 Apr 2016 02:19:18 GMT

You should have received a "Welcome to American Express" with a link to register your account online. Once you register you will see what your CL is.

Re: Please Teach me what I need to know about Amex.

Anonymous — Sun, 10 Apr 2016 02:36:01 GMT

I've never had an American Express.

Re: Please Teach me what I need to know about Amex.

Kriz1 — Sat, 16 Apr 2016 14:58:40 GMT

Just got my BCE on the mail yesterday and still unopened, my first Amex and wanna learn more before I activate the card. (I am dying to open it tho) but I will use this and my discover as much as I can. So after 60 days I can request a CLI 3x. Thank you all.

Re: Please Teach me what I need to know about Amex.

Anonymous — Sat, 16 Apr 2016 15:05:50 GMT

Just like any other cards, use it and pay it. Don't ever be late and you'll get a CLI down the road.

Re: Please Teach me what I need to know about Amex.

Anonymous — Sat, 16 Apr 2016 15:06:38 GMT

@Kriz1 wrote:
Just got my BCE on the mail yesterday and still unopened, my first Amex and wanna learn more before I activate the card. (I am dying to open it tho) but I will use this and my discover as much as I can. So after 60 days I can request a CLI 3x. Thank you all.

Absolutely no reason not to activate it. Your time period to meet the spend requirement started when you were approved. Activation means very little and it is already considered an open and active card by American Express. In all honesty the time to learn about the card was before you applied for it not afterwards but now that you have the card, activate it and start using the card.

Re: Please Teach me what I need to know about Amex.

Open123 — Sat, 16 Apr 2016 15:29:40 GMT

Here's my take on Amex.

1. Still my favorite Issuer. No logic here, just like them better than others period. Chase is a close second, like them tons too. Everyone else is tied for third.

2. For cash rewards, they aren't the best. If you don't travel or find travel benefits and their partner transfers of value, you can find better value elsewhere.

3. Prestige doesn't matter these days, but for some (such as myself) Amex has cards that are easily best in class and irreplaceable. Won't go into all the reasons why, since they've been rehased so many times, but for a business person, the best in class NPSL itself is worth it. Sometimes, you just need to charge $100K+ and don't have time to deal with static limits and its inherent limitations. I won't even go into the efficacy of MR and SPG rewards value. Suffice it to say, if you value travel rewards, Amex and Chase are without peer. Cash, just go with 2% Visa/MC/whatever and 5% rotating and call it a day. See Themanwhocan's spreadsheet.

4. In my view, Amex is the best lender when you use thier products "as intended." No FRs, no declines, no over the limit fees, and high CLs and immense spending power with uncapped rewards. For larger spenders, Amex is ideal given their spend-centric business model.

5. With their higher end cards, no foreign reps period.

6. Best when dealing with Merchant chargebacks, warranty claims and accidental protection. Only exception is that Visa (say, JPM Ritz) is better on car rental claims (won't go into specifics here).

7. Amex offers are easily good for about $150 - $200 per year.

Generally, those who prefer cashback will find Amex underwhelming, especially on their fee cards. Conversely, those who spend a higher amount, need purchasing power beyond static limits, value travel benefits and travel rewards transfers will find Amex best in class.

Re: Please Teach me what I need to know about Amex.

NRB525 — Sat, 16 Apr 2016 17:01:31 GMT

@Anonymous wrote:
I am wondering if you fine folks are willing to give an American Express newbie some overall tips about joining the family. This is a very exciting and important relationship to me. Just wanting to learn what I can.

Main things I'm looking for are--
What is a normal/average SL for BCP? $1,000 or $2,000 if it's your first AMEX. Once you have a card with them for a few months, the next cards can have much better SL. But because of the 3X CLI, it doesn't matter what the starting AMEX CL is. In time, you can grow it like no other CC.

What might cause adverse action? It's unlikely. AA with AMEX is through a Financial Review, where they want more details to get comfortable you can pay your bill.

Are they good with balance transfers meaning it wouldn't scare them i.e. Barclay? They should be, but I could not figure out how to get it to work, and I've done dozens of BT with all the other banks, so good luck.

Do they like to see a lot of spend monthly and big chunks knocked off or do they like small transactions & multiple payments? Yes. They like you to pay your bill, carry a balance, pay in full, whatever floats your boat. Just don't ever miss that minimum payment on time. All banks get snippy when you do that.

If I paid my rent would that scare them being a new customer seeing a transaction that's over $1,000? Good luck finding a method to pay your rent or mortgage using an AMEX. MC/VISA usually no problem. If you can use the AMEX, should not be an issue. Suggest strongly that the $1,000+ be paid in full after the statement cuts, before that payment due date.

I know there's a huge thread about the 3x credit line increase but it's a couple of years old. I have read a lot of it but the main question is should I try right away, or should I wait 61 days? Obviously I know it's different for everybody but what is more likely to get the increase, and not scare them? It depends on your profile. Denial means waiting 91 days, so why not wait the 61 to improve your initial chances?

I read somewhere that you can only get an increase every 180 days, is that correct? After one AMEX Revolver gets a requested CLI, all your AMEX Revolvers wait 180 days. The first CLI request does not have to wait 180 days from card opening.

Is carrying a balance not a big deal? I have carried balances on two AMEX revolvers, starting to carry a small balance on SPG. Minimum Payment only would begin to get their attention. Otherwise, big payments to put it on a 12-month pace? no big deal.

Are increases done online, or should I call? Also can you get CLI via chat? Specific "Request A CLI" link in your online account. Use that when the time is right.

Do they randomly shut people down often, or is that highly unlikely? Regular people doing legitimate spend? No. Situations where they think your credit use is raising questions? Yes. Financial Review is possible.

How long for card to usually come in the mail, and do you know if I can see my credit line before it arrives? When you app on line, they can give you a portion of your CL and a temporary account number to use for online purchases. Instapprovals do see the starting limit online.

Thank you all so much! This is a great start. :-)