topic Re: Has AMEX minimum required credit limit changed? in Credit Cards

Has AMEX minimum required credit limit changed?

Anonymous — Sat, 18 May 2019 10:38:07 GMT

I tried to transfer 1k of my available credit from my Aspire to my Everyday and I was denied. The letter I recieved stated that the reallocation of credit would drop the Aspire's credit line below the minimum required per American Express policy. The limit for my Aspire is 3K and I was only transferring 1K for utilization purposes regarding my Everyday.

Last month, I transfered around 2k to the Aspire from the Everyday with no issues at all. It has been over 30 days since that transfer.

Re: Has AMEX minimum required credit limit changed?

Anonymous — Sat, 18 May 2019 17:12:34 GMT

I would either hit them up on chat or call about it.

Re: Has AMEX minimum required credit limit changed?

Viva-LV — Sat, 18 May 2019 22:29:20 GMT

Call 'em. I took my Delta Plat down to $500, before closing it. However, I could only go down to $3100 on my SPG.

Re: Has AMEX minimum required credit limit changed?

Shadowfactor — Sun, 19 May 2019 00:51:26 GMT

Given that the aspire has a $450 annual fee, it likely has to do with the CARD act. I don’t remember what the percentage is for the AF/CL ratio but I bet that’s in play.

Re: Has AMEX minimum required credit limit changed?

Anonymous — Sun, 19 May 2019 01:51:40 GMT

The Aspire has a minimum SL of $3,100. Could be the reason.

Re: Has AMEX minimum required credit limit changed?

SBR249 — Sun, 19 May 2019 01:55:24 GMT

According to the CARD act, the upfront fees to open an account cannot exceed 25% of the CL.

Re: Has AMEX minimum required credit limit changed?

Anonymous — Sun, 19 May 2019 13:44:42 GMT

@Anonymous wrote:
The Aspire has a minimum SL of $3,100. Could be the reason.

is this true? I did upgrade to the Aspire from the no fee hilton which had a 1k limit at the time.

I guess that does explain why it didnt work and also my annual fee hasnt even been charged yet (upgraded Mar 9)

@SBR249 wrote:

According to the CARD act, the upfront fees to open an account cannot exceed 25% of the CL.

The 450 fee is less than 25% of the proposed 2k limit I wanted. However, I do currently have a balance on the card as well so maybe thats why.

Re: Has AMEX minimum required credit limit changed?

CreditCuriosity — Sun, 19 May 2019 15:16:51 GMT

@SBR249 wrote:
According to the CARD act, the upfront fees to open an account cannot exceed 25% of the CL.

Re: Has AMEX minimum required credit limit changed?

Anonymous — Sun, 19 May 2019 20:33:31 GMT

@Anonymous wrote:
@Anonymous wrote:
The Aspire has a minimum SL of $3,100. Could be the reason.
is this true? I did upgrade to the Aspire from the no fee hilton which had a 1k limit at the time.

I guess that does explain why it didnt work and also my annual fee hasnt even been charged yet (upgraded Mar 9)

@SBR249 wrote:
According to the CARD act, the upfront fees to open an account cannot exceed 25% of the CL.

The 450 fee is less than 25% of the proposed 2k limit I wanted. However, I do currently have a balance on the card as well so maybe thats why.

Yeah, if you apply for the Aspire card, the minimum approval SL is $3,100.