topic Re: AmEx Platinum Limit in Credit Cards

AmEx Platinum Limit

Anonymous — Wed, 26 Aug 2009 19:08:22 GMT

I understand AmEx Platinum has "no preset spending limit" but what does that actually mean. I just got aproved with a Equifax score of 640, Trans Union score of 686, and a Experian Vantage score of 720. I make $125K and have two First Premier Cards with $300 limits and balances of $10. What can I expect my monthly limit to be with the card. I do a ton of traveling and I need a high limit. I have been using my debit card on trips.

Re: AmEx Platinum Limit

Anonymous — Wed, 26 Aug 2009 20:18:35 GMT

A card without a pre-set limit means that it has a limit but you can go over the limit without being

charged an OTL fee. However, you have to pay the difference between the balance and limit before

the statement closes.

For example, let's say you're limit is $5,000 but want to buy something that will put you over the

limit by $525. You can go ahead and make the purchase without getting declined or being charged

an OTL fee. However, you pay the $525 difference before the statement closes.

Re: AmEx Platinum Limit

haulingthescoreup — Wed, 26 Aug 2009 23:18:57 GMT

LLinsure wrote:
I understand AmEx Platinum has "no preset spending limit" but what does that actually mean. I just got aproved with a Equifax score of 640, Trans Union score of 686, and a Experian Vantage score of 720. I make $125K and have two First Premier Cards with $300 limits and balances of $10. What can I expect my monthly limit to be with the card. I do a ton of traveling and I need a high limit. I have been using my debit card on trips.

When I had a Gold card, the CSR told me that there is an unpublished CL for each charge card. If you try to go buy a Maserati with your new Plat, it will probably be declined.

They started me out with maybe a $3K limit and kept increasing it as they learned to trust me.

Some members have gotten AmEx CSR's to tell them what their current secret CL is; I never was able to pull that off. But when I called to let them know that I would be traveling with the card, and it would get heavy use, I kept throwing what-if numbers at the CSR until he finally said, That might be a bit too much. I took that to be my effective limit.

eta: Oh, and welcome to the forums!

Message Edited by haulingthescoreup on 08-26-2009 04:18 PM

Re: AmEx Platinum Limit

Red1Blue — Thu, 27 Aug 2009 00:29:12 GMT

Amex Platinum, I would think your starting limit would be around $5k and grow as you start building history with them.

Re: AmEx Platinum Limit

Watchmann — Thu, 27 Aug 2009 01:15:48 GMT

There is always a limit, the 'no limit' idea of an AMEX charge card is just an illusion. The limit changes, if you have months where it is consistently high and PIF AMEX will increase the limit. If you have some months where you don't charge anything the limit will be adjusted downward even if nothing else changes. I've charged $10-15k on my AMEX Gold card several times with no problems, but over the last few years I've used the AMEX Starwood and my Optima charge cards which have $25k and $38k lines, respectively, for high dollar charges as I know I'll be approved.

If you really go overboard and go off the charts AMEX will talk to you during the charge approval process and ask for your banking information (a contact at your bank who they can contact). At that time it is 'fish or cut bait' for if you can't provide solid banking confirmation that you can pay the charge they will deny you.

You can try to get AMEX to tell you your limit, but you may not be successful, With AMEX your history with them is very important, and you can't really change that.

Message Edited by Watchmann on 08-26-2009 08:15 PM

Re: AmEx Platinum Limit

Anonymous — Thu, 27 Aug 2009 23:31:35 GMT

The credit department at AmEx just told me they started me off with a $2K limit.

Re: AmEx Platinum Limit

haulingthescoreup — Thu, 27 Aug 2009 23:43:00 GMT

LLinsure wrote:

The credit department at AmEx just told me they started me off with a $2K limit.

That's great, I'm glad they're letting you know that!

AmEx rewards those who use their charge cards a lot, pay promptly, let them know if you're using the card out of say a 100-mile radius of your home or suddenly buying something expensive, and don't make waves. I never had any problems with them personally, but I've read enough reports here by those who I know to be responsible consumers to agree that they can be unpredictable, to say the least. I have always had great CS from them, including when my account info was stolen and used to send an astonishing number of MP3 players to Vietnam.

With AmEx, be smart, be conservative, and fly under the radar. They are most definitely a company that will reward you over the long term, but they will give you the long, cool stare in the interim.

Re: AmEx Platinum Limit

Anonymous — Thu, 27 Aug 2009 23:52:19 GMT

Well they gave me a chance and kudos for that. I am in a completly different situation than when the bad stuff happened on my credit report.

Re: AmEx Platinum Limit

Red1Blue — Fri, 28 Aug 2009 01:49:54 GMT

@Anonymous wrote:
The credit department at AmEx just told me they started me off with a $2K limit.

That kind of sucks. How much AF do you have to pay for the card $450 and they give you $2k limit? I think you are better off asking them to change it to gold and ask them to refund part of the AF you are paying. Unless you are planning on doing lot of air travel and need the airport lounge access and other perks.

Re: AmEx Platinum Limit

Watchmann — Fri, 28 Aug 2009 05:46:31 GMT

@Red1Blue wrote:
@Anonymous wrote:
The credit department at AmEx just told me they started me off with a $2K limit.

That kind of sucks. How much AF do you have to pay for the card $450 and they give you $2k limit? I think you are better off asking them to change it to gold and ask them to refund part of the AF you are paying. Unless you are planning on doing lot of air travel and need the airport lounge access and other perks.

I have to agree, paying $450 for a $2,000 CL is crazy. I am always offered a Platinum card but it makes no sense to me. You are better getting another product from AMEX with a higher CL. Don't get sucked in to the platinum image mentality. IT MAKES NO DIFFERENCE. I've had an AMEX Platinum Optima card since 1990 with a $33,900 CL and no one has ever batted an eye in accepting it. It is all eye candy, and you pay for the priviledge.

Message Edited by Watchmann on 08-28-2009 12:46 AM

Re: AmEx Platinum Limit

Anonymous — Fri, 28 Aug 2009 07:00:50 GMT

@Watchmann wrote:
@Red1Blue wrote:
@Anonymous wrote:
The credit department at AmEx just told me they started me off with a $2K limit.

That kind of sucks. How much AF do you have to pay for the card $450 and they give you $2k limit? I think you are better off asking them to change it to gold and ask them to refund part of the AF you are paying. Unless you are planning on doing lot of air travel and need the airport lounge access and other perks.

I have to agree, paying $450 for a $2,000 CL is crazy. I am always offered a Platinum card but it makes no sense to me. You are better getting another product from AMEX with a higher CL. Don't get sucked in to the platinum image mentality. IT MAKES NO DIFFERENCE. I've had an AMEX Platinum Optima card since 1990 with a $33,900 CL and no one has ever batted an eye in accepting it. It is all eye candy, and you pay for the priviledge.
Message Edited by Watchmann on 08-28-2009 12:46 AM

LLinsure, you may want to consider not activating this card if you have not activated the CC already. In any case, after further consideration you might choose to call them and see if they will product change the card to avoid such a high AF.

Message Edited by plasticman on 08-28-2009 12:00 AM

Re: AmEx Platinum Limit

Anonymous — Fri, 28 Aug 2009 12:36:51 GMT

Actually, a $2000 CL isn't too bad considering that you have $300 CL's with FP as your other current accounts.

When I opened my first AMEX years ago, they allowed up to a whopping $600 the first month. Fast forward 2 years later, my GREEN had gone to GOLD then to PLATINUM and I had charges as high as $87,000+.

AMEX starts by looking at your current credit and income. Then they will factor in you spending and payments patterns and useage of your AMEX account.

Also remember, that since it is a PIF charge account, the limit may not be as high as one with the option to pay over time, depending on your income and credit.

The point is, if you want the Platinum card, don't expect $25k out of the chute. You don't have the credit to support it. But if you spend up to $2k for the first few months, chances are you'll move up (proportionate to your application stated income) over time as you PIF.

However, if you spending is very high rapidly, without having past credit to show a history of use, you are more likely to undergo FINANCIAL REVIEW which means they will require you to allow them to pull copies of your past tax returns directly from the IRS.

As stated by condord, you might want to consider going with GOLD (or maybe even GREEN) to lower the AF, unless you really want/need the Plat travel perks. In that case, the AF should be considered you cover fee for those items, not for a huge CL.

Lastly, if you can qualify for membership, apply at NFCU for a CC. Chances are that once the AMEX reports on your CR, then you app NFCU you would get a fairly high CL. There are many people who got $10k or more having their other credit highest CL at $500 to $1500.

Message Edited by txjohn on 08-28-2009 05:36 AM

Re: AmEx Platinum Limit

Anonymous — Fri, 28 Aug 2009 13:58:25 GMT

The AF is not a problem since my company reimburses me for most of it. I do travel quite a bit and the card benifits will be used. The $2K limit was about where I figgured it would be, since the other cards are so low. Thank you for your responses.

Re: AmEx Platinum Limit

Anonymous — Fri, 28 Aug 2009 14:42:16 GMT

@Anonymous wrote:
The AF is not a problem since my company reimburses me for most of it. I do travel quite a bit and the card benifits will be used. The $2K limit was about where I figgured it would be, since the other cards are so low. Thank you for your responses.

Based on this information it will be a fantastic card for you to enjoy using!

Congratulations and be safe in your travels.

Re: AmEx Platinum Limit

IOBA — Fri, 28 Aug 2009 14:48:44 GMT

Amex Plat explained to me that they review and average the last six months of purchases. From that number, they have create a flexible spending limit.

They will give exceptions, if you communicate with them.

I use to contact them if I am going to be doing heavy traveling or making a large purchase. I also use to pay the balance off every week.

Re: AmEx Platinum Limit

Anonymous — Fri, 28 Aug 2009 16:37:35 GMT

If you travel frequently, the Plat is a great card to have, even with a $2k limit. I easily get back the $450 AF (and then some) in all the perks. If there are non-travel Plat holders, I'd like to hear how the benefits add up for them.