topic Re: AMX Gold PR Pay over time limit. in Credit Cards

AMX Gold PR Pay over time limit.

669 — Fri, 26 Oct 2012 01:48:37 GMT

I got a letter today about some changes on my AMX Gold PR card and they state that i have a limit (internall I guess) of $35000.00 limit on my pay over time.

Has anyone else got a letter stating this and do you think AMX will report this limit to the CB's

Thanks

Re: AMX Gold PR Pay over time limit.

Duncanrr — Fri, 26 Oct 2012 01:54:27 GMT

I think that's the standard limit for pay over time.

Re: AMX Gold PR Pay over time limit.

669 — Fri, 26 Oct 2012 01:55:51 GMT

Duncanrr

thanks

Re: AMX Gold PR Pay over time limit.

Anonymous — Fri, 26 Oct 2012 02:03:45 GMT

That is the standard pay over time limit. The letter and changes are really just clarifying that Amex can change someone's pay over time limit if they choose to. $35,000 has long been the standard limit and has never been reported as a credit limit to the bureaus. Also, if you're wondering, it has no relation to your actual internal spending limit, so don't assume your limit is atleast $35K based on this.

Re: AMX Gold PR Pay over time limit.

cashnocredit — Fri, 26 Oct 2012 02:55:51 GMT

@Anonymous wrote:
That is the standard pay over time limit. The letter and changes are really just clarifying that Amex can change someone's pay over time limit if they choose to. $35,000 has long been the standard limit and has never been reported as a credit limit to the bureaus. Also, if you're wondering, it has no relation to your actual internal spending limit, so don't assume your limit is atleast $35K based on this.

Yup, it's the standard pay over time limit. Applies to all charge cards including the Centurion! The reason is that they securitize the pay over time debts and sell them for cash flow needs. There are SEC filings on these and they contain a ton of info regarding default rate history. Amex, like other lenders, has markedly improved default rates and they are now at decade lows.

Re: AMX Gold PR Pay over time limit.

RonDawg — Fri, 26 Oct 2012 05:13:29 GMT

@669 wrote:
I got a letter today about some changes on my AMX Gold PR card and they state that i have a limit (internall I guess) of $35000.00 limit on my pay over time.

Has anyone else got a letter stating this and do you think AMX will report this limit to the CB's

Thanks

I have found that it is the standard limit, I have it as well and I received that same notice. The notice does state that they can raise or lower that limit at anytime based on credit and ability to pay. Also this is not reported on the CBs so you will not see a CL on your Charge Card ever because of the Pay over time feature. Interesting as it may be Pay over time is considered a feature by AmEx and not a line of credit.

Re: AMX Gold PR Pay over time limit.

bettercreditguy1 — Fri, 26 Oct 2012 11:33:13 GMT

I have an Amex Gold Revolver. I may never need it.The Pay over Time Feature is a nice feather to have in your bag of tricks. amex has ways of icing their cards for responsible users.

Re: AMX Gold PR Pay over time limit.

frugalQ — Fri, 26 Oct 2012 13:07:55 GMT

I know the 35k has always been standard, but why are they sending notices about changes effective 1/15/13? If nothing is changing there would be no need to send notices. I got the same notice for my Amex card.

I'm wondering if there will be a change with how they report to the CB's.

Re: AMX Gold PR Pay over time limit.

Anonymous — Fri, 26 Oct 2012 14:30:04 GMT

Pay-over-time is a nice little feature, and sadly I've used it... only because I didn't have a credit limit high enough to make the purchases I wanted to. Interest is at 18% so I took a big hit for it, but I've paid it off pretty quick. Good feature to have as long as you don't abuse it. 35k is plenty of a cap.

Also, there isn't any change on my report. It reflects the AMEX as it always, only the highest balance is my "credit limit" so to speak.

Re: AMX Gold PR Pay over time limit.

frugalQ — Fri, 26 Oct 2012 14:50:27 GMT

According to the notices, the change is effective 1/15/13. I'm interested in knowing what this change is.

Re: AMX Gold PR Pay over time limit.

669 — Fri, 26 Oct 2012 16:39:38 GMT

I am curious too. I will keep a eye on it and check around the middle of January to see if there is a change.