topic Re: How does Amex work? in General Credit Topics

How does Amex work?

Anonymous — Thu, 26 Apr 2007 14:25:41 GMT

I have an Amex card on the way. I've read that there is no "pre-set" spending limit, so I'm wondering how it works. With other credit cards, you know how much credit you have. Do I have to hope that whenever I present the card it will be approved?

Re: How does Amex work?

Anonymous — Thu, 26 Apr 2007 14:44:49 GMT

This really isn't specific to amex (and amex does offer conventional limit cards) - but the no preset limit doesn't mean you can spend as much as you want. In essen there is a limit, you just don't know about it. Once you reach that internally kept limit the charges may be approved, or may be not. In case of amex for instnace if you're trying to buy more than they are comfortable with they'll likely give you a call and ask for some financial info.

Re: How does Amex work?

Anonymous — Thu, 26 Apr 2007 15:26:00 GMT

I realize the card isn't an unlimited credit line. What I'm wondering is, how do I know that if I hand my card to the waiter, or the cashier at Nordstrom, that my purchase will be approved?

Re: How does Amex work?

Anonymous — Thu, 26 Apr 2007 20:33:25 GMT

Once you get your AMEX card in hand, give 'em a call. Tell 'em you know there's pre-set limit, but you wanted to know whether they maintain some sort of "comfort limit" which they would approve without question, but anything above that would require a call to customer service. Appear lost and in need of help. They will likely give you all the info you need.

Re: How does Amex work?

Tuscani — Fri, 27 Apr 2007 01:06:35 GMT

Which AMEX did you get? Some are charge (PIF monthly) and some are credit (min payment due ea month).

Re: How does Amex work?

Anonymous — Fri, 27 Apr 2007 03:30:58 GMT

If you're being truly savvy about the use of that AMEX card, the CL should be irrelevant. Surely you don't have the card just to charge up three-martini lunches and DVD players so you can go on paying and paying and paying for them, right? You as a power user of the credit system just have that card so FICO sees you can pay yet another bill on time every time. Once every other month or so you go buy a computer game or a pair of shoes...nothing more than $50 or so...and you pay it down.

So whatever the hidden limit is, it doesn't matter. You're not going to even get close to it in any event. Right?

Re: How does Amex work?

fused — Fri, 27 Apr 2007 04:06:47 GMT

KDM:

Just received the AMEX Rewards Plus Gold and intend to charge a lot for travel. My problem is the cost for my airfare roundtrip, $3600. I just hope they authorize the charge. Bought a $3800 computer last month and charged my AMEX Blue and made an immediate payment of $2750 and suddenly AMEX invites me to apply for Gold Rewards card. Keep us informed on how AMEX handles your charges and I'll do the same.

Re: How does Amex work?

Anonymous — Sat, 28 Apr 2007 01:19:59 GMT

I've heard AMEX is an extremely tough card to get...sometime around 2015 or so I'll try applying for one. In the meantime, I'll watch this thread.

Re: How does Amex work?

Anonymous — Sat, 28 Apr 2007 02:32:47 GMT

It will be used for a small charge monthly, less than a hundred. Just so it's used regularly and easily paid.

It will also come in handy for travel, which doesn't happen often (unfortunately).

Re: How does Amex work?

Anonymous — Sat, 28 Apr 2007 02:38:24 GMT

I got mine in the mail today, so I'm signed up for online account services.

I'll keep you updated and you'll do the same!

Message Edited by KDM on 04-27-2007 07:38 PM

Re: How does Amex work?

Anonymous — Sat, 28 Apr 2007 03:20:50 GMT

@Anonymous wrote:
It will be used for a small charge monthly, less than a hundred. Just so it's used regularly and easily paid.
It will also come in handy for travel, which doesn't happen often (unfortunately).

Bravo. You have chosen...wisely.

Re: How does Amex work?

Anonymous — Sat, 28 Apr 2007 16:02:04 GMT

If you got the no pre-set spending limit u can use thousands of dollars but heres the catch you have to pay it off in your next bill . My mother in law has the gold card and so do I, But she went on a trip and used 6 thousand dollars and they cut her off she called them up and told them what the hell was going on and why did they do that sooooo she had them take the hold off and yes at the end of the month she had a 7000 dollar bill and she paid it off .If you don't pay off that card at the end of the month they terminate you a s a member I suggest applying for the clear or blue card they gave me a 5000 limit and everything else is great . You pay on it whenever you want through out the month . So as far as it goes its been great to have . I hope this helps answer some of your questions.

Message Edited by jonie4jones on 04-28-2007 09:02 AM

Re: How does Amex work?

Anonymous — Sat, 28 Apr 2007 16:12:41 GMT

New world-

There are organizations that I know of that can boost your credit score 80-200 points in 45-60 days.. Let me know if you are interested in that.. No need to wait until 2015 for credit opportunities to be knocking down your door..

BBOP

Re: How does Amex work?

Anonymous — Sat, 28 Apr 2007 16:30:30 GMT

ok how does that work very curious??????

Re: How does Amex work?

Anonymous — Sat, 28 Apr 2007 16:30:39 GMT

I'm with you I heard your scores have to be 720 or more based on one website I saw that lists cards by fico score. Maybe you and I in 2015 can apply together!

Not really we know the rules and we will be there before we both know it! Keep the faith new world man!

Re: How does Amex work?

fused — Sun, 29 Apr 2007 04:18:30 GMT

Hey KDM:

Just updating you on a letter I just received from AMEX regarding my Gold Card. AMEX is now offering me "FLEX LINE PAY." Essentially they are giving me the opportunity to revolve some or all of my charges, big or small. Strange they offer this to me, I have had the card for only one week. Someone told me its based solely on credit worthiness. You might get this offer soon in your mailbox. There is a catch though, whatever you revolve (that is, place in flex line) has an APR of nearly 19%.

OUCH!!!!!!!!!!!!!!!

Re: How does Amex work?

Anonymous — Sun, 29 Apr 2007 05:00:57 GMT

BBOP is referring to companies that "rent" you AU status. It ain't cheap, and you'd be better served using the money to pay down debt or get a secure card.

The AMEX Delta Skymiles card is purportedly the easiest to get. I think AMEX One is another easy card. People have gotten AMEX cards with FICOs in the low 600s. Doesn't require a 720.

Main thing about AMEX is that if you ever defaulted on an AMEX card, even if you're past the 7-1/2 reporting period, and even if you're past the SOL for your state, AMEX will not issue you a card. They are the credit elephant that never forgets. You have to pay up, but their Oasis program let's you pay up and get issued an AMEX Optima card.

Re: How does Amex work?

Anonymous — Sun, 29 Apr 2007 20:32:15 GMT

I saw on the website that you can request to have a balance over 200. on a revolving basis.

It'll be interesting comparing notes since we are both new to having this card! I'll let you know if I get a similar offer.

Re: How does Amex work?

Eric958 — Sun, 29 Apr 2007 20:50:31 GMT

Hello BBOP,

would you mine sharing that info, I think I would be interested in something like that in the near future, I just have to get rid of one more baddy.

Thanks, Eric

Re: How does Amex work?

Anonymous — Mon, 30 Apr 2007 14:48:34 GMT

Do you know which credit bureau that they use to pull your scores from.