@Anonymous wrote:
I just applied for the Amex Gold Card and was approved! I honestly didn’t think I would be approved because I only have 3 ccs at the moment. But the lady in the phone was super friendly and recommended I apply for the gold card. So how is the charge card different from a credit card? Since she said I have the flexibility of carrying a balance of anything over $100? And what does NPSL mean in terms of CL? Will I know what my CL is?
Congratulations on your approval! For charge cards, it's recommended to PIF Pay In Full.
NPSL No Preset Spending Limit. No set CL.
https://www.americanexpress.com/ca/en/benefits/gold-rewards-card/charge.html
No Pre-Set Spending Limit on Purchases
Enjoy financial flexibility and the opportunity to maximize your Membership Rewards® points.
Because your Card is a Charge Card, rather than a Credit Card, you pay your balance in full each month. As a Charge Card, you’ll have the financial flexibility of no pre-set spending limit on purchases, which provides you the opportunity to maximize your Membership Rewards points earned. Consider using your Card for things you would normally pay for with cash or debit, like gas, grocery, or drugstore purchases. No pre-set spending limit on purchases does not mean unlimited spending. Your purchases are approved based on a variety of factors, including current spending patterns, your payment history, credit record, and financial resources known to us. From time to time, proof of resources and security may be required to ensure you can consistently enjoy financial freedom and flexibility.
Enjoy
Also , id recommend learning about a specific credit card or charge card before applying. Know the benefits because you'll be paying a big AF for that Gold card and the card may not work for your spend. Always research. Again congrats
@Anonymous wrote:
I just applied for the Amex Gold Card and was approved! I honestly didn’t think I would be approved because I only have 3 ccs at the moment. But the lady in the phone was super friendly and recommended I apply for the gold card. So how is the charge card different from a credit card? Since she said I have the flexibility of carrying a balance of anything over $100? And what does NPSL mean in terms of CL? Will I know what my CL is?
Charge Cards require your balance to be paid in full by the due date of each billing cycle. You don't have the luxury of paying only the minimum or a portion of your balance and utilizing the remainder of your limit for additional purchases as you would a Revolver. So -- it's the true "don't spend what you cannot pay for in cash" card.
NPSL (No Preset Spending Limit) means just that -- there is no pre-determined, set-in-stone limit that you cannot cross. Amex will decide on a purchase-by-purchase basis whether or not to authorize spend -- you do have an "internal limit" of which, you'll be unaware -- you'll find out if you've reached your max when a charge is declined and/or they request you make a payment on your existing balance (even though the billing cycle has not yet ended) in order to make additional purchases. They do offer an account feature (Check Spending Power) that allows you to "pre-approve" a spend amount ahead of time if you are unsure a charge will go through. Your internal limit increases with time as they learn your habits. They can also decrease your internal limit if they so choose (usually only if some other activity on your reports is causing concern -- like high utilization across all cards).
Don't let all that scare you though -- it sounds worse than it is. Just use your card responsibly and pay in full, on time, and all will be fine.
The POT feature is an extra that Amex offers some cardholders to allow them to "carry a balance" for eligible purchases so you can pay them over-time (it's like having a charge-revolver mix, in a way, I guess). I already tried to briefly explain it in your other post but I know you still have questions and/or would like more details so...
FICOers: those of you that use POT or know all about it, please share 
