@Remedios wrote:
@redpat wrote:
@wasCB14 wrote:I haven't heard of Amex shutting down a 5th, 6th, or Nth open revolver. But there are a few DPs suggesting that at the very least, getting 5 or more may be harder.
If I do end up having to close one it would probably be ED or BCP.
They won't close cards but getting new ones might start. From what I read there isn't enough data points on this. It looks like Amex might be trying to cut down SUB costs rather than change reward structure or dilute MR points.
If this is true, here we go again........Like 5/24 and Amex the haters will be coming out in force.
Why would "haters" come out if we're talking about pretty reasonable restriction?
5/25 didnt hurt chase, and if anything, it makes their cards appear a bit more "special"
If they limit it to four cards, there will be those who cannot qualify for two, just like there will be those who will be approved for 10.
Some don't want one.
Chase or Amex 
If I remember right, the limit used to be 4 and they bumped it up to 5 a couple years ago.
I've been doing 12-month keep and cancel for a while now rolling through their catalog to get SUBs. I'd planned to cancel the Hilton Biz when it turns a year old so I could sign up for Amazon. I'll be disappointed if they won't let me do that, but it wouldn't be the end of the world. I'll just cancel the NAF consumer Hilton as well if push comes to shove. We'll find out next month.
@Remedios wrote:
@redpat wrote:
@wasCB14 wrote:I haven't heard of Amex shutting down a 5th, 6th, or Nth open revolver. But there are a few DPs suggesting that at the very least, getting 5 or more may be harder.
If I do end up having to close one it would probably be ED or BCP.
They won't close cards but getting new ones might start. From what I read there isn't enough data points on this. It looks like Amex might be trying to cut down SUB costs rather than change reward structure or dilute MR points.
If this is true, here we go again........Like 5/24 and Amex the haters will be coming out in force.
Why would "haters" come out if we're talking about pretty reasonable restriction?
5/25 didnt hurt chase, and if anything, it makes their cards appear a bit more "special"
If they limit it to four cards, there will be those who cannot qualify for two, just like there will be those who will be approved for 10.
You don't remember the Chase complaints when 5/24 came out?
If Amex is going to include charges as one of the four products and if people close cards to fit another one in the slot then get the pop-up "No SUB for you because of closed accounts", yes I can see many complainers around theses forums.
Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
@kdm31091 wrote:Amex has been making the charge cards a lot more like revolvers so I wonder if the distinction will eventually go away with regard to the rules.
While a limit of 4 is disappointing for people around here, it's probably perfectly reasonable for the average customer who wouldn't even consider having that many anyway.
OP, since you have many cards beyond the supposed new limit, I'd tread carefully with closing any of them at any point if you are worried about the rule.
Oh noooo, I am not closing any of mine, It took me a few years of closing and opening, but what you see on mu signature line is the "perfect" combo for me and I worked hard to get that. Not closing any, I am good with AMEX the way it stands for me. Now, if they come out with the "Titanium/Optio" card..........That be a whole different story :-). I just figure I share the information with the community.
Didn't see this anywhere. Terrible news, hopefully it gets moved back to 5 when Covid ends and the economy stabilizes.
https://milestomemories.com/confirmed-american-express-does-have-a-new-4-card-limit/
@kdm31091 wrote:
@Shadowfactor wrote:Didn't see this anywhere. Terrible news, hopefully it gets moved back to 5 when Covid ends and the economy stabilizes.
https://milestomemories.com/confirmed-american-express-does-have-a-new-4-card-limit/
To be honest I would say it probably will remain at 4. Most average consumers are going to have 1, maybe 2 cards with Amex, and would go nowhere near the limit. Most who are at 4-5 cards are unprofitable churners or even if not churning, they are reward maximizing, which is also unprofitable. In short, no business reason for them to allow more cards IMO, as disappointing as we may find it.
4 seems to be a somewhat common number. BoA used to allow basically unlimited cards and IIRC they shut people off at 4 now for the most part. Maybe not 100% of the time but frequently. Maybe banks feel 4 is a good number.
You have 4 basic types of people in the credit card sphere.
The average consumer
the casual hobbyist which churns/maxizimes rewards. this group is the least profitable.
business people who earn a lot of rewards but don't know how to use them. They also spend a lot of money and don't care about maximizing earn/redemption potential.
The Heavy hitters. This group may be unprofitable at first but with enough volume, they become extremely profitable to a bank. There's only so many cards/categories you can push until you maximize them and have to switch to earning 1X which definitely earns the bank money. I know several of these people and they are doing mid 6-7 figures a month and I'd imagine that Atleast half of it is at the most basic reward category.
This change will not affect the first group but will largely affect 2-4 with 3 affected the most. Businesses usually have some sort of loyalty to an airline/hotel so that could potentially take 2 slots which only leaves you 2 slots on the personal side. This will push away some spend from that issuer in its most profitable group.
I know there's lots of other things to consider like risk and just how unprofitable group 2 is, but I don't see these changes lasting more then 2 years provided the economy recovers. It could be wishful thinking though.