AmEx Platinum Limit

[Anonymous]

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.

[YoungEntrepeneur]

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.

[haulingthescoreup]

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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.

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When I had a Gold card, the CSR told me that there is an unpublished CL for each charge card.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

[Red1Blue]

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

[Watchmann]

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

[Anonymous]

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

[haulingthescoreup]

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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.

[Anonymous]

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.

[Red1Blue]

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@Anonymous wrote:

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

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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.

[Watchmann]

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@Red1Blue wrote:

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@Anonymous wrote:

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

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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.

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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