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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.
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.
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.
The credit department at AmEx just told me they started me off with a $2K limit.
LLinsure wrote:
The credit department at AmEx just told me they started me off with a $2K limit.
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.
@Anonymous wrote:The credit department at AmEx just told me they started me off with a $2K limit.
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.
@Red1Blue wrote:
@Anonymous wrote:The credit department at AmEx just told me they started me off with a $2K limit.
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.
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.