Amex Gold/ Pre set limit disappointment

[Anonymous]

I have had my Amex Gold for about 4 mos now. I also have a Delta Gold Amex with them so I'm not completely new to Amex.

I always PIF every month but last month charged 2000 and then the phone calls and emails started about approaching my spending limit. I understand that I have a pre set limit but I have credit limits on other cards that are between 6500 and 10,000 range.

I would never have been ok with a 250.00 af, if I knew my pre set limit was around 2000. Can I cancel this card without penalty? I know that it's my total credit profile and I'm not asking for an outrageous pre set limit but at least 5000 which is comparable to my other cards. My scores are in the high 600's and my utilization on my other cards is good. I just feel like I was lured for the af and that I will pretty much stay around the 2000 pre set limit.

[Anonymous]

Your spendng limit will change with use, according to your spending pattern.

The limit is somewhat different frorm credit cards. Those other cards aren't ever expecting you to charge and pay off $10,000 in a month. 

[TheFIGuy]

I think everyone who gets their first AMEX charge card has this exact issue. Well a lot of people, not everyone lol.

AMEX takes 3-6 months to determine your actual spending patterns and create a actual NPSL limit for you. Every transaction is approved on the discretion of AMEX!

I had the exact SAME issue 6 months ago when I first got my AMEX Gold Card and called in etc. AMEX CSR’s are kind and willing to explain everything, you just have to be patient. AMEX isn’t going to give a consumer a NPSL and open the flood gates to people buying boats/cars. Extreme I know but possible!

AMEX Charge Cards:
Pros: UTL doesn’t impact CR UTL —(good for an everyday spending card)

Cons: AMEX at anytime can stop spending and/or reduce your CL without you knowing.**Like any other financial institution just you see the CLD with a Credit Limit Card.

**Pro Tip: AMEX Charge Cards are meant for being used weekly, daily, monthly. That’s how they determine your NPSL Limit. So if you put a $50 Charge on the card every month for a year then all of a sudden start spending $1,000 a month you’re going to get some DECLINES. AMEX Charge Cards can be SD’ed but just know don’t expect your NPSL to be high when you start using it again.

Like my AMEX Platinum is basically never used, I know my NPSL is low because I use my Gold more.

Hopefully that helped!

[Anonymous]

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@Anonymous wrote:
I have had my Amex Gold for about 4 mos now. I also have a Delta Gold Amex with them so I'm not completely new to Amex.

I always PIF every month but last month charged 2000 and then the phone calls and emails started about approaching my spending limit. I understand that I have a pre set limit but I have credit limits on other cards that are between 6500 and 10,000 range.

I would never have been ok with a 250.00 af, if I knew my pre set limit was around 2000. Can I cancel this card without penalty? I know that it's my total credit profile and I'm not asking for an outrageous pre set limit but at least 5000 which is comparable to my other cards. My scores are in the high 600's and my utilization on my other cards is good. I just feel like I was lured for the af and that I will pretty much stay around the 2000 pre set limit.

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What do you mean by "cancel the card without penalty". You can always cancel a card that you're dissatisfied with. Now with regards to the impact to your credit after canceling the card, I'll allow the more seasoned members answer that. 

[AverageJoesCredit]

If you got a SUB i wouldnt cancel the card before 12 months because Amex might consider you a SUB chaser and it could affect your future applications with them .

[Anonymous]

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@Anonymous wrote:
I have had my Amex Gold for about 4 mos now. I also have a Delta Gold Amex with them so I'm not completely new to Amex.

I always PIF every month but last month charged 2000 and then the phone calls and emails started about approaching my spending limit. I understand that I have a pre set limit but I have credit limits on other cards that are between 6500 and 10,000 range.

I would never have been ok with a 250.00 af, if I knew my pre set limit was around 2000. Can I cancel this card without penalty? I know that it's my total credit profile and I'm not asking for an outrageous pre set limit but at least 5000 which is comparable to my other cards. My scores are in the high 600's and my utilization on my other cards is good. I just feel like I was lured for the af and that I will pretty much stay around the 2000 pre set limit.

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How exactly were you "lured?"  You make it appear as if you had no agency over whether or not to apply for a charge card.

Your spending limit on an Amex charge card is determined from a rolling average of your monthly charges; the more frequently you use the charge card, the more your spending power will grow.  As Amex becomes familiar with your spending habits the limits will increase but right now you're a relatively new charge card holder so they will keep you on a short leash to make sure you can pay any charges you make.

If you're dissatisfied with the card you can cancel it.  You can also request a formal financial review; if Amex is satified after reviewing your financial status they will increase your internal limit on the card.

[Lucifer]

I'm curious.....

How does that 2k compare to your Pay Over Time Limit.

I'm not sure what my everyday spending limit is in my case but my POT is 20k.

How did you find out your spending limit?

[Anonymous]

Considering the balance is not included in UTI calculation, I don't see why the limit really matters. I have 20k CL on everyday, and the max monthly spending I ever put on any card is 3k.

[Anonymous]

@Maizeandblue I apologize for the use of the word "lured". You're right I wasn't lured. I willingly and knowingly applied for the card after a pre approval offer. I hope that clarifies things.

[Anonymous]

@lucifer I found out after I charged something and it bought my balance to around 1900. I started receiving emails and phone calls from the credit department letting me know I was near me "limit". I called and smoke to someone and they told me. Where can I find my POT limit?