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I got an Amex Gold a few weeks ago. I checked spending power as soon as I had access to do so, and saw that I'd be approved for a $2,500 purchase, declined for a $2,550 purchase.
I have been heavily using the card, trying to get the SUB out of the way early. I've run about $1,700 through it in 3 weeks, pushing multiple payments from my checking account so balance is usually pretty low.
Last week, it looked like I'd be approved for between $3,500 and $4,000 (hard to be precise since you're limited to checking three times per day).
Today, the tool said I would be approved for a $5,000 purchase while I already had a small balance.
Is it normal for spending power to go up this rapidly early on? I should point out, I have an unusual profile (was shocked I was approved for the card), so that might be part of what is going on.
Thanks!
They base it on the last rolling 6 months of use. And you should stop playing with that tool unless you want amex eyeballing you.
I don't think I will ever have another Amex charge card due to the changing limit nonsense.
Maybe it is a 6 month average for new clients, but it def is not for long term clients.
I know someone with a 10 year old Plat Amex that could charge $50k-$100k in 5 mins and averages less than $1k per month.
They put everything ($100k-$200k per year) on Delta Plat Amex, so maybe they talk to each other.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@Shooting-For-800 wrote:I don't think I will ever have another Amex charge card due to the changing limit nonsense.
Maybe it is a 6 month average for new clients, but it def is not for long term clients.
I know someone with a 10 year old Plat Amex that could charge $50k-$100k in 5 mins and averages less than $1k per month.
They put everything ($100k-$200k per year) on Delta Plat Amex, so maybe they talk to each other.
It wasn't always like this. When I got my gold back in 99, I charged 10k the first month and only received 1 call asking if I wanted to pay down the balance. They still let the charge go through.
I've had an Amex charge since 2007. I have yet to try the "check spending power" button. I also have yet to be denied for any charges I've put on the card. My monthly charges average between 3K - 10K.