Amex Platinum PSL

[Supermama]

Hello!

I'm mostly a lurker, but have (somewhat) recently run into a bit of a snag.  I've had my Amex Platinum for about a year now, no lates ever, etc.  I ran into a bit of struggle financially a few months back which led to high utilization on my cards across the board for a few months.  Amex put a PSL of $8100.00 on my Platinum. The limit is not the problem as that's the max I've likely ever spent on it in one month, it's the perception that this is AA from Amex. How do I fix this?  I've paid down the balances that were high/paid off and closed accounts that I no longer need and keep consistenly paying my Amex on time.  

Does anyone know what it takes to get out of PSL hell?  I see the "Give Amex access to your bank accounts" link.  Has anyone done this and do you think it will help?  Should I call customer service?  

Thanks in advance!

[Shooting-For-800]

You pay $695 for a cc, I would call them every day just to chat.

[NAVYCHOP]

I think there may be a 30 day window when you can discuss this decision with them and possibly work to get it listed, particularly if your credit utilization and credit score has increased markedly compared to when they pulled their last report.

After the 30 day window my experience is that they will say you just have to wait until their system algorithms eliminate the limit.  I had a limit placed on my Platinum a few years ago and still have a limit that keeps being raised but which has not yet been eliminated despite no debt and a score over 800.  Some say the NPSL returns after a few months, in my case I am hoping it may happen shortly when I hit four years of this.

[NAVYCHOP]

Regret typo in my post, I think they may reconsider within 30 days..

[Berk]

It isn't AA on Amex's part at all. You have a charge card so there is no credit limit that reports to the CBs. As long as you aren't expecting to put more than $8100 on the card, you don't have to worry about what your PSL is. I've had my Plat for almost 20 years and have never checked my spending power. I just use the card like I always do and have never had a charge declined. I can guarantee you that in those 20 years my PSL has gone up and down based on the Amex algorithms and my spending patterns. My credit scores have never been negatively impacted by this either from what I can tell.

Don't sweat it. You'll be fine.

[Supermama]

@Berk Thanks so much for the advice and I appreciate the feedback!

[Zoostation1]

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@Berk wrote:

It isn't AA on Amex's part at all. You have a charge card so there is no credit limit that reports to the CBs. As long as you aren't expecting to put more than $8100 on the card, you don't have to worry about what your PSL is. I've had my Plat for almost 20 years and have never checked my spending power. I just use the card like I always do and have never had a charge declined. I can guarantee you that in those 20 years my PSL has gone up and down based on the Amex algorithms and my spending patterns. My credit scores have never been negatively impacted by this either from what I can tell.

Don't sweat it. You'll be fine.

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Doesn't haveing a PSL on an Amex charge card preclude you from any CLIs on other Amex credit cards you may have for the duration of the PSL?

[longtimelurker]

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@Berk wrote:

It isn't AA on Amex's part at all. You have a charge card so there is no credit limit that reports to the CBs. As long as you aren't expecting to put more than $8100 on the card, you don't have to worry about what your PSL is. I've had my Plat for almost 20 years and have never checked my spending power. I just use the card like I always do and have never had a charge declined. I can guarantee you that in those 20 years my PSL has gone up and down based on the Amex algorithms and my spending patterns. My credit scores have never been negatively impacted by this either from what I can tell.

Don't sweat it. You'll be fine.

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This is a misunderstanding of what a PSL is!    Yes, behind the scenes Amex has a "spending power" number (which may or may not be different from what is shown to you by the tool) which says how much charge they will allow, but as you said, this can vary from week to week based on various things known best to Amex.   But, you don't have the P, a PRESET spending limit, and Amex advertizes NPSL to underscore this, a somewhat unknown but changing limit.   In contrast, a PST, which certainly is a form of AA, is just like the CL on a standard credit card (or worse, as you can exceed limits on some credit cards) and this won't vary very much at all, again much more like a CLI on a credit card, until/unless they remove it.

So it is similar to a CLD AA, which in both case may or may not impact the customer very much

[Berk]

@longtimelurker @Thank you for the clarification. I had no idea Amex actually put a hard limit on their charge card. I can now see how this would affect one's ability to obtain addition credit within Amex. However, since this card does not report a limit, I still see this action as having minimal impact with the CRAs.