Amex Platinum Preset Limit

[koalablue]

Amex just informed me that they're imposing a preset limit of 5000.00 on my Platinum card, which is actually higher than my monthly spend of about 1500.00. Anyone else have this?

[pipeguy]

Wow, you are paying a $550/yr AF on a card with a hard limit of $5k?

I assume the account must be new and AmEx is trying to see how you handle the account, but that seems like a really low limit for an AmEx Platinum card especially considering the AF.  

[Caught750]

I've heard of this as the result of an FR. What lead to this? We definitely need more information.

[wasCB14]

The AF reflects the premium perks and is no indication of spending power.

These limits are occasionally reported following an FR or POI sharing that gives Amex only moderate concerns...not trivial enough for NPSL, not serious enough for a shutdown.

[Shadowfactor]

Annual fee has nothing to do with credit limit. Some high annual fee cards have minimum credit limits for approval but that’s typically tied to it being a higher tier V/MC

Being that Amex runs their own show there’s no different tiers.

I’ve seen Amex place hard limits for new accounts sometimes and after financial review. With good account useage the limit does normally get lifted at some point.

[koalablue]

I've had the account for several years, but my credit score has dropped because I'm near the limit on some of my other cards, so that's likely the reason.

[Anonymous]

I agree, the high utilization on your other cards caused Amex to give you a lower set limit. Once your utilization is under control, your internal limit with them will more than likely increase. 

[Anonymous]

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@koalablue wrote:
I've had the account for several years, but my credit score has dropped because I'm near the limit on some of my other cards, so that's likely the reason.

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Definetely this reason. Amex reduced my limit to 1500 from 13k after I maxed out other cards but it usually takes about 3 to 4 months of continous max out balance reporting.

[DU556]

Can anyone explain the preset limit a little more? Do you mean the credit card limit is $5k? Or you can only spend less than $5k at once?

[koalablue]

The credit card limit is 5K.