Amex chopped CL 50%

[Turbobuick]

Recent 5 page thread on this subject was locked.

My letter reads... "the spend activity on the account listed above has been significantly lower than your credit limit." 

We've had this card a number of years and our income is stable. Most of our CL's are over 20K. Not sure what suddenly spooked Amex. My fico is 850, wife is 838. No balances.

We put thousands on the Blue Cash Everyday card last year, every year, mostly on groceries. If this card didn't suck in every catagory except grocery, we'd use it more. CL went from 24K to 12K and guess what? The 12K is going to be too large too. LOL

[rbentley]

I reasonably fear this is going to happen to mine also.  My present CL is $4000, but my spend on the card probably only supports a $500 CL.  I was planing on asking for a CLI in June, when I am next eligible just because I think my cards should be over $10,000.  It apears AmEx is reexaming that "need" on my part.

[Anonymous]

AmEx started me out at $20k on the Magnet card.  If they slash my limit I will cancel the card.  I don't need any particular bank.

[Anonymous]

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@Anonymous wrote:

AmEx started me out at $20k on the Magnet card.  If they slash my limit I will cancel the card.  I don't need any particular bank.

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And to be fair, that would also be fine by Amex.

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[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

AmEx started me out at $20k on the Magnet card.  If they slash my limit I will cancel the card.  I don't need any particular bank.

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And to be fair, that would also be fine by Amex.

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Just don't touch my $250 J. Crew, $250 Wayfair or $250 Vickies.  Then I'd be mad.  I DESERVED those after cracking the 580 FICO.  Business is not personal.  Your "relationship" is all your gamble/responsibility.

[gdale6]

Creditors have to maintain reserves to give credit, if you are not using the high limits they are going to cut them and move them to someone who will. Its not personal but a sound business decision.

[wasCB14]

~$6k grocery spend (if that) over 12 months is ~$500 monthly spend.

~$500 is ~2% utilization out of $24k, or ~4% out of $12k.

OP, is there another Amex card on which you spend a lot?

[Turbobuick]

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@gdale6 wrote:
Creditors have to maintain reserves to give credit, if you are not using the high limits they are going to cut them and move them to someone who will. Its not personal but a sound business decision.

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turbobuick wrote:

I couldn't agree more. Amex was once considered prestigious decades ago. Now instead of making better products, they typically raise their annual fees. There are better cards in every catagory for us "average consumers" and most don't carry annual fees. 

Yes, I don't need a 24K CL or even 12K from Amex. In fact, just last week, our BofA cards qualified for their preferred rewards program, so we no longer need Amex for the one area they competed, groceries. Amex has always aimed their marketing at wealthier clients. I'm sure they won't miss me. I look forward to their "closed account for lack of use" letter.  

So, while I sock drawer their BCE Card, I sincerely wish Amex much success.                                          

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[Turbobuick]

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@wasCB14 wrote:

~$6k grocery spend (if that) over 12 months is ~$500 monthly spend.

~$500 is ~2% utilization out of $24k, or ~4% out of $12k.

OP, is there another Amex card on which you spend a lot?

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Nope. I don't need 5K if that's your point, but how many of us do? I never asked for 24K originally. Higher limits can lower the debt ratio and can improve one's score. No other purpose for me, I'm always at < 1% utilization. Not a jet setter. My spending history looks about the same for the last 45 years. Perhaps Chase and BofA will follow suit soon. It's all good. I'm older and not needing a loan anytime soon.  

[JR_TX]

Hmm... A few reports now of Amex CLD’ing minimally used cards. I wonder why they haven’t touched DW’s ED with $20K CL which she hasn’t swiped a penny on ever since she opened it 12/2017. She has a Delta Gold though that she puts an average of $5K a month spend. Wonder if that makes Amex happy enough to leave her ED alone.