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Has AMEX minimum required credit limit changed?

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Anonymous
Not applicable

Has AMEX minimum required credit limit changed?

I tried to transfer 1k of my available credit from my Aspire to my Everyday and I was denied. The letter I recieved stated that the reallocation of credit would drop the Aspire's credit line below the minimum required per American Express policy. The limit for my Aspire is 3K and I was only transferring 1K for utilization purposes regarding my Everyday.

 

Last month, I transfered around 2k to the Aspire from the Everyday with no issues at all. It has been over 30 days since that transfer.

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Has AMEX minimum required credit limit changed?

I would either hit them up on chat or call about it. 

Message 2 of 9
Viva-LV
Frequent Contributor

Re: Has AMEX minimum required credit limit changed?

Call 'em.  I took my Delta Plat down to $500, before closing it.  However, I could only go down to $3100 on my SPG.

Am Ex | BOA | Chase | Citi | Disc | PenFed | USB | 400K Club
Message 3 of 9
Shadowfactor
Valued Contributor

Re: Has AMEX minimum required credit limit changed?

Given that the aspire has a $450 annual fee, it likely has to do with the CARD act. I don’t remember what the percentage is for the AF/CL ratio but I bet that’s in play.




Total Revolving Limits $254,800

Message 4 of 9
Anonymous
Not applicable

Re: Has AMEX minimum required credit limit changed?

The Aspire has a minimum SL of $3,100. Could be the reason. 

Message 5 of 9
SBR249
Established Contributor

Re: Has AMEX minimum required credit limit changed?

According to the CARD act, the upfront fees to open an account cannot exceed 25% of the CL. 

Message 6 of 9
Anonymous
Not applicable

Re: Has AMEX minimum required credit limit changed?


@Anonymous wrote:

The Aspire has a minimum SL of $3,100. Could be the reason. 


is this true? I did upgrade to the Aspire from the no fee hilton which had a 1k limit at the time.

 

I guess that does explain why it didnt work and also my annual fee hasnt even been charged yet (upgraded Mar 9)

 

@SBR249 wrote:

According to the CARD act, the upfront fees to open an account cannot exceed 25% of the CL. 

 

The 450 fee is less than 25% of the proposed 2k limit I wanted. However, I do currently have a balance on the card as well so maybe thats why.

Message 7 of 9
CreditCuriosity
Moderator Emeritus

Re: Has AMEX minimum required credit limit changed?


@SBR249 wrote:

According to the CARD act, the upfront fees to open an account cannot exceed 25% of the CL. 


+1

Message 8 of 9
Anonymous
Not applicable

Re: Has AMEX minimum required credit limit changed?


@Anonymous wrote:

@Anonymous wrote:

The Aspire has a minimum SL of $3,100. Could be the reason. 


is this true? I did upgrade to the Aspire from the no fee hilton which had a 1k limit at the time.

 

I guess that does explain why it didnt work and also my annual fee hasnt even been charged yet (upgraded Mar 9)

 

@SBR249 wrote:

According to the CARD act, the upfront fees to open an account cannot exceed 25% of the CL. 

 

The 450 fee is less than 25% of the proposed 2k limit I wanted. However, I do currently have a balance on the card as well so maybe thats why.


Yeah, if you apply for the Aspire card, the minimum approval SL is $3,100.

Message 9 of 9
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