Hitting Minimum Spend Limit on a Low Credit Limit

[Anonymous]

I finally got approved for the American Express HHonors Surpass card. Unfortuntely, they only gave me a measley $1,300 spending limit. The spending target for the bonus 100,000 HHonors points is $3,000.

I plan to 3X cli in 61 days. Any advice on creative ways to hit the spending requirement on a low spending limit?

[Anonymous]

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@Anonymous wrote:

I finally got approved for the American Express HHonors Surpass card. Unfortuntely, they only gave me a measley $1,300 spending limit. The spending target for the bonus 100,000 HHonors points is $3,000.

I plan to 3X cli in 61 days. Any advice on creative ways to hit the spending requirement on a low spending limit?

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I read somewhere that there is a limit to how many payments you can make in the first month, I think it's only one before the first statement cuts, and some people had to wait until after the statement cut to make the first payment. If the sign up bonus is after 3 months, then just use the card however you want the first month and PIF before the due date. After the first month you should have a lot more freedom when it comes to how many payments you can make, so I dont think it will be an issue. 

Only problem is you will need to make a few payments to be able to meet the requirement within your CL. This is something that could ultimately help you make a case when it is time to request a CLI. Best of luck!

[Anonymous]

My thought is to use a service like Venmo or Plastiq to pay my rent each month, that'll get me an wasy $2400 in two months.

[sarge12]

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@Anonymous wrote:

I finally got approved for the American Express HHonors Surpass card. Unfortuntely, they only gave me a measley $1,300 spending limit. The spending target for the bonus 100,000 HHonors points is $3,000.

I plan to 3X cli in 61 days. Any advice on creative ways to hit the spending requirement on a low spending limit?

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Make multiple payments if necessary every month. Once charges post you can PIF to lower your balance so you can charge more. All charges made in a month are applied to the minimum spend for the bonus even if paid immediatly after it posts, It will take a couple of days for it to become available again though.

[Anonymous]

Were you planning to hit the minimum spend by paying for rent or large purchases? I don't know how Amex is for co branded cards, but you could maybe call and ask if they can let a larger transaction go through.

If it is for smaller transactions, you can just make payments within the month and charge the card again. Amex generally updates the available credit as soon as you set up the payment, you don't need to wait for the payment to clear. Though do keep in mind that for some (all? I don't know about cobranded cards) Amex cards, you can only make one payment in the first billing period.

[K-in-Boston]

In your online account, cobranded cards have the same blue Check Spending Power button next to your credit limit as AmEx's regular charge and credit cards.  You could try $2,000 or more in there to see if they would approve it, which they likley would and you would just need to make sure you pay the usual minimum plus any amount that you went over by on the next statement due date.  The AmEx policy on multiple payments is hit or miss, it varies by person and many have had no issues doing so.  Alternately you can always just push payments to them by using your bank or credit union's Bill Pay.

[HeavenOhio]

Get your bank account set up right away. That way, the 30-day clock will start ticking.

I'd get the ball rolling on charges as soon as you have the card in hand. Do some spending that you'd normally make on other cards. You should be able to make a payment before the first statement cuts. Then charge some more so the first statement posts a balance. You'll be able to pay that down using as many payments as you'd like, and it'll free up your limit for more spending before the end of the 30-day payment limitations.

This should give you a really good start. Once you're past your 30 days, you should have the flexibility to spend and pay as you like.

Another option is to hit the spending power link. You may be granted permission to spend over your limit. That would make things easier for you.

[Anonymous]

It shouldn't be too difficult. I put about $3500 every month on my $1200 CL Citi card.  I use other cards quite a bit and really like to keep a 0% UTL, otherwise, I think about $5,000/month would be pretty feasible. Like with AMEX, the payments immediately restoring the CL helps.

AMEX gets wonky about mutilple payments in the first month, but you can push them from a bank account and you can also make phone payments during that first month. Might not be able to get as much the 1st month, but you should still be able to get to $3,000.

[ChargedUp]

I had no issues making 3 payments on my BCE in the first month and Amex payments post the fastest of every card that I have. (24-48 hours) I'm sure YMMV, but I don't think I'm doing anything out of the ordinary considering the dinky $1K limit i got on that card. (I put $2600 through PRG last month and I'm hoping it'll help get my BCE loosened up a bit!)

[UncleB]

Others have made great points.  I'll just add that my BCP was issued with a $1k credit line, so I know first-hand how it can be difficult to make the spend requirement with a low credit line (it is possible, though!).

To reiterate:

• Go online and look for the 'Check spending power' link, and see if you're able to make a purchase that would put you over your limit - if you can't find the link, you can also call the number on the back of your card and a CSR can tell you.  Note that whatever they say you're OK for on the link only means that a single purchase of that amount would be approved; it doesn't mean that multiple purchases equal to that amount would be approved if combined they put you over-limit (of course that might be OK, too... you would just need to check as you go once you're overlimit).

• Get your bank account set up on the Amex website right away, so you can start running out the 30 day clock many people are held to with a new bank account.

• Remember that you can send as many payments as you want using your checking account's bill pay... it does (usually) take a couple of days to be credited, but you won't have to be concerned with limitations while you're waiting for your 30 day period to be over.