Hey everybody, I hope everybody had a nice christmas, where applicable. And everyone else enjoyed all other holidays, and for all you atheists out there hope you had a nice week as well!
A friend of mine was just approved for all three AmEx cards: the green the gold and the Platinum. They ended up accepting the green card with a $150 annual fee. I thought it was a good idea, even though they don't travel very much, their credit file is a little bit thin, and I thought this would be a great card to get them over the 700 mark, as they're teetering in the high 600s for months now. I'm just trying to explain to them the "no preset spending limit". I did a little research online, and it's still a bit convoluted. I'd appreciate any clarity anybody can offer. Thanks in advance!
@Shmike wrote:Hey everybody, I hope everybody had a nice christmas, where applicable. And everyone else enjoyed all other holidays, and for all you atheists out there hope you had a nice week as well!
A friend of mine was just approved for all three AmEx cards: the green the gold and the Platinum. They ended up accepting the green card with a $150 annual fee. I thought it was a good idea, even though they don't travel very much, their credit file is a little bit thin, and I thought this would be a great card to get them over the 700 mark, as they're teetering in the high 600s for months now. I'm just trying to explain to them the "no preset spending limit". I did a little research online, and it's still a bit convoluted. I'd appreciate any clarity anybody can offer. Thanks in advance!
the "no preset spending limit" just means the limit is in the background and only known to amex based on the info they have on you
If your spend is concerning to them or you're going to hit your "limit", they will very kindly ask you in an email/phone call/temporary card lock to send in a payment to ensure there's no disruption in your ability to use the card for future purchases
consider reccomending $0 annual fee cards with good rewards they can take advantage of so they can build their credit profile with cards they can keep without needing to pay if they don't end up working out for them
The Green card is a "Charge Card" that doesn't have a defined credit limit like a credit card. When ever the spend on the card in a billing cycle is ideal to pay off after the statement due date.
The 'limit' of the card is based of factors such as monthly spend on the card andpayment history. If miss a payment, check the speading power button to offen, and/or have suspect spending, AMEX can and will change from NPSL to a actual limit, which is not good.
@Shmike wrote:Hey everybody, I hope everybody had a nice christmas, where applicable. And everyone else enjoyed all other holidays, and for all you atheists out there hope you had a nice week as well!
A friend of mine was just approved for all three AmEx cards: the green the gold and the Platinum. They ended up accepting the green card with a $150 annual fee. I thought it was a good idea, even though they don't travel very much, their credit file is a little bit thin, and I thought this would be a great card to get them over the 700 mark, as they're teetering in the high 600s for months now. I'm just trying to explain to them the "no preset spending limit". I did a little research online, and it's still a bit convoluted. I'd appreciate any clarity anybody can offer. Thanks in advance!
"No preset spending limit" means (a) you don't know what your limit is, and (b) it keeps changing, based upon a multiplicity of factors, some account related and some not.
It is by definition "convoluted" since (a) you don't know what your limit is, and (b) it keeps changing, based upon a multiplicity of factors, some account related and some not.
In case you think it's a ridiculous feature, I'm in agreement with you.
Thanks very much for the insight, and i apologize for putting the question under the wrong topic.
I was just curious, what does "AA" stand for?
Thanks again
AA = Adverse Action
