@Anonymous wrote:
@iced wrote:
I view NPSL as just that - I will spend what I think I must and pay it off at the end of the cycle. I have never used the "check spending" button (and in fact, I'll confess I'm not even sure where to find it on the mobile app). There is no "limit" to speak of.
My expectation with NPSL cards is if I wanted to spend $100,000 in one go they'll approve it, though perhaps not immediately. If they want to call me to confirm I really want to spend and/or see financial records showing I have the cash available, I'd understand and comply, but I do expect them to allow me to spend that much should I so choose. If they do decide to impose a limit on me, I'll just put that purchase on my CSR instead as Chase would approve it, even if it's over my limit.
Your expectation is somewhat at odds with reality. As Amex puts it,
No pre-set spending limit on purchases does not mean unlimited spending. Your purchases are approved based on a variety of factors, including current spending patterns, your payment history, credit record, and financial resources known to us. From time to time, proof of resources and security may be required to ensure you can consistently enjoy financial freedom and flexibility."
If you've been putting a lot of spending on the card, they'll likely approve $100k. If you haven't, it'll take more than a phone call while making the purchase.
I think you're saying a lot of the same thing I am, so allow me to clarify my position on expectation. I don't regularly put $100k on an American Express each month, but should I need to I expect to be able to. I'm not picking this (somewhat arbitrary) number to emphasize unlimited spending; I'm picking this number because it's a very reasonable but out-of-the-ordinary figure for my finances.
If I have over $1 million in liquid assets available to me, and I've made those assets known to the bank (which I have with Chase and am willing to with American Express), even if I normally spend $1,000 per month, should I find the need to spend $100,000 in a particular month it shouldn't be a problem. This is in-line with their published factors, as I can readily prove to them that I have the finances to back up my out-of-the-normal purchase pattern.
You could argue in this case my limit would be what I can afford based on my liquid assets. In that case, I don't need a "check spending" to see what my spending limit is, and it's effectively only limited by what I can afford. However, I tend to get the impression that a lot of people use the feature to try to measure out what their "limit" is in terms of how much credit American Express is willing to extend them. I think that's absolutely the wrong way to look at this; instead, think of a NPSL card as an extension of your own assets, a wrapper around your bank accounts, so to speak. You should not be spending more than you can afford, in which case each individual should already inherently know where their limit is without needing to ask the bank.
I'm ultimately spending my money, not theirs. I've entered into a contract whereby I'm allowing them the opportunity to collect merchant fees in return for providing me with reward points provided I repay in full my expenditures each month. My expectation is that they are not going to limit my ability to spend my money. If that's not the model they intend with charge cards, then they should stop wasting everyone's time and just slap limits on them like credit cards.
doesnt necessarily translate to a high spend limit as alluded to. Irregardless of ones income/assets a person with a million dollars can burn Amex just as easy as a person with 10, 000