Strange message from Amex

[Anonymous]

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@K-in-Boston wrote:

I don't know that I would rush to start cutting my exposure with them.  Since the POT was just added to your account, I'm assuming that it's relatively new?  As long as someone has clean reports (this is often the main factor for payment demands on charge cards to continue spending) and has enough history with Amex for them to be comfortable in your ability to repay them, they're not going to start chopping limits and they can be quite liberal with what they're willing to extend you.

It's very true that a lot of people will likely be cut off before hitting the $35,000 caps on POT limits, but in my experience I did carry over $50k in POT balances between two cards for years (while not ideal, my APRs on those were like 13-14% and not the 20+% I see a lot of people with these days) and American Express never batted an eye because payments were made on time every time and I also used them for 90+% of my spend.

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Agreed. This can.be just a harmless glitch. 

Am I missing something with PoT, is the only duration option 3 months? That's all I have on mine.. #2, do they charge interest or is it interest free with a fee? Mine also are all interest free with a small fee.

[CreditCuriosity]

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@Anonymous wrote:

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@K-in-Boston wrote:

I don't know that I would rush to start cutting my exposure with them.  Since the POT was just added to your account, I'm assuming that it's relatively new?  As long as someone has clean reports (this is often the main factor for payment demands on charge cards to continue spending) and has enough history with Amex for them to be comfortable in your ability to repay them, they're not going to start chopping limits and they can be quite liberal with what they're willing to extend you.

It's very true that a lot of people will likely be cut off before hitting the $35,000 caps on POT limits, but in my experience I did carry over $50k in POT balances between two cards for years (while not ideal, my APRs on those were like 13-14% and not the 20+% I see a lot of people with these days) and American Express never batted an eye because payments were made on time every time and I also used them for 90+% of my spend.

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Agreed. This can.be just a harmless glitch. 

Am I missing something with PoT, is the only duration option 3 months? That's all I have on mine.. #2, do they charge interest or is it interest free with a fee? Mine also are all interest free with a small fee.

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I think you are confusing POT wiht Plan-it..

[K-in-Boston]

Yes that sounds like Plan It.  Pay Over Time simply puts a charge or charges into a separate revolving balance, so as long as you pay all new non-POT balances and a minimum payment toward the POT balance, you only pay interest on the POT balance.  That balance can pretty much be carried in perpetuity as I alluded to earlier with my $50K+. The infamous, "if you make only the minimum payment, it will take you 37 years to pay this off and you will pay $435,234 in interest."

POT is only available on charge cards which without it do not allow you to revolve balances.

[Anonymous]

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@CreditCuriosity wrote:

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@Anonymous wrote:

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@K-in-Boston wrote:

I don't know that I would rush to start cutting my exposure with them.  Since the POT was just added to your account, I'm assuming that it's relatively new?  As long as someone has clean reports (this is often the main factor for payment demands on charge cards to continue spending) and has enough history with Amex for them to be comfortable in your ability to repay them, they're not going to start chopping limits and they can be quite liberal with what they're willing to extend you.

It's very true that a lot of people will likely be cut off before hitting the $35,000 caps on POT limits, but in my experience I did carry over $50k in POT balances between two cards for years (while not ideal, my APRs on those were like 13-14% and not the 20+% I see a lot of people with these days) and American Express never batted an eye because payments were made on time every time and I also used them for 90+% of my spend.

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Agreed. This can.be just a harmless glitch. 

Am I missing something with PoT, is the only duration option 3 months? That's all I have on mine.. #2, do they charge interest or is it interest free with a fee? Mine also are all interest free with a small fee.

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I think you are confusing POT wiht Plan-it..

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So the answer is yes, I am missing something.  I looked around. Didn't see anything other than split it, plan it, and pay it. Not that I want to use pot, but wanted to see the terms and how it works. 

[Anonymous]

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@K-in-Boston wrote:

Yes that sounds like Plan It.  Pay Over Time simply puts a charge or charges into a separate revolving balance, so as long as you pay all new non-POT balances and a minimum payment toward the POT balance, you only pay interest on the POT balance.  That balance can pretty much be carried in perpetuity as I alluded to earlier with my $50K+. The infamous, "if you make only the minimum payment, it will take you 37 years to pay this off and you will pay $435,234 in interest."

POT is only available on charge cards which without it do not allow you to revolve balances.

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Ah, makes sense. I'll stop looking for it unless I get a gold or platinum card. Thanks 

[CreditCuriosity]

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@Anonymous wrote:

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@K-in-Boston wrote:

Yes that sounds like Plan It.  Pay Over Time simply puts a charge or charges into a separate revolving balance, so as long as you pay all new non-POT balances and a minimum payment toward the POT balance, you only pay interest on the POT balance.  That balance can pretty much be carried in perpetuity as I alluded to earlier with my $50K+. The infamous, "if you make only the minimum payment, it will take you 37 years to pay this off and you will pay $435,234 in interest."

POT is only available on charge cards which without it do not allow you to revolve balances.

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Ah, makes sense. I'll stop looking for it unless I get a gold or platinum card. Thanks 

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Or even green card ..  

[SouthJamaica]

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@K-in-Boston wrote:

I don't know that I would rush to start cutting my exposure with them.  Since the POT was just added to your account, I'm assuming that it's relatively new?  As long as someone has clean reports (this is often the main factor for payment demands on charge cards to continue spending) and has enough history with Amex for them to be comfortable in your ability to repay them, they're not going to start chopping limits and they can be quite liberal with what they're willing to extend you.

It's very true that a lot of people will likely be cut off before hitting the $35,000 caps on POT limits, but in my experience I did carry over $50k in POT balances between two cards for years (while not ideal, my APRs on those were like 13-14% and not the 20+% I see a lot of people with these days) and American Express never batted an eye because payments were made on time every time and I also used them for 90+% of my spend.

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You're probably right, and yes it was only this month that I opted in to POT. I actually wasn't even intending to avail myself of it at this time.

But that email makes me nervous, and Amex makes me nervous. The charge cards especially make me nervous because you never know where you stand with them. And recently Amex surreptitiously doubled the fees on my Working Capital Terms account. And I see plenty of posts about Amex cutting people's limits.

So, I'm going to start bailing out on them. Better that than to have them pull the rug out from under me some day.

Every single day they're sending me some kind of promo, but perhaps their marketing department and underwriting departments don't talk to each other much.

[NRB525]

You have plenty of cards to choose from.

Not the conclusion I would reach, I would go ( am going ) in the other direction with a larger share going to AMEX, but each person has to decide for themselves how to use their cards.

[Anonymous]

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@SouthJamaica wrote:

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@K-in-Boston wrote:

I don't know that I would rush to start cutting my exposure with them.  Since the POT was just added to your account, I'm assuming that it's relatively new?  As long as someone has clean reports (this is often the main factor for payment demands on charge cards to continue spending) and has enough history with Amex for them to be comfortable in your ability to repay them, they're not going to start chopping limits and they can be quite liberal with what they're willing to extend you.

It's very true that a lot of people will likely be cut off before hitting the $35,000 caps on POT limits, but in my experience I did carry over $50k in POT balances between two cards for years (while not ideal, my APRs on those were like 13-14% and not the 20+% I see a lot of people with these days) and American Express never batted an eye because payments were made on time every time and I also used them for 90+% of my spend.

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You're probably right, and yes it was only this month that I opted in to POT. I actually wasn't even intending to avail myself of it at this time.

But that email makes me nervous, and Amex makes me nervous. The charge cards especially make me nervous because you never know where you stand with them. And recently Amex surreptitiously doubled the fees on my Working Capital Terms account. And I see plenty of posts about Amex cutting people's limits.

So, I'm going to start bailing out on them. Better that than to have them pull the rug out from under me some day.

Every single day they're sending me some kind of promo, but perhaps their marketing department and underwriting departments don't talk to each other much.

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Lol. Kind of reminds me about a guy I used to work with. He kept telling me he was going to be fired. One day he told me he expects to be fired in the next 2 days. He went to lunch and when he came back, I told him 2 HR employees were here looking for him. He thought I was joking.  I was not, and then I said here they come now. He looked and saw them. He was so fidgety and was ghost white when the came upon him. They were there to present him with the employee of the month award. Lol.

I don't think Amex is coming to get you. If you are paying on time, you're profitable, and they don't think you're a risk with them and with activity with other lenders, there is no reason to worry. I don't think they use technology to drop hints that they want you to leave. I don't know your whole situation,  but being profitable and a low risk, I think you're safe, if that's your situation. 

[Anonymous]

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@SouthJamaica wrote:

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@K-in-Boston wrote:

I don't know that I would rush to start cutting my exposure with them.  Since the POT was just added to your account, I'm assuming that it's relatively new?  As long as someone has clean reports (this is often the main factor for payment demands on charge cards to continue spending) and has enough history with Amex for them to be comfortable in your ability to repay them, they're not going to start chopping limits and they can be quite liberal with what they're willing to extend you.

It's very true that a lot of people will likely be cut off before hitting the $35,000 caps on POT limits, but in my experience I did carry over $50k in POT balances between two cards for years (while not ideal, my APRs on those were like 13-14% and not the 20+% I see a lot of people with these days) and American Express never batted an eye because payments were made on time every time and I also used them for 90+% of my spend.

---

You're probably right, and yes it was only this month that I opted in to POT. I actually wasn't even intending to avail myself of it at this time.

But that email makes me nervous, and Amex makes me nervous. The charge cards especially make me nervous because you never know where you stand with them. And recently Amex surreptitiously doubled the fees on my Working Capital Terms account. And I see plenty of posts about Amex cutting people's limits.

So, I'm going to start bailing out on them. Better that than to have them pull the rug out from under me some day.

Every single day they're sending me some kind of promo, but perhaps their marketing department and underwriting departments don't talk to each other much.

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They do not.