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Pre-Set Spending Limit on American Express Credit Card
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Pre-Set Spending Limit on American Express Credit CardPosted: Mon Jul 10, 2006 12:21 pm Quote: "guessindigo" oh mouse your blowing this way out of proportion. I use my plat card the same way I use my credit cards and no charge I made was ever declined, even a 20,000 purchase and a 1.65 coffee purchase. You are afraid of that "exposure" limit and you should not be, it adjusts upwards over time as history grows. Where are you hearing such bogus info where amex charge cards deny purchases at mcdonalds, restaraunts, and car dealers? That is not the case with me. Happens every day
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Guest: ajb Posted: Mon Jul 10, 2006 1:03 pm Quote: Oh, I'll agree with what you said just now--odds are you won't have any problems at all with AmEx Gold if your total purchases are less than 10% of your income! That's perfectly reasonable. Just remember that many reading here aren't in a situation where multiple 2K charges WOULD be less than 10% of income. I presume your income is over $100K and verifiable, right? The original topic was the mechanics of the "pre-set spending limit". I understand income varies, but that was never something I was trying to impress. I understand your point now. I believe my original point from my first post is now more clear. The preser limit is not simple, but it is understandable as long as you understand what AMEX is providing, and what they need in order to provide it.
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Guest: ajb Posted: Mon Jul 10, 2006 1:07 pm Quote: oh mouse your blowing this way out of proportion. I use my plat card the same way I use my credit cards and no charge I made was ever declined, even a 20,000 purchase and a 1.65 coffee purchase. You are afraid of that "exposure" limit and you should not be, it adjusts upwards over time as history grows. Where are you hearing such bogus info where amex charge cards deny purchases at mcdonalds, restaraunts, and car dealers? That is not the case with me. Same here. I have only been declined once throughout my entire history with AMEX, and it was because of "suspicious usage". It took a quick phone call to fix it. I know what mouse is talking about. The idea that they have a formula that you don't can make one uneasy when making purchases, but if AMEX was doing what mouse says, they would no longer be in business. That would just be ridiculous business practice to deny charges unless the person never paid their bills, or it looked like the card had been stolen (and every credit card company uses automated software to detect fraud, not just AMEX).
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Jul 10, 2006 1:29 pm I have no idea why people are DENIED a purchase on their AMEX "CHARGE" CARDS BUT IT DOES HAPPEN!!! I ONLY HAVE AMEX "CREDIT" CARDS FOR THAT REASON!!! STATED LIMITS (6 FIGURES) DON'T TAKE MY WORD FOR IT...ASK PEOPLE WHO HAVE or HAD AMEX "CHARGE" CARDS WITH AN "EXPOSURE" LIMIT
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Seemingly Limitless Credit Card Spending Limit?
Guest: ajb Post subject: Seemingly Limitless Credit Card Spending Limit?Posted: Mon Jul 10, 2006 12:13 am Quote: Quote: preset spending limits are seemingly limitless if you have good credit history, have an income, and only make maximum purchases of about 2k at a time. I realize that you're trying to be helpful by telling us about your own recent experiences, but this is simply not true. Yes, there is no "pre-set" limit and the folks at AmExp try to be accommodating. But most people with its cards have definite limits in the AmExp computer. Reaching them will prompt a phone call and a financial review and then a decision about whether to allow the charge or not. Keeping the charges under $2,000 doesn't change that procedure. If they can't reach you for the review, the charge is denied. I've had a gold American Express card since 1983... "Seemingly limitless" it what I said, implying that I could not see a limit, but did not make an absolute judgement against one existing. As I said, my charges have never been declined in 8 months of high spending based upon my purchasing power. It was declined once because of "suspicious activity", but lo and behold, less then 3 minutes later I was up and running again. I have run up balances on the card which exceeded 10% of my annual income month after month, which I promptly paid back on time. This is a personal card, but in addition to pleasure, I use it for business, unbeknownst to AMEX, which simply sees it as personal. Obviously spending 200,000 on a ferarri would warrent a declination for the transaction, but we are talking about reasonably understandable purchases here, right? Other forums as well make the limit seem like a "trick" or "unpredictible", but as I see it, it is only a reflection of what you are capable of paying back based on your assets, income, and credit rating.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Jul 10, 2006 1:37 am I COULD MAKE THAT $200,000 CAR DO-ABLE (STATED CREDIT LIMITS) Not that I want a $200,000 car 2 SUV's ARE FINE FOR US....
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Jul 10, 2006 9:44 am Oh, I'll agree with what you said just now--odds are you won't have any problems at all with AmEx Gold if your total purchases are less than 10% of your income! That's perfectly reasonable. Just remember that many reading here aren't in a situation where multiple 2K charges WOULD be less than 10% of income. I presume your income is over $100K and verifiable, right? _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: guessindigo Credit Expert (100+ Posts) Posted: Mon Jul 10, 2006 11:50 am oh mouse your blowing this way out of proportion. I use my plat card the same way I use my credit cards and no charge I made was ever declined, even a 20,000 purchase and a 1.65 coffee purchase. You are afraid of that "exposure" limit and you should not be, it adjusts upwards over time as history grows. Where are you hearing such bogus info where amex charge cards deny purchases at mcdonalds, restaraunts, and car dealers? That is not the case with me.
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American Express Blue Credit Card Offer
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: American Express Blue Credit Card OfferPosted: Sun Jul 09, 2006 8:42 pm Quote: "ajb" Hi mouse, I have heard about what you are saying. I know of people getting denied. It also happened to me when buying a pair of sunglasses. It took a call in fron of the cashier which took a total off 1.5 minutes, but I got it to go through. I don't want the blue "credit" cards because they don't offer benefits that my Platinum "charge" card does. I travel regularly, and I use the perks that the platinum card offers that blue (or even blue air) doesn't hold a candle to (free airport club access, compulsory upgrades/perks at hotels, airlines, cruises, premium rental car benefits). I really could care less about having a "definite" limit. AMEX has always been fair with me, and in fact gone out of their way to assist me if the smallest provblem arises. I do think you have a point though. They should be MUCH more clear with the "no preset limit" system. In my opinion, blue is good for generalist usage, platinum is good if you travel a lot. I see no use for the card unless you travel. I don't actually have a credit limit THAT LOW...($20,000) But it doesn't matter I HAVE... BLUE (NOT CASH) DELTA IN:LA Either way I would love to do a SIDE BY SIDE TEST WITH AN AMEX "CHARGE" CARD AND AN AMEX "CREDIT" CARD (see who is DENIED FIRST)---F.Y.I. 6 FIGURE CREDIT LIMIT I bought 2 SUV's with AMEX DELTA (PIF...NOT A DEPOSIT) Last edited by mouse on Sun Jul 09, 2006 8:47 pm; edited 2 times in total
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Jul 09, 2006 8:44 pm Quote: "ajb" Almost forgot.. Again, blue is revolving balance credit, so I don't want that. I credit a lot of my discipline to the 8 months with my AMEX charge cards. I will never use a credit card again unless I have no cash, and I have to use a MC (in which case I would use a debit card). I have come around to the philosophy that carrying a balance is only apt for bank loans/mortgages. I use AMEX because I match what I spend to what is in my bank account. So no worries EVER about spending what I don''t have, and no ability to carry the balance. PIF WORKS EVERY TIME I USE IT I'M NOT WILLING TO RISK MY WHOLE CHECKING ACCOUNT BALANCE (and then some) WITH USING A DEBIT CARD
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Guest: ajb Posted: Sun Jul 09, 2006 8:51 pm I'm not either. That's why I use my AMEX
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Jul 10, 2006 12:02 am Quote: preset spending limits are seemingly limitless if you have good credit history, have an income, and only make maximum purchases of about 2k at a time. I realize that you're trying to be helpful by telling us about your own recent experiences, but this is simply not true. Yes, there is no "pre-set" limit and the folks at AmExp try to be accommodating. But most people with its cards have definite limits in the AmExp computer. Reaching them will prompt a phone call and a financial review and then a decision about whether to allow the charge or not. Keeping the charges under $2,000 doesn't change that procedure. If they can't reach you for the review, the charge is denied. I've had a gold American Express card since 1983... _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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American Express Pre-set Spending Limit
Guest: ajb Post subject: American Express Credit Card Pre-Set Spending LimitPosted: Sun Jul 09, 2006 6:21 pm I've been reading a lot of threads about American Express and their "no preset spending limit" mantra that they affix to their charge cards, and I just wanted to clarify this by giving an example from my experience as a card member. I have been an AMEX Platinum card member for the past 2 months, before that I was a gold rewards member for 6 months. I was attracted to AMEX because of the idea of a charge card (pay back the balance each month), and the rewards program with AMEX being one of the most expansive and generous out there. When I received my Gold Card, I was planning on putting a rather large grad school tuition balance on it (about 25k), and I figured I would call AMEX to check it out before I went in to charge it. Well, as it happens the spending limit is a bit more complex. As outlined in the fine print from their website: "Purchases are approved based on a variety of factors including account history, credit record, and personal resources." which applies to the total amount of an individual charge, NOT the combined total balance of charges like traditional credit cards. They told me that because my history with AMEX was not established, I needed to prepay a portion of it. I wanted to get the rewards points for this entire purchase, so I wire transferred them about 16k and was given 9k credit for the purchase. After that, I kept spending on the card, and by the end of the month I had spent about 28k. This was all budgeted, so of course I payed it off before it was due, but the point is that preset spending limits are seemingly limitless if you have good credit history, have an income, and only make maximum purchases of about 2k at a time. So basically, think of it this way. On an BOA credit card with a $6,000 limit, you could put 2 charges, one for 4,000, and one for 1,999 and max it out. What does BOA care, you know your limit. AMEX, on the other hand, seems to put it all on dependability. I could spend upwards of 10k a month, but as long as I did not make huge individual purchases, they would not cap me. I can see this as a big problem for people who don't have militant self-discipline, because you can spend obscene amounts as long as they aren't suspicious purchases. I live in CA, and went on a trip to Boston where I spent more than 6k that month. I never got a call from AMEX, even though the purchases were completely out of my normal habits and tastes (yeah, my girlfriend lives in Boston), so it could seem like some Boston gal got my card and went on a shopping spree. Watch out people. They put more trust in us than I thought possible. -I'm a first time poster, but I've been reading the forums for a while. I hope to contribute more in the future!
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Jul 09, 2006 7:54 pm I ONLY HAVE AMEX "CREDIT" CARDS STATED LIMITS I don't want AMEX "CHARGE" CARDS They have an "EXPOSURE LIMIT" It can change from time to time Even if you ask what it is and have not reached that amount you can still be DENIED AT POS It would be so nice if you were out with the IN-LAWS and were buying dinner and your GOLD "CHARGE" CARD WAS DENIED FOR UNDER $100 or EVEN AT McDONALDS BUYING HAPPY MEALS FOR THE KIDS AND SPENDING UNDER $20 AND STILL GET DENIED I would rather have a $20,000 "CREDIT LIMIT" BLUE than a "MAYBE" $20,000 GOLD "CHARGE" CARD
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Guest: ajb Posted: Sun Jul 09, 2006 8:05 pm Hi mouse, I have heard about what you are saying. I know of people getting denied. It also happened to me when buying a pair of sunglasses. It took a call in fron of the cashier which took a total off 1.5 minutes, but I got it to go through. I don't want the blue "credit" cards because they don't offer benefits that my Platinum "charge" card does. I travel regularly, and I use the perks that the platinum card offers that blue (or even blue air) doesn't hold a candle to (free airport club access, compulsory upgrades/perks at hotels, airlines, cruises, premium rental car benefits). I really could care less about having a "definite" limit. AMEX has always been fair with me, and in fact gone out of their way to assist me if the smallest provblem arises. I do think you have a point though. They should be MUCH more clear with the "no preset limit" system. In my opinion, blue is good for generalist usage, platinum is good if you travel a lot. I see no use for the card unless you travel.
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Guest: ajb Posted: Sun Jul 09, 2006 8:10 pm Almost forgot.. Again, blue is revolving balance credit, so I don't want that. I credit a lot of my discipline to the 8 months with my AMEX charge cards. I will never use a credit card again unless I have no cash, and I have to use a MC (in which case I would use a debit card). I have come around to the philosophy that carrying a balance is only apt for bank loans/mortgages. I use AMEX because I match what I spend to what is in my bank account. So no worries EVER about spending what I don''t have, and no ability to carry the balance.
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Balance Transfer Fee on Bank of America Credit Card
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Balance Transfer Fee on Bank of America Credit Card Posted: Fri Jul 07, 2006 6:09 pm Quote: "Polonius" I've seen checks that are as mouse described, Ira. Lots of banks out there, lots of different check types, lots of different rules... Different checks for different people too (same bank) Just like somebody can get a 0.00% BT offer and somebody else can't get lower than 2.99% WITH THE SAME EXACT BANK I have NEVER paid a BT fee with BofA Somebody else says they can't get a no fee BT with BofA
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Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Jul 10, 2006 9:09 am Ok, I stand corrected. Thanks. I love to learn new things. Being wrong is not a problem as long as you recognize it and take corrective steps. _________________ Do not let what you cannot do interfere with what you can do. Ira
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Guest: guessindigo Credit Expert (100+ Posts) Posted: Mon Jul 10, 2006 1:47 pm [quote="mouse"] I have NEVER paid a BT fee with BofA [/quote] Neither have I.............until now. I'd say in the last 2 months, I have been getting offers from bofa, but they now have a fee anywhere from $60-$100 I think this is a sign that mbna is running the operations now. This sucks.
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Is this a balance transfer check or a cash advance on my credit card?
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Is this a balance transfer check or a cash advance on my credit card? Posted: Fri Jul 07, 2006 6:52 am Quote: "creditnewbie" The cash advance limit doesn't increase when they increase the credit limit, especially, when you ask for the increase except for bank of america--judging from what I have. The full limit is available for cash advance on both my cards. US airways signature and the platinum In the case of AMEX THAT STATEMENT IS FALSE I had at one time reduced DELTA to $1,000 and it is over $10,000 because of REALLOCATION
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Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Posted: Fri Jul 07, 2006 8:52 am Quote: A CHECK MADE OUT TO YOU or CASH AND DEPOSITED INTO YOUR BANK "MAY" BE A CASH ADVANCE You have to look at the fine print That same check made out to a credit card company will be at the BT RATE Mouse, that's just plain wrong. If the check says it's a balance transfer check then it's a balance transfer check. If the check says it's a cash advance check, then it's a cash advance check. Unless the bank strictly prohibits writing a check to yourself, it has absolutely nothing to do with who the check is made out to. _________________ Do not let what you cannot do interfere with what you can do. Ira
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Jul 07, 2006 10:52 am Quote: have you forgotten that they charge you a fee straight off the top when you get the cash....something like 5% or $10 whichever is more? it's not like a regular charge purchase.....the interest rate is higher than a regular charge too. I've forgotten none of that. (It's usually 3% with a minimum of $5, but your terms might be different.) The point is that the fees are incurred as soon as you do the cash advance. After that, you pay the preposterous interest charged each day. But the statement made is that you always have to pay a full month's of interest. Not true. That's my point. If you keep that loan for a few days, you only pay interest for those few days--not for a full month. You can pay off the balance at any time. Some people think that you can only pay after you get your statement from a credit card company. But you can send in payments any time. You don't have to wait to receive the statement--you don't have to wait for the statement to close. If you're paying interest and get some money, send it in to whatever card is charging the highest interest. No reason to wait a day as long as the funds have cleared. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Jul 07, 2006 5:58 pm Quote: "Ira" Quote: A CHECK MADE OUT TO YOU or CASH AND DEPOSITED INTO YOUR BANK "MAY" BE A CASH ADVANCE You have to look at the fine print That same check made out to a credit card company will be at the BT RATE Mouse, that's just plain wrong. If the check says it's a balance transfer check then it's a balance transfer check. If the check says it's a cash advance check, then it's a cash advance check. Unless the bank strictly prohibits writing a check to yourself, it has absolutely nothing to do with who the check is made out to. --->"MAY"<--- I GUESS I HAVE THE WRONG CREDIT CARDS!!! I HAVE ACTUALLY SEEN THAT IN PRINT ON A BT CHECK!!!!!!!! I'll have to dump my $500,000+ and start over
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Jul 07, 2006 6:04 pm I've seen checks that are as mouse described, Ira. Lots of banks out there, lots of different check types, lots of different rules... _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Deposit Credit Card Balance Transfer Amount into Bank Account
Guest: jojo Post subject: Deposit Credit Card Balance Transfer Amount into Bank Account Posted: Mon Jul 03, 2006 8:53 pm A question about BT checks. my credit limit is 5000,but cash advance limit is 1000,u guys talking about i can still use those balance transfer check to deposit 5000 into my bank?is this passible?
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Guest: rapjunkie Credit Expert (100+ Posts) Posted: Mon Jul 03, 2006 10:23 pm BT checks are usually good for your entire available credit line... read the fine print (like always).
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Tue Jul 04, 2006 12:38 am A CHECK MADE OUT TO YOU or CASH AND DEPOSITED INTO YOUR BANK "MAY" BE A CASH ADVANCE You have to look at the fine print That same check made out to a credit card company will be at the BT RATE
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Guest: daprez1963 Posted: Tue Jul 04, 2006 11:30 pm Quote: Why would you be paying a month's interest? You only pay interest on the daily balance. If you pay it off in a few days, you pay interest for only a few days. have you forgotten that they charge you a fee straight off the top when you get the cash....something like 5% or $10 whichever is more? it's not like a regular charge purchase.....the interest rate is higher than a regular charge too.
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Guest: creditnewbie Credit Expert (100+ Posts) Posted: Wed Jul 05, 2006 6:18 am The cash advance limit doesn't increase when they increase the credit limit, especially, when you ask for the increase except for bank of america--judging from what I have. The full limit is available for cash advance on both my cards. US airways signature and the platinum
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Fees on Credit Card Cash Advances
Guest: rapjunkie Credit Expert (100+ Posts) Post subject: Fees on Credit Card Cash AdvancesPosted: Sun Jul 02, 2006 7:36 pm Keep in mind that cash advances typically accrue interest from day 1... no grace periods... so even if you pay them off within that first month, you're still paying a month's interest.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Jul 02, 2006 9:40 pm Quote: "rapjunkie" Keep in mind that cash advances typically accrue interest from day 1... no grace periods... so even if you pay them off within that first month, you're still paying a month's interest. ...and a fee of 3% or 4% CASH ADVANCES are rarely less than 19.99%
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mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Jul 02, 2006 9:43 pm You can tell AMEX to give you mine Mine is like $29,000 TOO HIGH (3 cards)
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Guest: davej Posted: Mon Jul 03, 2006 1:17 am Also keep in mind that if you carry any other balance besides the cash advance, whatever you pay back will be applied to lower-APR balances (i.e. purchases) first. And only after your purchases are paid off will your payments be applied towards the cash advance balance.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Jul 03, 2006 11:22 am Quote: Keep in mind that cash advances typically accrue interest from day 1... no grace periods... so even if you pay them off within that first month, you're still paying a month's interest. Why would you be paying a month's interest? You only pay interest on the daily balance. If you pay it off in a few days, you pay interest for only a few days. Still, cash advances are very high in interest and fees. I can't think of any reason to use them except for a truly dire emergency or if there's some special offer... _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Credit Card Cash Advance Limit Increase
Guest: jojo Post subject: Credit Card Cash Advance Limit IncreasePosted: Sat Jul 01, 2006 4:52 pm my A/E limit is 8000,but cash asvance only have 600. is there any way i can increase my cash advance limit?should i call to request cash advance increase? thx!
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sat Jul 01, 2006 5:52 pm Quote: "jojo" my A/E limit is 8000,but cash asvance only have 600. is there any way i can increase my cash advance limit?should i call to request cash advance increase? thx! Call and ask I had mine reduced at one time to $1,000 I have no use for a CASH ADVANCE It is not FEE FREE It is not charged at 0.00% INTEREST
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Guest: jojo Posted: Sun Jul 02, 2006 3:23 am MOUSE:thx i have my own personal small business,some time i do need cash badly,but i always pay back the money where i took from Cash advance within one month.so ur point is i just need let credit company know i need more limit for cash advance? thank you.
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Sun Jul 02, 2006 9:26 am I have never heard of getting a cash adv. limit increase.....if you are set on doing this, call the cc if can do...but as mouse pointed out BAD idea. You could always use a bt op. to get cash.
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Guest: Evilbunny Posted: Sun Jul 02, 2006 4:32 pm Cash advance limit is usually a percentage of your total credit limit. so if you really are that desperate, then ask for a credit line increase. dunno if that applies to A/E accounts though
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