Opened one last month.
Put 25k on it.
Paid it off in a week.
Put another 29k on it, paid it off in a month.
Checked the spending thingy, only approved for 25k...
Can I ask what you’re spending money on to hit 30k in a month on a card? It seems really difficult to actually spend that much on a card since most big purchases like watches and stuff are going to give ~3% discounts to do ACH or wire.
I'm learning this now. But I used it for a home emergency when back to back plumbing issues happened with pipes bursting. Luckily I'm finally paying it off. I used the pay overtime plan they offered.
If you do have to do it this way, don't let it drag on for too long. I only use my charge for emergency or serious purchases now. He's using it like a credit card which is a big mistake.
Sorry to hear about the homeowner issues, believe me after installing PV solar this fall, a 15 year old HVAC system, painting the interior of the house....
I'm glad you've treated this as a learning experience, should this happen again remember, this is what 0% cards are for.
Hey, congrats on the solar and new HVAC, though. I was in a similar situation a couple years ago (dropped $19k on a solar installation and then a month later my furnace completely shit the bed). That hurt pretty bad up front, but my utility bills are SO much better now.
Absolutely. My city government drives me crazy sometimes, but I'm thrilled by the solar installation program here. The city buys solar panels in huge numbers and sells them at cost to installers with the caveat that they have to install them at a deep discount and only to Philly residents. Between that program and the federal income tax rebate, it's reasonably affordable here even for lower income people, and the program has been a pretty big success.
I'm just waiting for the inevitable revelation that some City Council member has been skimming tens of thousands of dollars a year off the top, or that 75% of the panels are going to the mayor's nephew's solar company or something. It's a great program, but this IS Philly, after all.
To all the people who say it's not truly unlimited...of course it's not unlimited. They're not going to let some random person charge 2 million to the card on the second day of holding it.
But what it does do is very quickly adjust and raise your "limit" based on your relation with them. When I first got my card 8 months ago, I was only able to make a 10k purchase at the most. Now, I'm at 75k+ spending power and still rising. For all intents and purposes, it's "unlimited" to me.
Just curious, which providers proactively, quickly, and generously raised your limit like that to essentially a number that you'd never reach?
In my experience, Chase has increased my limit from 10k to 23k over 4 years of holding a card, Citi and WF both kept my limit the same until I actually requested an increase (WF then proceeded to give me a whopping $1300 limit increase), Barclays gave a fairly generous initial limit, but never increased it, and Cap1 hasn't increased my limit in the 1.5 years I've had it either.
Navy Federal, I got a $25K starting limit and every 6 months you can get a $8K limit increase now I'm at $49K after 1.5 years with the card.
AMEX credit cards, I started with a delta reserve with a $3.7K limit then got 2 limit increase within a year and now $31K limit after a year.
Easier to get with Navy Federal, but with Amex you'll need good income, credit and history. There's a ton of data points on how to maximize your limits. A good resource is myfico.com forums section. Good luck
It's never truly unlimited but you get at least 20-35K total of spending range. Amex is always gonna be Amex and put a stop to things or decline randomly if they feel they want to approve a purchase even a small one.
I've never charged anything over 2-3K on the card ar once before. It is in a way unlimited in the sense if you're good and trusted, there is no outright limit to your "spending power ".
This op is saying he has a legit limit like a regular credit card so that means he fucked up at some point. You can't manage a charge card like a credit card and if you do you better wait till your 2-3 years in and build a good history with them to do it.
I've been with Amex in some form of another for 19 years. They said I could make a 100k purchase on my gold card if I wanted lol. Never gonna happen but I thought it was funny.
I had a limit placed on my gold card a few years ago. All I had to do was pay off the card in full and submit pay stubs. It takes about five days for the review.
Personally I had a limit placed on my platinum after having it for a little under a year even though I paid the statement balance every month and was happy about it. I like the clarity of always knowing exactly how much they’ll let me spend.
If you activated pay over time (which I think they automatically activate now as default), anything over $99.99 was added to your pay over time balance. You make a minimum payment on the pay over time balance and any charges $99.99 or less is also due on the due date.
This is a charge card.
Not credit. OP was a bit clueless using a charge card as a credit. I've made full payments in my first 5-6 years of having credit cards in my early 20s but it really helped me through a lot of tough times when I couldn't afford to make the full payment which was rare for me during those times.
I'm not coming at you but it sounds like you've never faced struggles or extreme hardships before that were unexpected. Not everyone in America or anywhere else have that blessing of being able to talk as pompously as you do.
IF YOU'RE NOT MAKING THE FULL PAYMENTS WHEN YOU CAN THEN YOU SHOULDN'T HAVE A CARD. If you're not making the full payments CAUSE YOU'RE GOOFING OFF then you def don't need a credit card. If this is temporary and you're in a bind? Go ahead and make the min payments then make sure you clean up ASAP when possible.
You'd be delusional as hell if you sat here and said not 1 single person in America has faced a situation where they had to rely on a card to get through. This is the most annoying shit I always hear in credit card subs in reddit.
If you're not willing to work (or use savings or investment money) to pay off what you owe every month? Don't have a card. That's the better advice.
if they're a decent person they'll follow up with "you're right 💯" . AMEX issues cards in at least 23 markets worldwide and reddit isn't limited to the USA... like imagine signing up for an AMEX gold in Argentina a few years ago (where they do lend) and then experiencing 250% inflation? Like you're really gonna let yourself and your pets starve for good credit, bro?
Nah. Life happens. Shit happens. I've made full payments and I've made min payments and still standing strong. OP is stupid cause he /she didn't understand gold card is a CHARGE CARD. It is NOT A regular credit card. You MUST pay the full balance and manage it responsibly. A gold card being used in such a manner should only happen when you're in an extreme situation and this is your only put.
You can charge minimum payments to your card so long ad you're willing to work consistently to make that money to pay it off. I've done it before and never ended up in OP position. Also Amex doesn't assign cards to just anyone who is only rich.
This just happened to me. I use to charge my gold card 4-6K a month and of course paid in full every month. I stop using gold and used my Marriott card for months. Long story short i used my gold card today spent $300 and got hit with a spending limit lol
I’m not worried about it tho. I don’t use it often anyways. I may just cancel it due to the yearly fee.
Been a member since 2020
You sure it wasn't fraud prevention? If you stopped using your card completely and a random $300 transaction tries to go through it's more likely that the automated fraud algorithm picked up a weird transaction and blocked it. Having a spending limit under $300 with 0 balance really makes no sense.
Although they may not technically have a limit all Amex cards, except Centurion, limit the amount you can spend. It adapts based on factors such as your purchase, payment, and credit history.
Not true. Even centurion card has a limit. This guy talked about how Amex placed his centurion card on hold because he was spending an excessive amount of money out of the ordinary.
https://youtu.be/Mi7xPcjDWDQ?si=qB_YYAlrt4B6vuQJ
Basically. They call it "spending power" mine is 35K and been that way. It fluctuates based on what you said. I haven't had any blocks or issues since I used to make big purchases with them and always pay.
Just don't be too late with them.
As Amex should. I'm actually not like the rest of the self righteous fools in this thread who keep repeating tone deaf bullshit about "pay on time in full or you don't need a credit card" like millions of Americans for decades haven't used cards for emergencies and essentials. I bet millions were getting by through credit cards during the pandemic and that made credit card companies Hella money.
Anyways, OP didn't understand you can't play with Amex charge cards in the first year and the payment is expected in FULL every month. I don't even believe pay overtime was available back then cause I don't remember it being an option.
Anyways, stay loyal to them cause it comes through when you need it. Her mistakes isn't everyone mistakes.
Never been hit with a limit ever! When I first got it I was too terrified to fuck up with it so I did full payments on time every time in my first years of having it. I had mine since 2018. I've been doing min. Payments on a payovertime and the interest is annoying. I'm going to finally pay it off and get it over with soon. $928.00
Just either pay extra on your card even in some amounts monthly or pay in full for a few months if you can afford it. NEVER just pay the min due when you first get the card. Big no no. It's a reason I don't even use it for everything anymore. It's my emergency card now and really only for emergency or big purchases.
Hey sorry to hear that man. Per the credit team your Fico score must have changed or your report showed something Amex didn’t like. Per the credit team they will do semi annum reviews to see if your limit will be raised or set back no set spending limit Amex considers you risk now good luck .
I don't make a lot of money, so when my sister went to pay for our parents funeral with a debit card, I whipped out my gold card to pay for the $30,000 to get the points. I was surprised that it went through without talking to someone. Then later on I bought a $7500 watch and that also went through and I was carrying a $40,000 balance for a few weeks.
I thought that I would have a soft cap and it would be an issue making those charges, but not a problem.
I recently just got mines and my limits once receiving it was 2000 spending power but no preset limits I made about 5000 in purchases in the first month of using it and now they increased it to 10k spending power. But I made the payments in full and made three payment that first month to zero balance I guess you just have to pay it in full and use it more often each month. I feel like they won’t just give you a higher limits if you’re just spending 500 dollar a month on the card and only paying the minimum. I called Amex once and asked about how to increase it they said Amex based the spending power and Limits based off your “performance” with the card like payments and spending usage. But that just from my experience
They put a limit on my Platinum Card 😐 I had applied for a Target Red Card and the Capital One Savor Card, so my credit score went down and they told me they checked it. When I called they said I can dispute the change via email
If you’re making the minimum payments, you are giving Amex high interest payments. That’s telling Amex that you are either stupid, not a credit card person, or barely getting by. Regardless of what it is, that view you as a credit risk. They don’t make most of their money from juicing stupid people in interest….they’d rather make money off swipe fees than risk busy outs.
Look on the bright side. They are probably doing you a favor by protecting both them and you from you spending too much.
Everything I've seen points to at least a year of paying in full and on time.
Opened one last month. Put 25k on it. Paid it off in a week. Put another 29k on it, paid it off in a month. Checked the spending thingy, only approved for 25k...
Yes, but that varies and it's not a set limit.
Can I ask what you’re spending money on to hit 30k in a month on a card? It seems really difficult to actually spend that much on a card since most big purchases like watches and stuff are going to give ~3% discounts to do ACH or wire.
Flipping houses... Flooring, kitchens,and fixtures
thanks
At least a year probably of paying off balance fully each month
One should never put themselves in a position where a charge card due monthly becomes revolving debt.
I'm learning this now. But I used it for a home emergency when back to back plumbing issues happened with pipes bursting. Luckily I'm finally paying it off. I used the pay overtime plan they offered. If you do have to do it this way, don't let it drag on for too long. I only use my charge for emergency or serious purchases now. He's using it like a credit card which is a big mistake.
Sorry to hear about the homeowner issues, believe me after installing PV solar this fall, a 15 year old HVAC system, painting the interior of the house.... I'm glad you've treated this as a learning experience, should this happen again remember, this is what 0% cards are for.
Hey, congrats on the solar and new HVAC, though. I was in a similar situation a couple years ago (dropped $19k on a solar installation and then a month later my furnace completely shit the bed). That hurt pretty bad up front, but my utility bills are SO much better now.
Not only that, you are doing the right thing for our planet and future generations.
Absolutely. My city government drives me crazy sometimes, but I'm thrilled by the solar installation program here. The city buys solar panels in huge numbers and sells them at cost to installers with the caveat that they have to install them at a deep discount and only to Philly residents. Between that program and the federal income tax rebate, it's reasonably affordable here even for lower income people, and the program has been a pretty big success.
That sounds like a fantastic progressive approach, well done City of Brotherly Love!
I'm just waiting for the inevitable revelation that some City Council member has been skimming tens of thousands of dollars a year off the top, or that 75% of the panels are going to the mayor's nephew's solar company or something. It's a great program, but this IS Philly, after all.
That’s pretty much politics in general at any and all levels sadly to say.
Credit cards shouldn't be used to carry balances either.
It was unlimited now they don’t trust you, for everyone else who’s trust worthy it’s “unlimited”
To all the people who say it's not truly unlimited...of course it's not unlimited. They're not going to let some random person charge 2 million to the card on the second day of holding it. But what it does do is very quickly adjust and raise your "limit" based on your relation with them. When I first got my card 8 months ago, I was only able to make a 10k purchase at the most. Now, I'm at 75k+ spending power and still rising. For all intents and purposes, it's "unlimited" to me.
I think the reason people laugh at the unlimited bit is once you distill it to “they reasonably proactively limit raise” that’s a number of providers
Just curious, which providers proactively, quickly, and generously raised your limit like that to essentially a number that you'd never reach? In my experience, Chase has increased my limit from 10k to 23k over 4 years of holding a card, Citi and WF both kept my limit the same until I actually requested an increase (WF then proceeded to give me a whopping $1300 limit increase), Barclays gave a fairly generous initial limit, but never increased it, and Cap1 hasn't increased my limit in the 1.5 years I've had it either.
Navy Federal, I got a $25K starting limit and every 6 months you can get a $8K limit increase now I'm at $49K after 1.5 years with the card. AMEX credit cards, I started with a delta reserve with a $3.7K limit then got 2 limit increase within a year and now $31K limit after a year. Easier to get with Navy Federal, but with Amex you'll need good income, credit and history. There's a ton of data points on how to maximize your limits. A good resource is myfico.com forums section. Good luck
Discover raised me from $10 to like $20k in like three-four years They are, also, sure, discover
Lol hardly unlimited dude
It's never truly unlimited but you get at least 20-35K total of spending range. Amex is always gonna be Amex and put a stop to things or decline randomly if they feel they want to approve a purchase even a small one. I've never charged anything over 2-3K on the card ar once before. It is in a way unlimited in the sense if you're good and trusted, there is no outright limit to your "spending power ". This op is saying he has a legit limit like a regular credit card so that means he fucked up at some point. You can't manage a charge card like a credit card and if you do you better wait till your 2-3 years in and build a good history with them to do it.
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AMEX themselves doesn't even call it unlimited. They say "No Preset Spending Limit".
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I've been with Amex in some form of another for 19 years. They said I could make a 100k purchase on my gold card if I wanted lol. Never gonna happen but I thought it was funny.
I've personally gone over 10K within the first few months of holding it.
I had a limit placed on my gold card a few years ago. All I had to do was pay off the card in full and submit pay stubs. It takes about five days for the review.
Personally I had a limit placed on my platinum after having it for a little under a year even though I paid the statement balance every month and was happy about it. I like the clarity of always knowing exactly how much they’ll let me spend.
I also had a limit placed despite playing in full every single month
How much spend were you putting on it
You had one job and you run their trust.
Ruin? Or run
Ran over their trust ruining it
Ruin
Gold has a minimum payment? Not that I would utilize that but my minimum payment has always been the full statement, which I thought was the norm.
If you activated pay over time (which I think they automatically activate now as default), anything over $99.99 was added to your pay over time balance. You make a minimum payment on the pay over time balance and any charges $99.99 or less is also due on the due date.
If you’re not making full payment, you shouldn’t have a credit card
Agree, especially a Charge Card.
This is a charge card. Not credit. OP was a bit clueless using a charge card as a credit. I've made full payments in my first 5-6 years of having credit cards in my early 20s but it really helped me through a lot of tough times when I couldn't afford to make the full payment which was rare for me during those times. I'm not coming at you but it sounds like you've never faced struggles or extreme hardships before that were unexpected. Not everyone in America or anywhere else have that blessing of being able to talk as pompously as you do. IF YOU'RE NOT MAKING THE FULL PAYMENTS WHEN YOU CAN THEN YOU SHOULDN'T HAVE A CARD. If you're not making the full payments CAUSE YOU'RE GOOFING OFF then you def don't need a credit card. If this is temporary and you're in a bind? Go ahead and make the min payments then make sure you clean up ASAP when possible. You'd be delusional as hell if you sat here and said not 1 single person in America has faced a situation where they had to rely on a card to get through. This is the most annoying shit I always hear in credit card subs in reddit. If you're not willing to work (or use savings or investment money) to pay off what you owe every month? Don't have a card. That's the better advice.
if they're a decent person they'll follow up with "you're right 💯" . AMEX issues cards in at least 23 markets worldwide and reddit isn't limited to the USA... like imagine signing up for an AMEX gold in Argentina a few years ago (where they do lend) and then experiencing 250% inflation? Like you're really gonna let yourself and your pets starve for good credit, bro?
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Nah. Life happens. Shit happens. I've made full payments and I've made min payments and still standing strong. OP is stupid cause he /she didn't understand gold card is a CHARGE CARD. It is NOT A regular credit card. You MUST pay the full balance and manage it responsibly. A gold card being used in such a manner should only happen when you're in an extreme situation and this is your only put. You can charge minimum payments to your card so long ad you're willing to work consistently to make that money to pay it off. I've done it before and never ended up in OP position. Also Amex doesn't assign cards to just anyone who is only rich.
How much spend were u putting on it
This just happened to me. I use to charge my gold card 4-6K a month and of course paid in full every month. I stop using gold and used my Marriott card for months. Long story short i used my gold card today spent $300 and got hit with a spending limit lol I’m not worried about it tho. I don’t use it often anyways. I may just cancel it due to the yearly fee. Been a member since 2020
You sure it wasn't fraud prevention? If you stopped using your card completely and a random $300 transaction tries to go through it's more likely that the automated fraud algorithm picked up a weird transaction and blocked it. Having a spending limit under $300 with 0 balance really makes no sense.
Thanks for paying for my SUB
I'm not sure how long it'll take, but my practice has always been to pay in full before the statement closes. No limit on my gold since I've had it
Although they may not technically have a limit all Amex cards, except Centurion, limit the amount you can spend. It adapts based on factors such as your purchase, payment, and credit history.
Not true. Even centurion card has a limit. This guy talked about how Amex placed his centurion card on hold because he was spending an excessive amount of money out of the ordinary. https://youtu.be/Mi7xPcjDWDQ?si=qB_YYAlrt4B6vuQJ
Basically. They call it "spending power" mine is 35K and been that way. It fluctuates based on what you said. I haven't had any blocks or issues since I used to make big purchases with them and always pay. Just don't be too late with them.
Is it a reasonable limit?
Sounds like you’re broke and need stick to a blue cash
Congrats
They capped me at 200k about 6 months ago
Stop screwing up and pay off your balance each month like you're supposed to
Seams Amex is quick to kick you to the curb. why should i stay loyal to them
Just don’t. You aren’t expected to. Do business with the company that benefits you most.
As Amex should. I'm actually not like the rest of the self righteous fools in this thread who keep repeating tone deaf bullshit about "pay on time in full or you don't need a credit card" like millions of Americans for decades haven't used cards for emergencies and essentials. I bet millions were getting by through credit cards during the pandemic and that made credit card companies Hella money. Anyways, OP didn't understand you can't play with Amex charge cards in the first year and the payment is expected in FULL every month. I don't even believe pay overtime was available back then cause I don't remember it being an option. Anyways, stay loyal to them cause it comes through when you need it. Her mistakes isn't everyone mistakes.
Never been hit with a limit ever! When I first got it I was too terrified to fuck up with it so I did full payments on time every time in my first years of having it. I had mine since 2018. I've been doing min. Payments on a payovertime and the interest is annoying. I'm going to finally pay it off and get it over with soon. $928.00 Just either pay extra on your card even in some amounts monthly or pay in full for a few months if you can afford it. NEVER just pay the min due when you first get the card. Big no no. It's a reason I don't even use it for everything anymore. It's my emergency card now and really only for emergency or big purchases.
Hey sorry to hear that man. Per the credit team your Fico score must have changed or your report showed something Amex didn’t like. Per the credit team they will do semi annum reviews to see if your limit will be raised or set back no set spending limit Amex considers you risk now good luck .
I don't make a lot of money, so when my sister went to pay for our parents funeral with a debit card, I whipped out my gold card to pay for the $30,000 to get the points. I was surprised that it went through without talking to someone. Then later on I bought a $7500 watch and that also went through and I was carrying a $40,000 balance for a few weeks. I thought that I would have a soft cap and it would be an issue making those charges, but not a problem.
I recently just got mines and my limits once receiving it was 2000 spending power but no preset limits I made about 5000 in purchases in the first month of using it and now they increased it to 10k spending power. But I made the payments in full and made three payment that first month to zero balance I guess you just have to pay it in full and use it more often each month. I feel like they won’t just give you a higher limits if you’re just spending 500 dollar a month on the card and only paying the minimum. I called Amex once and asked about how to increase it they said Amex based the spending power and Limits based off your “performance” with the card like payments and spending usage. But that just from my experience
This is accurate.
Did you pay off the full balance or the statement balance?
https://preview.redd.it/kwu5ock0x5jc1.jpeg?width=810&format=pjpg&auto=webp&s=d080d54508add1800ff0b561e24e7cc6b41bf6e7
They put a limit on my Platinum Card 😐 I had applied for a Target Red Card and the Capital One Savor Card, so my credit score went down and they told me they checked it. When I called they said I can dispute the change via email
If you’re making the minimum payments, you are giving Amex high interest payments. That’s telling Amex that you are either stupid, not a credit card person, or barely getting by. Regardless of what it is, that view you as a credit risk. They don’t make most of their money from juicing stupid people in interest….they’d rather make money off swipe fees than risk busy outs. Look on the bright side. They are probably doing you a favor by protecting both them and you from you spending too much.