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AMEX is nuts

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wanted to add

 

 

Ive never actually been able to use the amex at costco w/o it being declined ...I have no idea why because I can walk to the atm in the store and pull cash out

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I told him that the decrease might have been due to his debt-to-limit ratio, but he said that there shouldn't have been a limit at all. Was he right?

 

There is always a limit with amex, whether they tell you what it is or not is another story. My cards all have limits, my biz limits are about 250k/mo. Even my "charge cards" have limits, but I've also gone through several financial reviews to the point now I just send in my previous year's tax returns as soon as my accountant completes them.

 

I admit $1k sounds like a joke. Maybe call back and ask them to do a test charge for $10k and see what they say.

 

If you are intending to PIF, and have the funds and aren't in money trouble etc, I would use the card as normal. I wouldn't worry about it now, worry about it when/if it happens. When I first got my biz card several years ago (albeit better economy) I called in and asked how much I could spend and they said something like all biz cards come with 50k max (im going on memory here) and then if you need more than that we have to do an FR on you. So I said whatever and just charged away, I think my second month I charged over 100k with them. Towards the end of the month though, they started calling wanting tax returns, bank statements etc. But they never froze my account. Now, several years later I never worry about a charge not going through with them. Like the others said they like history, and they raise your "limits" based upon history.

 

Also fyi, they soft pull EX all the time, so if they see high (more like any :( ) utilization they will probably freak out (just my opinion based on posts of others).

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I told him that the decrease might have been due to his debt-to-limit ratio, but he said that there shouldn't have been a limit at all. Was he right?

 

There is always a limit with amex, whether they tell you what it is or not is another story. My cards all have limits, my biz limits are about 250k/mo. Even my "charge cards" have limits, but I've also gone through several financial reviews to the point now I just send in my previous year's tax returns as soon as my accountant completes them.

 

I admit $1k sounds like a joke. Maybe call back and ask them to do a test charge for $10k and see what they say.

 

If you are intending to PIF, and have the funds and aren't in money trouble etc, I would use the card as normal. I wouldn't worry about it now, worry about it when/if it happens. When I first got my biz card several years ago (albeit better economy) I called in and asked how much I could spend and they said something like all biz cards come with 50k max (im going on memory here) and then if you need more than that we have to do an FR on you. So I said whatever and just charged away, I think my second month I charged over 100k with them. Towards the end of the month though, they started calling wanting tax returns, bank statements etc. But they never froze my account. Now, several years later I never worry about a charge not going through with them. Like the others said they like history, and they raise your "limits" based upon history.

 

Also fyi, they soft pull EX all the time, so if they see high (more like any :( ) utilization they will probably freak out (just my opinion based on posts of others).

 

Thanks! This was a helpful post. We are going to give it a try. We are prepared to PIF we just dont want to mess with multiple payments.

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@OP

 

They said 6 months based on spending patterns and then consideration for an increase?

 

I've had a card (albeit Blue Cash, not charge) with them for 15 months now. I push at least 1500 through it a month and have yet to see any increase on my 3K limit.

 

However it has never been declined in spite of my very random spending pattern. (Geographically speaking)

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@OP

 

They said 6 months based on spending patterns and then consideration for an increase?

 

I've had a card (albeit Blue Cash, not charge) with them for 15 months now. I push at least 1500 through it a month and have yet to see any increase on my 3K limit.

 

However it has never been declined in spite of my very random spending pattern. (Geographically speaking)

 

Actually they said the limit would be based on what I spend in the first 6 months. So if I want it increased I would have to spend more and make multiple payments each month so that they have a higher basis for setting the limit. I didn't entirely understand. It sounded like she was reading from a script and very defensive...

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sonicanatidae

Honest question.. Why does anyone even want an Amex card?

 

Outside of this board the stigma attached to them is very positive. Slap down an Amex card overseas with a potential client (or date) and see the reaction.

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sonicanatidae

Honest question.. Why does anyone even want an Amex card?

 

Outside of this board the stigma attached to them is very positive. Slap down an Amex card overseas with a potential client (or date) and see the reaction.

 

Thanks for the response.

 

Having never had one and seeing the hassle they are, one has to honestly wonder.

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> I always aspired for an AMEX but I didn't realize they suck so badly.

Um your not reading the Credit Forums enough then, this is a known issue with American Express.

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So we ended up getting an AMEX business gold charge for our monthly business spend. We received the cards last night via UPS (much pomp for nothing). I made sure to ask AMEX before we applied if there would be any spending limitations on the card in the beginning and they told us that we should use the card as normal, the only way there would be a problem is if we tried to charge, say, $20,000 at one time they may have to call and verify some things. I told them what our spending should look like and they said there would be no problem.

 

Last night I called after we activated the cards with a few questions about the online access and also to make sure that we would be ready to use the cards with no problem. They answered our questions and said we should have no problem spending at least $25,000/ month at this time.

 

So after I got off the phone with them last night, I was looking through the online account and saw the "check your spending ability" link. I clicked on it and it said that charges would be declined and that we needed to call to verify information. So I called and they again said everything is good and no problems. They asked what we planned to spend and I said there should be a charge of $350 in a few days and the rep said we would be good up to $1000.

 

I said $1000?!? So I blew up, called it a joke and said that we were told last night we would be good for at least $25,000. She asked who told me that. I said I don't know, but you should know, it's in your records. She said if we want to spend more we could make multiple payments. Anyway, that call ended badly. She just kept repeating the same thing like a broken record. :D

 

I always aspired for an AMEX but I didn't realize they suck so badly. The reps are unknowledgable, deceitful and rude. Not to mention every time I have been on the phone with them I have heard beeps as they are recording the calls. Way to make me feel like a criminal. This reeks of subprime to me. $185 AF for the priviledge of not knowing when your card will work?!? Pitiful. They shouldn't issue a card if you have to call for permission every time you want to use it.

 

Is there any remedy to deal with them or is this card just a joke?

CAN YOU SAY--->AMEX CREDIT CARD WITH STATED CREDIT LIMITS

 

AMEX "WAS" SOMETHING TO STRIVE FOR...THEY HAVE GONE DOWN HILL IN THE PAST 3 or 4 YEARS

Edited by GEORGE

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Yeah I just can't believe they would tell me 25k then change their minds to 1k. She said they base the spending ability on last 6 months spend, so I said we will be limited to 1000/month for 6 months and she said yes. I said how will we ever establish a higher basis if we are limited to that and she said we can make multiple payments to spend more. I told her that sounds like a debit card and she said but you get the points if you use this card. Doesn't sound like worth it to me.

 

I just want them to pick an attitude and stick with it. Either tell me we can spend what we need to or tell me a limit. It is already worthless for the purpose we were going to use it for now.

ASK THEM IF THEY WILL ACCEPT A $5,000 PAYMENT WHEN YOU OWE EXACTLY $185.00

 

NOPE...NOT GONNA' HAPPEN (you CAN'T over pay)

 

Some have been PUNISHED (or reprimanded) for making excessive payments in a month

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They will probably give you more room if you agree to supply them financials...at least they have for us in the past. The 6 months is a guide also. If you run $25K in a month while making 25 $1K payments, they will usually loosen up a little bit.

GOOD LUCK IN TRYING TO MAKE 25 x $1,000 PAYMENTS

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So again, why do people want Amex products?

Inertia. :D

 

I can understand that with Amex being as insanely picky as they are.

 

Any other reasons?

To be honest, not really.

I think a lot of people like me are looking askance at their Platinums, and wondering if they really *ARE* worth the price. :)

Heck, the only thing that goes on my Platinum nowadays is CreditSecure. B)

$450 for the card and $1,000 "EXPOSURE LIMIT" (has happend a few too many times)

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wanted to add

 

 

Ive never actually been able to use the amex at costco w/o it being declined ...I have no idea why because I can walk to the atm in the store and pull cash out

One possible explanation is perhaps that particular Costco has had a lot of fraudulent Credit Card transactions.

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> I always aspired for an AMEX but I didn't realize they suck so badly.

Um your not reading the Credit Forums enough then, this is a known issue with American Express.

 

Yeah sorry I mean aspired for one years ago, before I read about them here. I just didn't know how bad it was until I actually got one.

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If my card has a $20k limit, I want to be able to go to a store the 1st day I get it, charge $5,000 and then go to a 2nd store an hour later and charge $15,000. Anything less is unacceptable.

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It's not the fact that they set a limit that bugs me, it's the attitude they take when we call. The recording, everything. It feels like talking to a collection agency. They act defensive and they really don't seem knowledgable. It's like they give canned answers to every question. Even when we called before we applied it was like talking to a FAQ page.

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It's not the fact that they set a limit that bugs me, it's the attitude they take when we call. The recording, everything. It feels like talking to a collection agency. They act defensive and they really don't seem knowledgable. It's like they give canned answers to every question. Even when we called before we applied it was like talking to a FAQ page.

 

Well, actually, it does bug me that they tell us we can charge 25k in a month and then change their minds and say 1k. That is crappy.

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I love AMEX but would never pay them a dime in Annual Fees, either for a personal or business card. If you've got good credit and substantial income, you should be able to pick up a Blue Cash Card from them with a monthly limit of $25K........ If not, then use your other high limit cards.

 

Good Luck,

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I must be dealing with a different company when I call American Express than the rest of you guys. Nothing but stellar experiences with calling in and never a problem with my completely random lifestyle. I posted a thread awhile back about a 21 hour turn-around when I requested a new card right around Christmas.

 

Just so we're on the same page maybe try calling 1-888-258-3741

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SimplyCash and Blue for Business also don't have annual fees.

Costco TrueEarnings requires a Costco membership, but is otherwise fee-free.

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GEORGE

GOOD LUCK IN TRYING TO MAKE 25 x $1,000 PAYMENTS

 

As far as I know my bank (Old National) doesn't limit the amount of payments you can push from it monthly. Perhaps 1K a day limited to the amount of days in a month, but in the world I live in there are more than 25 days in any given month.

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Paying with a credit card should be a simple, stress-free transaction. If I have to worry about my purchase being approved......every time, it's not doing me any good. I'd much rather have a card that I know has $xx credit limit and I can use up to that amount without fear or worry.

 

I've always thought of AMEX as the cream of the crop, but not anymore. I really don't understand the need for an AMEX card over any other card out there. :)

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Why dont you make a paypal account, and then "buy" a product for $2000 from yourself with your amex card? that way youll get the $2000 cash back, develop a history of high charged payments, and then not be humiliated when the card is declined? test charges work too, but theyre not guaranteed

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Why dont you make a paypal account, and then "buy" a product for $2000 from yourself with your amex card? that way youll get the $2000 cash back, develop a history of high charged payments, and then not be humiliated when the card is declined? test charges work too, but theyre not guaranteed

 

Yeah it would be great to pay Paypal a gigantic fee for paying yourself with your new crappy credit card. You would be looking at at least $60 in Paypal fees to make a payment to yourself.

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Why dont you make a paypal account, and then "buy" a product for $2000 from yourself with your amex card? that way youll get the $2000 cash back, develop a history of high charged payments, and then not be humiliated when the card is declined? test charges work too, but theyre not guaranteed

...AND WHAT DOES THAT "GAME" COST YOU IN FEES??????????

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