Author Topic: AXP - American Express  (Read 88362 times)





bizaro86

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Re: AXP - American Express
« Reply #203 on: October 30, 2019, 08:44:46 AM »
Anybody worried about credit quality here? I recently got a new Amex charge card, and through a variety of circumstances ended up putting ~50% of my annual pre-tax income (which they knew because they asked when I applied) on it in the first month. It doesn't have a set limit, and I was very surprised they approved that much spend on a card with no history for a new client. I'm good for the money, but they didn't ask my net worth during the application process I don't think, and certainly didn't verify it. They did check my credit, which is good.

Obviously the plural of anecdote isn't data, but I wouldn't have granted a file with the information they had on me that much credit if I was them... Maybe they're just smarter than me, as they probably made back the sign up bonus on swipe fees in the first week or so...

gary17

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Re: AXP - American Express
« Reply #204 on: October 30, 2019, 09:11:29 AM »
there is a limit , it's not no limit.
you can login and check 'spending power' in your account.  they seem to have a formula based on your income, credit history, etc.

Gregmal

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Re: AXP - American Express
« Reply #205 on: October 30, 2019, 09:18:28 AM »
Ive noticed the above as well. For whatever reason it doesnt seem to be a widespread concern, but Ive run into people that I wouldn't issue an overnight payday loan for 10 points, that have unlimited AMEX charge cards.

BG2008

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Re: AXP - American Express
« Reply #206 on: October 30, 2019, 10:21:52 AM »
Amex reached out to me on Linkedin a few years ago to offer me a business credit card.  At the time, my business was smaller and there was not as much reported income.  I wasn't getting approved by others for business credits cards which I needed for more streamlined tax reporting purposes.  I guess they mine the Linkedin history and realized that I have been in business for a couple years.  Since then, I periodically get these offers of $50k at 10% interest rate and no real loan underwriting process that you have to go through with a mortgage.  It's hard to get excited about this when I just got refi at 3.5% on my real estate asset.   But it is interesting that they do take a somewhat non-traditional approach to underwriting.  I used to never understand why people use Amex.  Now that I have been a platinum card member for a couple years, I love the Centurion Lounge at LGA and can't wait for the JFK one to open up.  I hope the one year free offer form WeWork still works.  Never bothered looking into it.  I think they have the best app for saving credit card receipts.  As I get older, I am starting to appreciate the allure of carrying an Amex card.  Their customer service is much better.  I want not allowed into a Delta Club one time because my wallet got stolen and I did not have the Platinum card on me.  I called Amex to complain and they were just compassionate.  I felt like a person and not a number.  The Delta Club in Chicago can go f themselves turning away someone with a police report stating that my wallet got stolen.  I could really use the lounge to unwind and relax that day.  The AMEX people were wonderful when I called to complain and gave me a bunch of points.  People remember stuff like this.

More anecdotes not studies. 

CorpRaider

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Re: AXP - American Express
« Reply #207 on: October 30, 2019, 10:52:05 AM »
Interesting stuff.  Thanks for sharing. 

Spekulatius

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Re: AXP - American Express
« Reply #208 on: October 30, 2019, 11:26:24 AM »
I donít even have a business, but I have got Chase and Amex business cards. My wife has employee cards for both 😂
« Last Edit: October 30, 2019, 11:27:57 AM by Spekulatius »
Life is too short for cheap beer and wine.

bizaro86

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Re: AXP - American Express
« Reply #209 on: October 30, 2019, 02:01:57 PM »
there is a limit , it's not no limit.
you can login and check 'spending power' in your account.  they seem to have a formula based on your income, credit history, etc.

I'm sure there is a limit of some kind. I just haven't been able to find it, and I tried pretty hard...