amex platinum charge spending power reduced over time

[SteveLL]

hey guys, came across this strange situation in the last week or so. As you know, with the double points have been trying to max the points balance, i was able to spend up to $190k about a month ago but since last week, I have noticed that the spending power has reduced quite significantly.

For example, after paying down $80k yesterday, I was only able to make purchases up to $45k rather than the usual $80k. Adding my account balance of $25k, my spending power has been reduced to $70k ($25k plus $45k) from $190k. Have to say, i have put through some really big transactions in the last few weeks though but I always paid it back immediately every time.

 

[Quattro]

In my experience the more normal your spending, the more consistent the spend level is in allowing for the higher end of what might be "normal".

Do you usually spend x per month every now and then, and now you are spending that more consistently due to the double points? In my experience that's when my usual spend power starts to dwindle. It does come back though. Annoying none the less.

 

[SteveLL]

In my experience the more normal your spending, the more consistent the spend level is in allowing for the higher end of what might be "normal".

Do you usually spend x per month every now and then, and now you are spending that more consistently due to the double points? In my experience that's when my usual spend power starts to dwindle. It does come back though. Annoying none the less.

i have been spending 10 times more than my usual spend part of the double points promo.It’s been like that for a month but only from last week the spending power started to dwindle and to the extent almost halved

 

[Daver6]

I can sort of see their logic behind this based on your spending. Their concern would be you're using up cash reserves quickly. Amex wouldn't have any visibility into how much cash you have on hand to keep paying it down. So while $190k a month is no problem under normal spending, when you're blowing more than that in a short period of time they're just looking to manage their risk by lowering their exposure in the short term.

 

[albyd]

I’ve loaded my card with some phone payments. Usually, they’re available to spend straight away. They told me I’d have to wait for them to clear (even though they came out of my bank account overnight) as it was outside my normal activity. Hoping I can get some payments through shortly. Agree, it appears they are wary of risk because some people have done the wrong thing in the past and gamed the system.

 

[daft009]

I had doubled my average spend with the bill due the next day and they blocked me. By the time they blocked I was nearly half way into the next cycle with another 50% spent
Paid it then and there and they released the card..phew!

 

[SteveLL]

I had doubled my average spend with the bill due the next day and they blocked me. By the time they blocked I was nearly half way into the next cycle with another 50% spent
Paid it then and there and they released the card..phew!

yes I have spent heaps more but I always paid back as soon as the payments are cleared

 

[oliver_adl]

My understanding was the 'floating limit' had a max of around 125k if a totally unsecured account. They'd only increase it if they had some business records/financial data to see some history - or with some other security against the account (real estate).

This is what I was told was there effective limit and what other card holders I know have also experienced. In both cases it was more or less admitted that that was the limit when we expressed a wish to have it increased even with a year or more of perfect records of full repayment on each cycle.

 

[DaveB]

I have a Corporate Platinum Charge along with a Business Platinum Charge. Though both accounts supposedly have no pre-set spending limits, they do with the Corporate account just into 7 figures and the more recently acquired Business account a low $75K limit.
Checking the online spending power for the generally preferred Business card account has enabled me to make purchases up to $195K at a time which then though results in the account being frozen until the card is back under the $75K limit, which my wife found out the hard way involving a $40 Coles purchase.
I now make the large purchases and put funds into the account the same day so that the payment and purchase are processed together keeping the account below the account limit.

 

[pangwen]

My Platinum Charge has had a spending power of $60k since day one (currently about 1.25 years in). In that time, I've had about 3 months where the spend was over $50k, and all statements have been paid on time. I haven't needed an increase in spending power so I haven't pushed it, but I had thought they would increase it after our first anniversary.

 

[daft009]

I had doubled my average spend with the bill due the next day and they blocked me. By the time they blocked I was nearly half way into the next cycle with another 50% spent
Paid it then and there and they released the card..phew!

And blocked again. They did let me exceed by another 10% more than last time. So close to eofy.. Card is getting a hammering

 

[kkl]

I have been prepaying my card $100K - $150k a week for this promo. Smashing through the double points + credit to claim the 4.5% back.

 

[daft009]

I have been prepaying my card $100K - $150k a week for this promo. Smashing through the double points + credit to claim the 4.5% back.

Nice! I couldn't spend that much even after trying

 

[kkl]

All business expenses - with 1-2% surcharge.

still ahead with the double promo

 

[daft009]

All business expenses - with 1-2% surcharge.

still ahead with the double promo

Yeah I'm doing the same. If I found a way to buy Forex then I'd be similar to your figures but that road is shut it seems

 

[pauly]

I got a call from Amex advising my limit has been reduced from 100k to 75k. Like everyone else here, the balance is paid before the due date and it generally gets around 400-800k put through it a month. All seems kind of random really.

 

[SteveLL]

I got a call from Amex advising my limit has been reduced from 100k to 75k. Like everyone else here, the balance is paid before the due date and it generally gets around 400-800k put through it a month. All seems kind of random really.

wow 400k -800k a month on a personal card? that's huge.... I never received the call but just noted from last statement that my credit limit has been reduced to 100k... it was 180k ish

 

[kkl]

Limiting credit exposure?

 

[GoldCanyon340]

I've not experienced any limitations. Whether that's because I was a long-time Centurion is unknown.