Big purchases on Amex - e.g. cars

[Iggy_type_r]

Put a 25% deposit on a house on it ( house is well over $1m)

 

[Captain Halliday]

I'm looking at putting a car on Amex if they'll accept it.

For those who've done this and didn't already have a credit limit to cover it, did you give the cash to Amex up front or ask for a temporary limit increase?

 

[tlam]

I'm looking at putting a car on Amex if they'll accept it.

For those who've done this and didn't already have a credit limit to cover it, did you give the cash to Amex up front or ask for a temporary limit increase?

I purchased a Mazda with my Plat card, I just checked the spending power tool in my account and got approved. I didn’t have to call them.

A couple years back before I got the plat card. I paid my card (explorer card) in advance and I got a negative balance for big purchase.

 

[maccaisking]

I bought a car on Amex during the 4.5% cashback in 2020. Paid in 2 swipes with no issues. I had a call from Amex a week later to check if the large transactions would become ongoing ones, they didn’t seem to trigger any security flags though which surprised me.

 

[albyd]

I bought my car during the double promo also. I have them a heads up I was doing it when I made my deposit payment and when I went to pick up the car. Didn’t need to make a prepayment in my charge card.

I think while Amex don’t like you going into credit on a credit card, if you warn them before you make the prepayment and then make the purchase straight away, shouldn’t be an issue IME.

Charge card makes it so much easier not needing to prepay once you’ve built up a spending and payment history on it. If it’s outside your usual activity, then a prepayment will take care of it and usually not a problem on the charge to the same extent as it is an issue for a credit card.

YMMV.

 

[blacksultan]

I'm looking at putting a car on Amex if they'll accept it.

For those who've done this and didn't already have a credit limit to cover it, did you give the cash to Amex up front or ask for a temporary limit increase?

I did so . Don’t think you can do a temporary limit increase . Or go beyond $50 k on a credit card . You can split the purchase across 2 days or more giving you time to pay off .

 

[Captain Halliday]

I did so . Don’t think you can do a temporary limit increase . Or go beyond $50 k on a credit card . You can split the purchase across 2 days or more giving you time to pay off .

Thanks.

I called Amex most to see if they had any unpublished offers to upgrade from Ultimate to Plat Charge. They said no.

I hinted at putting the spend on another card (Amplify) but still no deal emerged. I also suggested cancelling the card and still nothing.

I’ll apply HUACA another day.

Back to my core issue, the agent said I have two option:
1. Apply for a credit limit increase. Credit hit applies.
2. Call the credit team on weekdays to have a one-off transaction above my limit approved.

Option 2 is preferable.

 

[Quattro]

Thanks.

I called Amex most to see if they had any unpublished offers to upgrade from Ultimate to Plat Charge. They said no.

I hinted at putting the spend on another card (Amplify) but still no deal emerged. I also suggested cancelling the card and still nothing.

I’ll apply HUACA another day.

Back to my core issue, the agent said I have two option:
1. Apply for a credit limit increase. Credit hit applies.
2. Call the credit team on weekdays to have a one-off transaction above my limit approved.

Option 2 is preferable.

Most people on this forum report getting the Plat Charge and still get the bonus points even though they hold a current AMEX product. Obviously, this is at your own risk whether you get lucky like the majority or if they've cottoned on to it.