AMEX New Feature - Check Spending Power

TheEffect

For those with AMEX Charge Cards, they've added a new feature to online banking allowing you to check if a transaction will be approved (as there's no pre-set spending limit on the card).

Apparently, I'm fine for a £5k transaction, but £10k not so much.

ryuuoo

Yeah I noticed this too! Quite useful!

I once had to use my Amex Gold for a 'big purchase' (£4k+) before they had this on the site and just called them up and it was pre-approved on the phone (they were so nice and understanding, the girl was very polite and I was overall extremely happy with their service) but this new feature is quite useful!

Love Amex!

Anthorn

If this is a new feature, I don't have it. Where would I find it?

It's the case that as we use the Amex we build up an average spend and as we clear the balance we build up an average payment and that is where the spending power comes from. But that's been applied for some time: As I Google it I find posts about it dating back to the year 2013. It's usual to phone Amex to see if a large purchase will be approved before charging it and I don't see how any new tool as described in the OP changes that.

TheEffect

Anthorn wrote: »

If this is a new feature, I don't have it. Where would I find it?

It's the case that as we use the Amex we build up an average spend and as we clear the balance we build up an average payment and that is where the spending power comes from. But that's been applied for some time: As I Google it I find posts about it dating back to the year 2013. It's usual to phone Amex to see if a large purchase will be approved before charging it and I don't see how any new tool as described in the OP changes that.

The new tool changed that because you no longer need to call them to see if a charge will be approved, as you mentioned. Now you just put in the amount online and it will tell you if they agree to let you charge it.

The USA AMEX site has had this feature for a few years. It's true AMEX use some time of scoring to assess how much you can charge, but I believe some of the methods people have guessed are incorrect, e.g. you can charge twice what your highest bill has been etc.

I've never had a bill for more than £700 on my AMEX card, and I've just been approved to charge £6000 should I want to.

If I request more than £6k, it asks me to call them first. £10k gets declined.

Anthorn

TheEffect wrote: »

The new tool changed that because you no longer need to call them to see if a charge will be approved, as you mentioned. Now you just put in the amount online and it will tell you if they agree to let you charge it.

The USA AMEX site has had this feature for a few years. It's true AMEX use some time of scoring to assess how much you can charge, but I believe some of the methods people have guessed are incorrect, e.g. you can charge twice what your highest bill has been etc.

I've never had a bill for more than £700 on my AMEX card, and I've just been approved to charge £6000 should I want to.

If I request more than £6k, it asks me to call them first. £10k gets declined.

As I said I don't have this new tool. Are we talking in terms of the bog standard green card which I have or the Gold? Or maybe it's the credit card?

Yesterday I phoned Amex UK and they don't know anything about it either. But they have recorded my inquiry and will write me when they have the info.

michaels

It was on my new gold card - didn't play with it though.

Anthorn

michaels wrote: »

It was on my new gold card - didn't play with it though.

So exactly where in the online interface and/or the mobile app will I find it?

TheEffect

Anthorn wrote: »

So exactly where in the online interface and/or the mobile app will I find it?

If you haven't got it, it's probably only available for Gold/Platinum cards.

theburningcat

Useful but I don't know why they don't just publish the number. I love Amex but the "no preset spending limit" thing is such a gimmick.

My rule of thumb is 1.5 months wages although, in the first month I had an Amex card, I called them and my experience was the same - they were very polite about pre-authorising a large payment.

ctbfc

TheEffect wrote: »

If you haven't got it, it's probably only available for Gold/Platinum cards.

I have it on the standard green charge card.

Anthorn

TheEffect wrote: »

If you haven't got it, it's probably only available for Gold/Platinum cards.

Nope: My guess is it's being rolled out.