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How Much Of A Credit Increase Should I Get
When you request a credit limit increase, American Express will ask you how much of an increase you want. Ideally, you should limit your CLI request to no more than 25% of your existing limit. If your card’s current credit limit is $20,000, aim for a revised limit of $25,000. If you, on the other hand, ask Amex to double your card’s limit, the possibility of it denying your request increases.
Unlock Remarkable Benefits Across The Globeunlock Remarkable Benefits Across The Globe
New Cardmember Offer Get AED 220 credit* on Noon and AED 200 credit* on Deliveroo. Exclusive when applying via the Amex MENA app.
2 Membership Rewards® points with every AED 4 spent. Redeemable at 14 airlines, 3 hotels partners and on merchandise from leading brands across fashion, electronics and more.
Annual fee waiver with FeeBack* upon spending at least AED 10,000 within the first 3 months.
Complementary Global Airport Lounge Access with Priority Pass for up to 12 visits with a guest.
Comprehensive Retail Insurance for up to AED 5,400 and Travel Accident Insurance for up to AED 1,800,000.
* Terms and Conditions apply.
With FeeBack, the annual fee on your Platinum Credit Card will be credited back to your Card account when you spend at least AED 10,000 within the first 3 months of receiving your Card.
To continue enjoying your complimentary Cardmembership year after year, simply spend AED 40,000 per annum.
Minimum monthly income: AED 21,250
Annual membership fee: AED 700
Annual interest Rate: 39%
Enjoy Real Rewards
Membership Rewards® programme is our way of thanking you for using the Platinum Credit Card. Earn 2 points with every AED 4 you spend on eligible purchases. Use your points to treat yourself to rewards from leading brands in travel, fashion, electronics and more.
31,500 Membership Rewards points per annum
Redeem for AED 1,000 Voucher from RIVOLI
54,000 Membership Rewards points per annum
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What Is My Credit Utilization
Your credit utilization ratio refers to the amount of credit youve used from your total credit limit and should ideally be below 30%. While you may expect Amex to look at this number when you request a CLI, it might also consider the specific cards credit utilization ratio. For example, if the card youre requesting a CLI for has a credit limit of $10,000 and youve used $8,000, Amex may deny your request. Even if youre unable to pay off your balances in full each month, you should aim to lower your cards credit utilization ratio to below 30% before asking for that CLI.
Check your overall credit utilization ratio by listing all your credit cards as well as their credit limits and current outstanding balances in a spreadsheet.
How Soon Can I Increase A Credit Limit Increase
You can request a credit limit increase once your account has been opened for at least 60 days. There are some reports of people having to wait 90 days now so you might need to wait a little longer if you want to be safe.
However, if youve had a card with American Express for at least six months, you might be able to request a credit limit increase as soon as youve been approved for your new card some have been able to request a credit limit increase within 60 days of opening their cards.
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Whats The Best Way To Apply For A Credit Card
According to research from the Consumer Finance Protection Bureau, approval rates vary widely by the means of application, type of card, and your credit score. In-person application and responding to mail or a prescreened offer can be among the most successful strategies where general-use credit cards are concerned.
How Much Of A Credit Limit Increase Can I Get
Typically, the maximum youll get from a credit limit increase is 3X your current credit limit. You can find many reports online of customers receiving 3X increases on their credit limit . So if you have a $5,000 credit limit, the max you will likely be allowed is a $15,000 credit limit .
Generally speaking, it is better to ask for more than you need because a lot of times banks will meet you in the middle. So if you have a $2,000 credit limit and you would like to be increased to $4,000 then I would probably ask for an increase to a $6,000 credit limit, while being completely prepare to only get an increase to $4,000.
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What Is My Current Credit Score
Knowing your credit score gives you some indication of whether or not you should move forward with your CLI request. American Express makes available the MyCredit Guide for its credit cardholders and non-Amex customers. This online platform gives you access to your VantageScore by TransUnion for free. Plus, many other also allow you to view your FICO score for free.
If you have an excellent VantageScore score of 781 or higher, Amex is more likely to approve your CLI request. People with good scores of 661 to 780 also stand a good chance. If your credit score is 660 or lower, you might want to move forward with your request after taking steps to improve your score.
Some ways in which you can improve your credit score include:
- Making all your payments on time .
- Paying down your balances as quickly as possible .
- Not applying for new credit often .
- Not closing old credit card accounts .
Use Your Credit Card Responsibly
Regardless of where you get your credit card, it’s crucial that you develop good credit card habits. For starters, it’s important to pay your bill on time every month to avoid missing a payment, which can hurt your credit score and result in a fee.
Also, make it a goal to pay your balance in full every month, which will ensure you never pay interest. If you can’t pay back what you charge to your card, consider using cash or a debit card to avoid overspending.
Finally, it’s critical that you keep your credit card balance as low as possible. Your credit card balances affect your , which is an important factor in your credit scores. If you’re constantly bumping up against your credit limit, that could be seen as risky behavior by lenders and credit scoring models, even if you pay your bill in full every month. When your balance climbs above 30% of your credit limit you risk credit score harm. There’s no hard-and-fast rule, but the lower, the better.
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Is The Amex Platinum Card Right For You
If you regularly use Uber, Lyft or other rideshare services, the Amex Platinum card may be an ideal premium credit card. As mentioned, you can not only enjoy VIP status, but you’ll also earn up to $200 in annual Uber credits which are redeemable for rides and eats. Assuming an average ride cost of $10, the reward translates to up to 20 free rides each year.
Do you travel frequently every year? If you select a qualifying airline, you can receive up to $200 in statement credits per calendar year when you charge fees for your checked bag and more to your Platinum CardÂ® Account.
The American Express benefits for renting cars also come in handy when traveling around the world, while its Premium Global Assist Hotline can help travelers get the medical, legal, or baggage assistance they need.
Loyal Marriott and Hilton customers
Frequent travelers that choose to stay at Marriott or Hilton establishments can gain significantly with the Amex Platinum card. As a Platinum Card Member you are eligible to enroll in complimentary Marriott Bonvoy Gold Elite Status.
Gold Status makes it easier and less expensive to get upgrades, welcome gifts, late check-out, early check-in, complimentary breakfast, free Wi-Fi and other hotel perks. It is an entirely free benefit of the Amex Platinum, while it can offer hundreds of dollars in value to individuals who often stay at Marriott or Hilton hotels.
Over the limit for Chase?
When Should I Request A Credit Limit Increase
If its been at least 60 days since you received your Amex credit card, you may consider requesting a CLI. Bear in mind that Amex might look at your creditworthiness via a soft or hard credit pull when making a decision, so its better to check your credit report in advance. People with average credit scores might want to improve their scores before requesting credit limit increases because the odds of approval favor those with good or excellent credit scores.
If youve received a promotion at work or benefited from a hike in pay, your CLI request might warrant Amexs attention. Conversely, Amex might decide to lower your credit limit if theres been a dip in your income, as well as for a few other reasons.
Factors that Determine Credit Limit Increases or Decreases
- Negative inferences in a credit report.
- Infrequent use of the card.
- Youre a victim of identity theft.
Take a close look at your finances and your ability to manage debt before you request a CLI. Its essential to steer clear of maintaining revolving balances in your account from one billing cycle to the next, failing which you might end up paying a tidy sum as interest charges. Unfortunately, around half of all American credit card users dont pay their balances off in full each month.
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If Your Credit Limit Increase Is Denied Dont Worry
American Express seems to be one of the more generous issuers when it comes to offering a higher credit limit, but it is always possible that your request will be denied. If this is the case, ask why you didnt receive the boost so you can improve your chances down the line.
You can also follow these steps to better your standing for your next request:
- Improve your credit history steadily by paying bills on time and reducing your credit utilization.
- Use your card more regularly. American Express might be less inclined to give you a higher limit on a card you rarely use.
- Update your income on the American Express website.
- Consider asking during a different time of year. A 2018 TransUnion study showed credit limit increases are more common between January and May.
- Consider applying for a new credit card. Sometimes applying for a new card is the best way to increase your overall credit limit because it can increase the total amount of credit available to you.
Tip: If you arent approved for a credit limit increase but still want to put more spend on a particular card you might have another option. American Express also allows some customers to move credit from one card to another.
Should I Get Amex Gold Or Amex Platinum
Both cards are great choices if you will use the many benefits that come with each. To get a clearer understanding, lets look at the perks of each. This is a general overview, but more detailed information can be found in our Amex Gold vs Amex Platinum review.
American Express Gold Card
The American Express® Gold Card is the better option if you want to maximize dining and grocery purchases plus pay a smaller annual fee of $250 .
The Gold Card earns bonus points on these purchases:
- 4x points on restaurants, including takeout and delivery
- 4x points at U.S. supermarkets
- 3x points on flights booked from airlines or on AmexTravel.com
- Terms apply
Plus, new American Express® Gold Card cardholders can earn 60,000 Membership Rewards points after spending $4,000 on eligible purchases within the first 6 months.
This card also offers up to $120 in dining credits at select restaurants .
The Platinum Card from American Express
Choose The Platinum Card® from American Express for frequent traveler perks.
Cardholders earn 5x Membership Rewards® Points for flights booked directly with airlines or with American Express Travel, up to $500,000 on these purchases per calendar year, and earn 5x Membership Rewards® Points on prepaid hotels booked with American Express Travel.
Cardholders can get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when paying with their Platinum Card®.
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Use All Of Your Credits Before They Expire
Some of the most generous perks that American Express offers its customers come in the form of credits, like the . Theyre a great way to help offset annual fees.
For example, with the Amex Platinum card, youll get annual credits in the form of:
- Up to $200 for airline incidental fees on your selected airline
- Up to $200 in annual U.S. Uber credits
- Up to $100 in Saks Fifth Avenue credits
- $85 TSA PreCheck or $100 Global Entry Credit
Thats an easy way to offset the $550 annual fee
What Cards Are Affected By This Rule
All of Amexs cards are covered by this rule. Regardless of the family of cards , American Express maintains a strict rule of one bonus per card for life.
Although all Amex cards are covered by this rule, you can earn the welcome offer on personal and business cards of the same type.
For example, the American Express® Gold Card and American Express® Business Gold Card are from the same card family, but one is a personal card and the other a business card. Amex allows you to earn the welcome offer for each card as long as you have never been a cardholder of that card in the past.
Note that this also applies to rebranded or updated cards. For many years, the Amex Gold Card was called the Premier Rewards Gold Card, and the current offer 60,000 points after you spend $4,000 on purchases on your new card in your first six months of card membership explicitly references that older product:
Welcome offer not available to applicants who have or have had this Card or the Premier Rewards Gold Card.
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Six Month Welcome Bonus Rule
Inconsistency is the name of the game with Barclays application rules. There are a high number of irregularities with Barclays approach to its rules, but the one rule to keep in mind is the six month welcome bonus rule. You likely need to wait at least six months between the time you close a card and the time you apply for that same card again in order to be eligible to receive the welcome bonus on the same card. Yes, this means theres an opportunity to earn the welcome bonus on the same card multiple times.
American Express Gold Card
If you consider yourself a foodie or spend a lot at U.S. supermarkets, you stand to earn a load of Membership Rewards points with the American Express® Gold Card. Cardholders earn
- 4 points per $1 spent at restaurants
- 4 points per $1 spent at U.S. supermarkets
- 3 points per $1 spent on flights booked directly with airlines or on AmexTravel.com
- 1 point per $1 spent on purchases everywhere else
Although the cards $250 annual fee is a bit pricey, several benefits quickly make up for it. For instance, youll earn dining credits worth up to $240 combined at popular restaurants and with food delivery services. Plus, card members can earn a 60,000-point welcome bonus after spending at least $4,000 on purchases within the first 6 months of account opening.
Learn more with our review of the American Express® Gold Card.
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A Good Income And Low Monthly Bills Helps Too
Having a good income and reasonable rent or mortgage expenses are desirable too. Amex has been issuing cards for decades and can predict how often most cardholders use their Amex card.
The bank wants to make sure you have the income to pay your monthly balance if your spending trends are similar to current Amex Gold cardholders.
Like other banks, you will answer several personal questions about your current finances. Amex crunches the numbers to make an application decision.
Check For Offers On Cardmatch
One place to check for American Express prequalified and preapproved offers is on CardMatch, a tool offered here on CreditCards.com. You just need to enter basic personal information such as your name and address, as well as the last four digits of your social security number to check your offers.
When you check for prequalified card offers on CardMatch, it does not trigger a hard pull to your credit. Instead, offers are extended based on a soft pull meaning you dont have to worry about hurting your score.
Once you enter the requested information, youll be able to view a full list of prequalified and preapproved card offers plus other suggestions for you from American Express, as well as many other card issuers.
Tip: You might be able to qualify for a targeted offer for a higher introductory offer when you apply for an American Express card through CardMatch.
Many card issuers use the terms prequalified and preapproved interchangeably, but Amex distinguishes between the two. When you check CardMatch, you might see a banner that refers to an offer as either prequalified or preapproved.
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