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American Express has lowered the number of credit cards that consumers are allowed to have at one time from 5 to 4. You can also have 10 charge cards at once. These rules were confirmed by Amex on twitter.
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35 comments
Not surprised about the consumer credit card lending restrictions. I'm surprised there is a 10 charge card limit. I thought it would have been 5 as well (as the previous credit card limit was). Remember folks we are going to have (some are already facing this) financial hard times for a little bit. Not being reactionary or doomsday prediction, just realization. Be smart, look at your needs, and adjust as needed to your circumstances.
bruh spreading butter wit a cc lmao
I was at 4 Amex credit cards and applied for #5 this past Saturday May 16th and was instantly approved.
Since this news, I plan on canceling my amex business Amazon and switch it over to chase to free up a spot.
I’ll keep this in mind, credit card limit of 4 seems a bit restrictive. Delta, Hilton, Everyday, BBP, etc. A somewhat normal credit card consumer could fill that up pretty easily. Trying to imagine how anyone could plausibly run into the 10 charge card limit. Business Black/Plat/Gold/Green, Personal Black/Plat/Gold/Green. That’s 8. Then you’d need those co-branded Plats like Schwab and Goldman Sachs to fill out the limit. May be forgetting a few, just seems like a limit that high is kind of pointless considering there are about that many options anyway.
Nice video short and to the point. Do co branded cards affect this rule? Like the propel card?
Second
Dang… I already have 5 cards (3 personal 2 biz) and 2 charge cards (personal and biz golds) and was hoping before all this happened I could get the coveted acceptance of having 6 cards!… Guess now I'll just be happy with what I've got!
I only have 2 amax card hopefully one day they we’ll have 2x on all purchases card
hey did you say there is a new list of perks for amex?
wait what amex cards are credit cards?
oh man, i was going to apply for hilton aspire later this week, for my vacation in hawaii in november. i intentionally left 1 slots out of 5 for this, but now it's changed to 4, might not get approved. i will apply anyways and see how it goes, 1 more data point incoming.
dont understand the logic in this. charge amex cards now have a POT limit i think for everyone so technically they become a credit card in my view. but if anyone can correct me that having a 35k POT does it mean you can revolve 35k balance in theory like a credit card. Credit shifu if you have any insight into this please let us know. BTW i have 35k POT direct on 2 amex cards so i feel they r now credit cards or as amex is going they will turn into credit cards in a year or two
I have the green card, delta gold, hilton aspire, and usaa cash back rewards. But green is a charge so I’m good right?
Do you have any suggestions on getting around the tool that pops up that says you are no longer eligible for a bonus ? I closed my Platinum almost a year ago last June and I feel that is what triggered it for every new AMEX card I apply to.
One of my credit cards fell off the 5/24 rule on May 15th and I applied for a chase card on May 19th. My application is currently under review. If I do happen to get denied can I call the reconsideration chase number? Do you think they might reconsider my application?
All I need is my Amex Blue Cash Preferred baby!!
I'm crying right now looking at my Blue cash everyday and cash magnet. Haven't used them for almost two years
Is cash back taxable?
I love how Amex says they're not called charge cards but still continues to call them charge cards in all their communications with customers. theres literally nothing else to call them
I have 4 credit cards and 4 charge cards. I'm very much looking forward to cancelling the Bonvoy Brilliance, so I'm fine with one slot open. Overall this should help Amex get more serious applicants and swipe fees, and less churning.
Damn, thought we were going to make it through an entire video without a webull promo. There's always hope…
I have 5 Amex credit cards and 6 Amex charge cards
Wow! No loud outro anymore?
That’s actually a good thing.
Big fan of you channel, Credit Shifu!
Hi CS , is propel consider an Amex
For at least one episode, you wore a suit jacket and collared shirt. Please go back to that look It makes you seem much more authoritative.
Except for extreme churners, I don't think it will be much of a problem for many people; especially since we can still add the other brands of credit cards to our mix.
Sure the most cards you have, the lower the overall credit utilization will be (do AmEx count since they don't have a pre-fixed limit?), but I think there is a practical limit of cards after which either the expenses charged on them will be spread too thin to accumulate any useful amount of points on each card or you can rarely use the expenses-independent perks to justify the yearly cost (for example having multiple medium or high end hotel chains cards when you barely make 2-3 travels a year to an hotel-served area or having multiple airline cards when most of the airplane travels are back and forth to the same city covered by just one airline).
In my case few months ago I closed both my Swiss Gold AmEx and Swiss Miles&More card because, alongside the others I have kept, I couldn't spend enough accumulate enough points; instead I opened a Platinum AmEx where I will charge almost (not all places in EU accept AmEx) all my expenses and use the other expenses-independent perks while the others will remain unused to lower my credit utilization only because they are free (either really free or at least included on the bank accounts fees that I would have to pay anyway).
Finally, he got rid of the outro. Love it
Is this the (temporary) end of the Amex trifecta?
First the outro music was shortened. Now there is no outro music at all. I am sad.
I have 6 credit cards: AMERICAN EXPRESS CASH MAGNET CARD;
AMEX EVERYDAY CREDIT CARD;
BLUE FROM AMERICAN EXPRESS;
CLEAR FROM AMERICAN EXPRESS;
OPTIMA PLATINUM CARD;
SCHWAB INVESTOR CARD FROM AMERICAN EXPRESS and 1 business credit card: SIMPLYCASH PLUS BUSINESS CREDIT CARD.
as promised in my comments 4 days ago, i applied yesterday – here's 1 more data point for ya . applied and approved, the 4 credit card rule isn't a hard rule, amex algorithm does make exceptions. but my credit limit on the new hilton aspire card is extremely low. average credit limit on my amex cc hover around 29k per card, this new card is only 10k. additional info – 6 figure income, 821 – 852 fico (varies between 3 bureaus), and i have 60k in Amex high yield saving, perhaps amex sees this as collateral in their decision to make exception? in case income and credit score isnt enough, it might help to have some assets with amex.
You must be buttering us up with good jokes.
Question is what happens if you have 5 amex cc and apply for new card. Will they make you close 2 or just one 🤔
Without question Bro, with these new rules, I really have to rethink my credit card acquisition strategies very carefully in order to maximize return for my spent, bonuses, etc, etc. Thanks so much for the update, always straight to the point, concise and clear, Thanks Shifu.