Tips for Managing your Debt  

• Credit limit alerts are sent to notify you when you're approaching the credit limit on your Card. These alerts will ensure you are kept up to date with your account activity and help you avoid getting declined or incurring overlimit fees (if applicable).
• Credit limit alerts are only sent to Cardmembers who have a credit card with us. Cardmembers may choose to unenroll from these alerts via their Online Services account. 

How do Credit Limit Alerts work?

• If you have an e-mail address linked to your account, you will receive the alert via e-mail by default. If you do not have an e-mail address on file but you do have a mobile number, you will be alerted via SMS text message. You can change these channel preferences at any time by updating your Account Alert Settings. The alerts will be triggered based on your most recent transaction.
• By default, you will receive an e-mail or SMS alert when you are within $100 of your credit limit. This is referred to as your “threshold”. You can adjust the threshold for when you receive Credit Limit Alerts by updating your Account Alert settings. Please note that changing the theshold for when you receive these alerts does not change the actual credit limit on your account.
• If you make a single purchase that exceeds the alert threshold you could exceed your limit without first receiving an alert. For example, if the threshold for your Credit Limit Alerts is set to $100 and you are within $200 of your assigned credit limit, by making a purchase of $500 you will exceed your limit without first being sent an alert. Please consider this when deciding which threshold to set. If you exceed your limit in this case, you will receive an alert indicating how much you have exceeded your limit by.   
• The alerts will include the amount of credit available on your account, your alert threshold ($100 by default unless you have chosen another amount), your assigned credit limit, how much you are over your credit limit (if applicable), any charges or penalties that may be imposed for exceeding your credit limit (if applicable), and what you can do to avoid those penalties. A $29 overlimit fee applies (except for Quebec residents) when your Card balance is higher than your credit limit.
• Please note that some transactions, including those at gas stations, hotels and car rental merchants, are pre-authorized before the final sale. As such, the amount shown on the alerts may not reflect the exact amount of your final transaction.

How do I make changes to my alert preferences?

• You can adjust the threshold for when you receive Credit Limit Alerts and the channel by which you receive them by updating your Account Alert settings. You can also call us at the number on the back of your Card to adjust your threshold. 

How do I opt out of these alerts?

• You can opt out of Credit Limit Alerts at any time. There are a few ways you can opt out of these alerts. You can go to your Account Alert settings page and uncheck the box next to e-mail and/or text. You can also opt out of the SMS alert by replying “STOP” to the alert, and you can opt out of the e-mail alert by clicking on the appropriate link within the e-mail. You may not opt out of these alerts via the phone. Please note that if you reply “STOP” to the SMS alert, you will no longer receive credit limit alerts for all accounts associated with that mobile number. Note: you will continue to receive other alerts from American Express, if applicable. 

How do I increase my credit limit?

• Subject to approval, you may request an increase to your credit limit at https://global.americanexpress.com/lending/line-increase/request or by calling the number on the back of your Card.

What happens if I make a purchase that puts me over my limit without first being within my threshold?

• If you make a single purchase that exceeds the alert threshold you could exceed your limit without first receiving an alert. For example, if the threshold for your Credit Limit Alerts is set to $100 and you are within $200 of your assigned credit limit, by making a purchase of $500 you will exceed your limit without first being sent an alert. Please consider this when deciding which threshold to set.

• We recommend that you only choose a threshold amount that is lower than your current available credit. If you set a threshold that is more than your current available credit, you will not receive alerts until your available credit reaches or exceeds your new selected threshold.  For example, if your threshold for your Credit Limit Alerts is set to $100 and you currently have $200 available credit on your account, you should not select a threshold higher than $200. If you select a threshold of $300 (which is higher than your available credit), you will not receive an alert until your available credit goes above $300 (by making a payment or receiving a credit on your account), and then falls below the $300 threshold that you set.

What happens if my credit limit changes?

• If your credit limit is increased or decreased either by yourself or by American Express, your threshold amount will remain as you selected if that amount is still below your new credit limit, or the default $100 threshold if you have not chosen another amount.
• If your credit limit is reduced to an amount that is equal or lower than your selected threshold, American Express will automatically adjust your threshold accordingly. This will ensure that you receive alerts after you make purchases. In this scenario, we recommend that you adjust your threshold to an amount lower than your new credit limit by at least $1.00. For example, if your threshold was set to $10,000 and your credit limit has been reduced to $5,000, your threshold will be lowered to the highest possible amount, which would be $4,999. In this case, we recommend adjusting your threshold to less than $4,999.

What are some ways that I can avoid going over my limit once I have received an approaching credit limit alert?

    To avoid going over your limit and paying a fee, here are your options:

• You can make a payment to your account. Note that until the payment is received and posted to your account, any new spending may put you over your limit. Processing times vary from same day up to 10 business days or longer depending on payment method. For details visit www.americanexpress.ca/paymentmethods.
• You can request an increase to your credit limit (subject to approval) by visiting your American Express Online Services account or calling the number on the back of your Card. 

Can I change the e-mail address or phone number where I receive the alerts?

• Yes. You can update your contact details anytime in your Online Serbices account, or by calling us at the number on the back of your Card.

• Prioritize your outstanding balances based on interest rate. Pay off your highest-interest debts first. But remember to continue paying at least the minimum amount on the other outstanding balances.
• Consider consolidating outstanding balances into one convenient payment. You might also be able to consolidate balances to a lower interest rate, and save on interest payments.
• Research your available payment options. Some lenders offer a variety of payment methods. See what’s available and use the option best suited to help you pay on time, every time.
• Utilize services such as American Express Account Alerts to help you remain aware of payment due dates and spending levels.
• Talk to your lenders if you’re struggling to make your payments. Don’t skip the payment altogether, as this may impact your credit rating. In many cases, lenders are willing to work out a solution with you.
• Seek advice from a professional credit counselor. You can find advice and information online.
• Investigate alternatives for paying down your debt. You may want to consider using money from your savings account or using another alternative to help you pay down your debt. 
• Create a plan to help you reach your savings goal. You can use the FCAC's Financial Goal Calculator to help you manage your debt and savings goals.