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How can I manage Credit Card limits?

How can I manage Credit Card limits?

Your American Express Card comes with a variety of tools that can help you manage your credit card. Here's what you need to know.
 

Credit Limit Explained

What is a Credit Card limit?

The Credit Card limit is the maximum amount which the Credit Card issuer has contractually agreed to lend you in a given time period. The annual limit is determined by your suitability for Credit and your Credit history. Credit Card limits are designed to make sure that you can repay the money you borrow without falling into debt problems

How are Credit Card limits decided?

For most Credit Card users, Credit limits are decided by the Credit Card issuer. They set requirements for qualification and anyone who meets certain criteria will qualify for that particular Card.

Some applicants will not meet the criteria for a specific Card. In these instances a different Card or Credit limit can be offered to the customer.

If you apply for a Credit Card you will be asked to provide details of your KYC and your income. We will use this information, combined with your Credit score, to determine your suitability for a particular Credit Card.

How do I find out my Credit Card limit?

When you apply for a Credit Card we will send you documentation covering your spending limits. Upon completion of the contract you will find your Credit limit on the bills and communications you receive from American Express each month.

Can I increase the Credit Card limit?

You can contact us to ask for a review of your Credit limit and tell us the amount you would like to raise it to. We review each request for increased Credit limits on a case by case basis. If you have a high Credit score and history of timely repayments we may allow you to increase your limits. However, it is advisable to always spend below your Credit limit so that you can avoid negatively impacting your Credit rating.

Can I apply for an unlimited Credit Card?

No-limit Credit Cards are special Credit Cards offered to individuals with exceptional Credit ratings and very high incomes. They incur interest and charges in the same way as normal Credit Cards. For most consumers unlimited Credit Cards are not offered as the risk of overspending is too high.

Can I spend more than my Credit Limit?

It is possible to spend above your Card limit if you make an arrangement with us to do so. We usually charge a fee if you are going to overspend which should be taken into account if you contact us to make a special arrangement.

Spending above your limit is best avoided. Overspending can negatively impact your Credit rating and may make it difficult for you to apply for a new Credit Card in the future.

Is it a bad thing to have a low Credit limit?

Credit Card limits are based on your financial position. Having a Credit limit is designed to help you avoid getting into debt. By using a Credit Card frequently and making regular repayments, you help to build your Credit score. This will make it easier for you to receive higher limits on future Credit Card applications.

Cards without a credit limit

If you’re looking for a Card that does not have a credit limit, then you may want to consider a Charge Card. These are Cards with no pre-set spending limits, and you have to repay your balance in full by the due date to avoid incurring fees.

 

Useful Terms

Useful terms

  • Credit Card limit: This is the maximum amount of credit you can spend.
  • Repayments: When your statement arrives, you will have a choice of repayment options. You can pay off the entire Credit Card bill on, or before, the statement due date – in which case you’ll avoid paying more interest.
  • Minimum repayments: You can choose to spread your Credit Card repayments out over time by paying at least the minimum monthly repayment amount. This option will mean you will be paying more interest and we would advise you not to do this.
  • Interest: When you use your Credit Card, you are borrowing money from a lender – and will be charged interest unless you repay the full closing balance within a specified period. Interest is usually expressed as an annual percentage rate, also known as the interest rate.

 

Credit and Charge Cards Explained

Has talk of interest, annual fees, rates and percentages left you feeling confused?

Our simple Credit and Charge Card guides are a great place to start.

What is Card Interest

Learn More

How Credit Cards and Charge Cards work

Learn More

Earning Loyalty Points

Learn More

Earn Air Miles

Learn More

What is a Charge Card

Learn More

What Card fees am I expected to pay

Learn More

How to choose a type of Card

Learn More
 

American Express Benefits

FRAUD AND SHOPPING PROTECTION

Your security and protection are our priority. Our technology has been designed to give you peace of mind when using your card

Learn More about Fraud Protection

WORLD CLASS CUSTOMER SERVICE

Access to our customer service is available 24/7 by phone, text or email.

Learn More about Customer Service

CONTACTLESS PAYMENTS

Contactless is the quick, easy and secure way to make payments - Simply touch your American Express Card on the reader, wait for the beep and you're done. What's more, with Amex pay and Apple PayTM, you can even pay with your phone.

Learn more about Contactless Payments
 

Explore Our Credit Cards

American Express Offers a range of Credit Cards with different rewards and benefits tailored to your lifestyle and interests.