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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.
A key benefit of a Credit Card is its flexibility. You can purchase things now and pay for them in the future either, in one go or in monthly instalments. A Credit Card limit is set when you’re approved for a Credit Card and is the maximum amount of credit you can use on your Card. All Credit Cards have a maximum and a minimum credit limit.
When you apply for a Credit Card, you’ll have the opportunity to indicate your preferred Credit Card limit. Please note, approval for your new credit line will be subject to our approval criteria. To avoid disapointment, you should ensure that you nominate a Credit Card limit that’s in line with your current financial circumstances. If you don’t want to nominate your own credit limit, we’ll assign you one, basing our decision on your current financial circumstances. It’s also important to know that choosing a low limit during the application process will not change your chances of approval.
You can request to change your credit limit at any time.
If you would like to request to increase your credit limit (subject to approval), you can do so my logging onto your account or by calling the number on the back of your Card.Before you apply for an increase, it is important that you consider your personal financial circumstances. It is required that we assess your capacity to repay the higher limit before we approve it.
If your limit is higher than you need it to be, you can request a credit limit decrease as long as it remains above the minimum limit and your total balance owing by calling the number on the back of your Card.
From time to time we may offer to increase your credit limit if you meet certain criteria. To manage how we send you these offers, or to opt out of these, you can log into your Online Account or call the number on the back of your Card.
Please note, a higher credit limit may offer greater flexibility and convenience to meet your financial needs. However, it may also increase the risk of taking on too much debt, which may be costly, or take a long time to pay off. You should carefully consider whether you need a higher 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, in order to avoid incurring fees.
What is the highest limit I can apply for?
All American Express Credit Cards have a maximum Credit limit. Your highest limit will depend on your financial circumstances and the Credit Card you choose.
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.
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.
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.
If l choose to lower my Credit Card limit, can I increase it again?
Yes, you can apply for a credit limit increase at any time. Approval will be subject to our approval criteria.
How does the limit differ between a Credit Card and Charge Card?
A Credit Card will have a set Credit limit. A Charge Card comes with no pre-set spending limit1, which means your spending limit can vary depending on a variety of factors . You’ll also be required to pay the full closing balance on your Charge card every month.
Know your credit limit
Knowing your credit limit is the first step to making sure your balance stays under control. You can reduce the risk of going over your limit by making regular payments through one of our many payment options.
Pay off as much as you can
Paying more than the minimum amount required will reduce the amount of interest you’ll be charged and will help you pay your balance off faster.
Make use of our tools
You can log in to your online Account or download the Amex Mobile App to keep track of your spending and more while you’re on the go.
Get informed instantly with text and email alerts. There’s a range of useful alerts to choose from. You choose when you’d like to receive your alerts and whether you prefer mobile or email. You can also place your alerts on hold when you travel or change the time zone they arrive in.
Login to your account regularly, or download the app to access your current statement and Account details.
Make sure you know when your Credit Card repayments are due, and, if possible, pay off as much as you can to reduce the amount of interest payable.
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1. No pre-set spending limit. No pre-set spending limit does not mean unlimited spending. Your purchases are approved based on a variety of factors, including current spending patterns, your payment history, credit records, and financial resources known to us.
