[Finance] WTF American Express?

[jakarta]

On Christmas Eve Morning I get an email offering to treble my AMEX Card credit limit!

No evidence provided, I don't go anywhere near my current limit & pay off each month.

Presume this is AI at work?

 

[Is it PotG?]

 

[Mr deez]

On Christmas Eve Morning I get an email offering to treble my AMEX Card credit limit!

No evidence provided, I don't go anywhere near my current limit & pay off each month.

Presume this is AI at work?

This has been pretty common practice for years so there's nothing AI about it, just rules based on your behaviour.

 

[Adders1]

Just their underwriting appetite for good quality customers - the last time they did this there was a global recession the following year.

 

[tedebear]

On Christmas Eve Morning I get an email offering to treble my AMEX Card credit limit!

No evidence provided, I don't go anywhere near my current limit & pay off each month.

Presume this is AI at work?

Its speculative revenue generation based on financial modelling, no AI about it. Its BECAUSE you pay it off every month, combined with your credit rating that you'll get offered this.

 

[pasty]

Not just Amex. I often get unsolicited credit limit increase offers on various cards.

 

[Herr Tubthumper]

On Christmas Eve Morning I get an email offering to treble my AMEX Card credit limit!

No evidence provided, I don't go anywhere near my current limit & pay off each month.

Presume this is AI at work?

Treble your limit? Don’t tell the relatives or they’ll be upgrading their Christmas lists.

 

[hart's shirt]

My credit card reminds me of my dating history.

0% interest for the first 6 months.

 

[Pevenseagull]

Earlier in the year the bank I use reduced my free overdraft facility from £1k to £200 but increased my credit card (probably 15- 20% APR) limit from £2k to £5k.

Haven't used the overdraft for years and pay the card off every month (couple of hundred quid max) so it doesn't effect me .... But I still think they're ****s.

 

[dazzer6666]

We put virtually all our spending through a couple of cards (BA Amex and a Hilton Barclaycard) due to the points/avios/companion vouchers we can collect (both fully cleared by direct debit every month). Limits haven’t changed in yonks but as others have said simply down to you being seen as a safe bet based on history and credit score - they’re hoping you see the increased limit as an opportunity to buy more sh*t you don’t really need

 

[Badger Boy]

Just their underwriting appetite for good quality customers - the last time they did this there was a global recession the following year.

Are you suggesting Amex caused the global recession?

 

[mikeyjh]

This has been pretty common practice for years so there's nothing AI about it, just rules based on your behaviour.

That's kind of literally what AI does!

 

[Man of Harveys]

They won’t give you money when you need it and they offer you more of it when you don’t.

 

[GoingUp]

Earlier in the year the bank I use reduced my free overdraft facility from £1k to £200 but increased my credit card (probably 15- 20% APR) limit from £2k to £5k.

Haven't used the overdraft for years and pay the card off every month (couple of hundred quid max) so it doesn't effect me .... But I still think they're ****s.

Yeah I never use(d) my overdraft and the bank got rid of it! Yet they keep increasing my credit and trying to force me to take out loans

 

[sparkie]

They won’t give you money when you need it and they offer you more of it when you don’t.

And they charge those least able to pay high interest the highest interest rates - making them less able to pay going forward.

Grim.

 

[Adders1]

Are you suggesting Amex caused the global recession?

No.

 

[Flounce]

They won’t give you money when you need it and they offer you more of it when you don’t.

Much like the old adage about banks. Lend you an umbrella when the sun is shining but demand it back as soon as it starts raining

 

[Mr deez]

That's kind of literally what AI does!

Nah, this'll just be a bit of code along the lines of payment made > 5 and avail credit >50% = send letter. Nowhere near the vast data learning models used in AI which try to reason an answer rather than just following rules.

 

[Slum_Wolf]

On Christmas Eve Morning I get an email offering to treble my AMEX Card credit limit!

No evidence provided, I don't go anywhere near my current limit & pay off each month.

Presume this is AI at work?

In anticipation of the club shop actually having some stock?

 

[The Clown of Pevensey Bay]

I too pay off my Amex every month - it’s got a massive APR and is useful only for racking up Avios, discounts at the Amex stadium, and biffing things I want to buy into the following month’s paycheque.

No idea how American Express make all that much money charging interest, if most customers are like us.