American Express Suspended My Centurion Black Card and Amex Platinum Card
HTML-код
- Опубликовано: 13 сен 2024
- Sponsor: www.FlightsLux.com and www.TheTraveler...
Follow Me On Instagram and Social Media: lnk.bio/simonkatz
. American Express did something I have not had to deal with in over 15 years of business with them. They suspended my American Express Centurion Card, which is known as the black card and my American Express Platinum Card. On top of that American Express suspended my other business cards as well all because of a high balance.
High Balance? I always thought American Express credit cards were no limit card with the Centurion and the Platinum, and my balances were higher before, but Amex seems to be getting worried about balances and in this video, we go over Amex Centurion and Platinum Card limits and how they are determined.
They even suspended my Apple Pay. WOW
COMMENT BELOW AND SHARE YOUR THOUGHTS - ALL OPINIONS WELCOME!
---------------------------
Check out my other car videos:
Real Estate Videos: • Real Estate
Credit Card Videos: • Credit Cards
Entrepreneur Videos: • Entrepreneur
Millionaire Advice Videos: • A Millionaire’s Advice
Car Videos: • Car Love
---------------------------
#AD LINK TO PRODUCTS USED FILMING THIS VIDEO - www.amazon.com...
---------------------------
*Disclaimer: Some of the links and other products that appear in this video are from companies from which Ideal Visibility Inc / Ideal Media Inc will earn an affiliate commission or referral bonus. Ideal Visibility Inc / Ideal Media Inc is part of an affiliate network and receives compensation for sending traffic to partner sites. As an Amazon Associate, I earn from qualifying purchases. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. The message in this video is to be taken for entertainment purposes ONLY. If you need advice, please contact qualified and licensed professionals, including Certified Public Accountants, attorneys, insurance agents, real estate agents, financial advisors, or appropriate licensed professionals for the subject you would like help with. These videos are strictly for entertainment purposes. Neither Simon Katz nor Ideal Visibility Inc / Ideal Media Inc are qualified or licensed in any profession and the content should NOT be taken as advice on investments, personal or business choices or decisions. This video is made for strictly entertainment purposes.
#investing #entrepreneur #finance #creditcard
5k fee while suspended? The audacity.
It’s incredible 😂🤐😜
It also definitely hurt that all this happened as you were approaching the end of your membership year going into the next with the annual fee posting
Because of the inconvenience, they should've waived the membership fee or discounted it, especially if you're a black card holder.
I wish!
@@SimonKatzShow 🤦♂
$5K for one day of inconvenience? That's pretty steep for goodwill.
@@Adiscretefirmthis seems fair in this case, actually
You get boss points for this one Simon👍🏾 I had the same thing happen to me on the Platinum (for 1 day) and it was degrading & disappointing, especially since I maintain 0 balances on all my accounts every mth. I can only imagine how it felt being a Black card member🤨 After that, I realized that I could "never" be all-in with Amex. I maintain a visa infinite account with Chase and several other accounts with different banks. They simply over-reacted, based on your status. There cards are great, but this was wrong... I know😎
FYI It says no "PRESET" spending limit. It doesn't say "NO LIMIT - AT ALL- EVER". It's a stupid marketing gimmick. No "PRESET" spending limit just means "We will let you spend until you make us nervous"
I just got the Amex Gold, and it said no preset spending limit too, but in the fine print it said my "Pay Over Time Limit" is $15,000. I just assume that is the same limit amount for my NO PRESET LIMIT too, that way I don't make them nervous by spending too much all at once.
HOWEVER- I tend to agree with you about the $5k AF for the Black card. You would think they would at least make a courtesy call to warn you. I thought one of the reasons to pay the $5k was to ensure special treatment - like when you leave a big tip at a restaurant that you are a regular at. Apparently the $5k AF doesn't get you anything more than what us "peasants" get HA HA LOL!
To me this speaks more about the state of the economy and what companies are fearing than anything personal.
As an $AXP investor I am disappointed. They should treat long time customers better. They must be really scared about the coming recession.
Specially a Centurion one.
They’ve been doing it for at least a year. You should be happy as an investor since they’re trying to limit their exposure as much as possible. Last recession they had tons of people run up their balances and bk
Does American Express Co. see that you own investments?
These cards all have limits. They are based on your own spending patterns. AX may have thought you were getting a bit over extended based on balances across all your AX cards. Before a large purchase, call them and tell them what you will be spending. Or call before travel. You will have no issues.
Your absolutely right, financial institutions are jumpy and limiting their risk.
On the other hand, imagine if you had lost your wallet with all your cards and someone went on a holiday shopping spree while you were sleeping 😴
Simon, I enjoy your content. I've been an Amex member for 20+ years and they can be a bit temperamental at times. I do run the majority of my spend through Capital One because I always know where I stand. I've also started seeing similar Amex messages that you discuss in your video. Amex does have the best travel portal so I stick with them. But your make very good points.
Ive been a member a long time as well. Going to look at some other cards for alternatives. Thanks for supporting the channel.
Let the GOAT play bro 🤣
Hey Simon - I have had a black business centurion card since 1999 and no issues I also have more Amex cards than that one and no issues. I hope you get them resolved because they are really a great card. I use my cards for everything and carry high balances. Good luck.
cap
Capital one just reduced my credit limit to 10K with no balance and all payments made on-time with a 810 fico score, No other debt, Be careful with Capital ONE
I think you should ask them for some concession like waiving or halving a membership fee for a year as a token. At least they should offer you something of that sort
Sorry it happened to you Simon.
As you said, maybe having so many business card with one company specially on the economic crisis we are facing right now, it is not a good idea.
Try to get some other credit card with Chase maybe for your business. If you have a relationship with them you can get a pretty good credit limit for your business.
I know that so many people like Amex (and I do too) but we need to have a balance between banks.
Thank you Maya! Will check Chase out.
@@SimonKatzShow Please don't go with Chase. They have a tendency to randomly close accounts, especially checking accounts. There's a whole list on reddit of things that chase doesn't seem to like, example, unusual deposits, withdrawals to brokerages, big cash or check deposits, etc.,etc.
My understanding is the limit isn’t fixed but discretionary based on exposure to the client - customers involved in real estate, small/medium business sectors are now perceived as inherently more risky by Amex as the economy slows.
Having multiple cards doesn’t multiply the “credit limit” but splits between the various cards.
The category of spend is considered over a rolling period. Constant High spending on apparel or hotel stays isn’t going to flag if you suddenly drop $20k at the spa.
“Pushy Plats” in Centurion are also a thing. The slowing economy means more of them are getting snagged when the automated trips kick in
It's like they forgot it was a "CENTURION CARD". They own you some type of monetary apology, like that $5000 fee, cancel unless you get that fee back.
Never happening. They are trying to pare back the number of Centurion Card holders.
it has never ever, in the history of the company, been advertised as a "no limit" CC. But you already knew that.
Centurion definitely should have contacted you first to hear your side. I recommend Chase credit cards as a backup as many of their transfer partners overlap with Amex. I personally prefer Chase points because I like redeeming for Hyatt stays. Amex is better for benefits and concierge service, but Chase is more user-friendly, in my experience.
It's not just that but also American express is not accepted everywhere. As long as he has at least a visa which he does with the JP Morgan card and the apple card has a mastercard he should be safe when he goes out and buy something on the credit card. I have 1 of each card network. It helped on an upcoming cruise as long as there no foreign transaction fee in February 2023. I have an American express in the green card, Discover it cash back And 2 Master cards in the apple card and tomo card and a Chase amazon Prime card which is a visa. So I'm covered.
Simon you might want to prepay your bills and pay them ahead of time , so it doesn't happen again. I've seen on videos that it helps. Even I knew no card is truly unlimited. Even when you're gonna make a big purchase, I wouldn't be surprised if American express wants you to verify that you have the money in your possession so that that way you can pay them back immediately as soon as posts.
The capitol one Spark card reports to your personal credit report as well as your business credit report. Be careful with this card. Even though you pay of your balances every month. As I’m sure you already know if you don’t pay it by the statement close date the balance will report to the credit bureaus.
Simon I say defintely wait to see what they have to say. Based on the look of it, you do love Amex. This time they dropped the ball. I get why they will be more cautious during these times, but at the centurion level, I would expect more. You still have 30 days to cancel, meaning you have time to think this over. If they don't make amends, and if this still bothers you, No reason to keep giving them your hard-earned money....let alone, 5K. NO Way. It's about treatment and respect.
I saw that the email said there was a "Returned Payment" I thought that some people have actually had cards cancelled for that. Perhaps that was a red flag line for them?
J.P Morgan reserve ! Great benefits like the sapphire reserve and all the prestige!
Cancel it
They don’t advertise their cards as “no limit”, rather “no pre-set limit”. There’s a difference.
Centurion does not have a preset spending limit
@@SimonKatzShow - The UK version does. I can tell you that with absolute certainty. Either way, it’s poor service in AEx’s part
My average spend on my Platinum card is 5k so I know for a fact if I’m about to make a huge purchase I would have to call Amex first and get it approved before buying something super expensive. Also my pay over time limit is 35k according to the app so that’s probably my spending limit as well. I only use the platinum as a coupon book 📖
I heard this years ago. No preset limit still has a limit
You are the best, Simon! Great video! A big alert to all of us! Tks! 👍🏻👊🏻
Wow can’t imagine going to a store and having my Amex declined.. lol “flex” gone wrong
Imagine if I was on a DATE HAHAHAH
Ummmmmm so you start getting text messages from American Express saying your next charge might be declined, and you didn’t call them? Why did you wait till something was actually declined?
Maybe they thought it was a fraudulent charge and this was their way of verifying it was you who bought the Rolex?
I’d insist on a year of your membership being covered by Amex
Exclamation ‼️
They just did the same to me. I’m starting to move away from amex their service has gone down hill.
do you have any AMEX cards with a defined limit? curious if they suspend that too or just the "no limit" cards
But yeah, that is why I like to keep different types of cards, AMEX, Visa, Mastercard. All with high limits.
Curious whats the highest defined limit you ever got on a credit card? I think someone with your type of credit profile could get $100K+ limits which would be insane
This is absolutely crazy!!! And you were charged the $5K annual fee? Id drop the Centurion card, Definitely get the Venture X.
Punch in the gut. lol
Same thing happened to me !!! That’s so weird I’m very confused!!
Simon don’t downgrade to a Capital one card 😂
Had this happen when I had a relative need immediate in home care that was out of pocket. This added about $30-40k month in spending for about a year until everything was resolved. They flagged my due to the same issue as yours, but just needed to show ability to pay and they lifted the hold. This was on Platinum Amex as AU. Not atypical.
I would cancel, most people don’t feel the black card justifies the annual fees. It’s not what it once used to be. Plus after that experience you aren’t treated as a premier customer. I would use that $5000 a year on something else, lol would get you a decent one or 2 bedroom in NYC
Do not get a credit card with crap one. Sorry, I meant Capital One. I have a Capital One Credit Card I make on-time payment and they lower my credit limit.
How long have you had the Centurion card? If you cancel, will it mess up your average age of accounts? I thought the purpose of this card was to put HEAVY SPEND on it….. then you get penalized and card shut down when you do?? Time to weigh the pros n cons of this card.
It may! But I have an 800 score so I am ok!
Very disappointed with Amex on this however I am glad I know this as I have 4 Amex cards
If you want a metal black card, get the gemini card. $0 annual fee.
I love Amex but also good to have a backup..especially when you travel to places that don't accept them
Very annoying that you had to go through this. I did read the email you posted & they also said it was a returned payment in August. I’m guessing that played a big part in the high alert by them as to my knowledge, a lot of ppl get hit w “financial reviews” after that. Hoping AMEX does right by you going forward.
Mr. Katz!
So, what's the follow-up on this from AmEx Centurion?
Interested in hearing your after thoughts of this situation.
Thanks, sir.
Basically you reach your spending limit. Since they don't tell you and you have to check it yourself, it's a risk we take an even me with the Amex green card. My green card is also the US version that I'm paying $150 annual fee and it says the same thing, no preset spending limit.
Happen the same with my platinum card here in Spain and im a member since 2015 also spending around 10- 12 per month. If you read reviews on Spain I think they are the worst country they offer services.
It's an inconvenience, that's all. They explained why. It probably won't happen again. No sure while your so surprised, LOTS of fraud these days, ESPECIALLY with "luxury" purchases.
Similar issue happened with mine! I think the card is worthless! “No limit” my … stopped using it week ago and now using my chase sapphire reserve.
I m shocked! I just got Amex Platinum business card despite of fact it’s high membership cost. I wanted for the best service. This panic service level is humiliating, this is good to know. Thanks for sharing.
Their high praised "Conciergerella" should have called you before any suspension.
Anything else is absolutely inacceptable.
But well, it's no real surprise: cheap stuff mostly is not enjoyable, the mid tier often is a good compromise, anything above average to about 80% in market segment is great to luxurious.
For the upper 20% of the individual market segment price-value often is out of proportion:
In i.e. the watch world a Rolex offers the absolutely very best quality for the money. A Patek N or AP RO is more fragile and all that wonderful handcrafted manufacturing makes it a "rattling" piece with too lax physical tolerances (granted, sum exaggeration included).
A Rolls, from the technical reliability perspective, is no better than an S, E, 5 or 7 Series.
Any Rolex is more reliable 😁😆
Seemingly same with the Centurion - a Platinum is the lower tier better alternative.
I was invited and thinking about getting the centurion, but if it's like this why the hell would I get the damn thing.
I’m a plat card holder. Member since 94, currently carrying a bal on purpose to see if they suspend me. Keep you posted.
They advertise no “pre-set” spending limit.
Was Amex Suspending my account justified without warning?
That’s why every time I make a huge transaction then I pay them back right away before my next statement arrives.
No, nope, and naaaah.
Yes, they have the right to suspend you, but a courtesy call to warn you might have been appropriate.
@@aaronlee4913 ... also had a similar experience with eBay recently. They suddenly banned the sale of an item that was the mainstay of my business, and without warning, forever closed two of my three accounts. Luckily, I was able to remove those items from my remaining account before they closed it.
No, that is not acceptable from Amex
AMEX knows better than that! That's unacceptable!!!!! PERIOD
I agree. I am upset about it.
@@SimonKatzShow
You do great business with AMEX, this mistake/error on their behalf isn't good and you should be compensated for the aggravation. You could have lost some business or a business relationship could have went bad because of their error! I'm just saying!!!!
"$50,000 is not a lot..." wow!
Dump all your platinum cards and keep the one centurion card. If you cancel the centurion you probably will not get it back for many years. Charge everything on the one card. You will have higher spend and AX will notice that.
Hi Simon, you are right, they shouldn't be treating a Centurion Cardmember like that, and to be fair they shouldn't be treating ANY of their cardmembers like that especially since there are better ways of protecting themselves against risk in these uncertain times without damaging the American Express brand in the eyes of their cardmembers.
Then again you understand their reasons,( with US and global economics as it is right now). You know exactly what they mean when they say/advertise 'no preset limit'. And you understand how they operate, (with random shutdowns, FRs, clawbacks, pop-ups, declining service levels etc).
Your experience was not good AT ALL, but in all honesty, 'par for the course' for Amex right now.
I think, your Centurion Rep let you down.
They should have private alerts on your card accounts and know what the bank's current risk tolerance is at the moment as this is a moving range for banks and Amex in particular.
Your rep should push that you are called and advised that your account has been limited because of high spend, and that you should pay down your balance to restore it or something like that.
That way you are hearing it directly from your Amex account manager and you can then select an option that suits you, and also satisfies Amex.
That way Amex can better manage their risk, and you are not stressed and left with a bad taste from such a premium service. That personal touch in this circumstance would ultimately reinforce the personal relationship with Amex rather than diminish it.
Finally,
I don't think it makes any sense to cancel your cards just because you wouldn't want them to take them away from you. The end result will be the same. And you really aren't doing anything that would make them take it away from you so why bother.
If they have compelled you to feel this way about their card/service then it's their loss. I don't think it's going to change anytime soon though, their systems are just programmed poorly with random limits and averages that do not adequately reflect the individual cardmember.
(Amexs' internal algorithms seem to be currently set to 'extreme self-preservation' with 'extreme prejudice' and they don't know how to make it better, or don't care. IMHO)
So keep the card IMO (but put that negative experience behind you, it's on them to make it right) and if they treat you like a 'number', not a "cardmember" then you treat them like just a 'tool' and not a trusted financial partner.
And when something interesting comes up from another provider you make an emotionless decision and keep it moving mate. 😀
WOW Great information, how about that annual fee! Thank you for the video.
Oh snap, not YOU Simon! Amex is trippin man
Out of control lol
I bought a Rolex at $8,300 on my Hilton Amex with a $16k limit last year no problem
I use to work in bank disputes, and based on what you said, it sounds like AMEX wanted to make sure it was you. They wanna look like an elite company so they didn't want to admit to anything and quietly unsuspended everything. sense you are centurion member amex should have called you about it. As an alternative I would look at Captial One, I never had an issue with capital one. spark business credit is really good for businesses.
Cancel it!
It’s an expensive lesson for AEX!
Earning $5K a year from each customer, yet putting a centurion customer to shame because AEX clearly shows it treats such customer in the same way as a regular member, is not worth the $5K every year.
Thanks for your honesty
💯
Get the dubai diamond card!
Dubai First Royale, Master Card, no limit...
I think you have to be a Saudi Royal for that card lol
Same thing happened to me and I’ve been a member since 87. Spoke to everyone I could to no avail. They simply don’t care and that hurt big time. They are not loyal so I moved my business elsewhere. Very disappointing. I now call them the “fair weather card”
So… as soon as you make a “big” purchase they freak out and want to take the money from your account...I’m sorry to say this but you are paying 5K for a debit card… I don’t have an Amex card although every six months I get a call offering me to try it. I’ve never beed interest in as it is not very popular in Europe and not widely accepted. Now considering the way it works, not even for free I would get it. I think it is absolutely overrated and trap for low self-esteem people who are willing to pay a ridiculous amount of money in order to feel themselves special.
No they should not. Get rid of them. That’s crap ! What they did to you.
Why they gave big credit limit if they let the amount spend ? This credit card seems ridiculous. Bank should allow it .
Interesting story. Similar thing happened to me on the Amex Pl. Both times I was at Cartier and Rolex😂 card declined. At least your charge went through.
There are definitely better lifestyle advisory services that give more benefits than Amex. Your JP Morgan card probably has a good variety of services and concierge too.
I will down grade to Gold card instead of Platinum
I have 4 capital one accounts, they are great
I’m a new platinum card member as of last month which is my first AmEx card. I spent $1500 on a couple flights and they started sending me emails saying I’m almost at my limit. I called customer service and spoke to a few reps. It’s actually a new algorithm. They obviously need to tweak it some more.
Prob keep!
Ran into the same issue, I have to make monthly pay down once I get close to my 6 month average. The Capital One Spark card is nice, 2% cash back with 100k limit, you can ask for more but it requires a review. I cancelled the Centurion card since I can’t get the 5k yearly value on the card and kept my Platinum Amex as my main Amex card.
Charge cards, not credit cards.
Dude, you really got badly treated here. No doubt. This is a shitty way to treat a customer no matter what "level" the person is at...
That's trash but. What if you lost your wallet and it wasn't you that was doing that spending. It was a 1 day suspension as a precaution. I've had Chase do it to me in the pass because I moved to another f state and was buying furniture and different things for the new house. I didn't even know that they sent me emails to verify that I made the purchases. I found out that my accounts were suspended when I went to get gas the next day and my card was declined.
American Express used to be a good company now it’s panic trash company. You paid $5k and they suspended, hell no!! Upon paying that balance I would have canceled all my accounts and would have asked for $5k reimbursement, I would not let that fly as a centurion member. I’m just shock… a centurion member shut down for no freaking reason… give me a break!
Dont you have a jp morgan visa? Why do you need capital one!
I do not. I no longer bank wish Chase.
capital one will do that quicker
Wow
I have a platinum card at $80,000+ now I know Amex is limited and worthless. Amex lied
They shouldn't cancel all the cards on the account.
Just on the card with maybe the highest balance -- to exclude the BLACK card.
They need to waive your membership fees... I have the Platinum card, still hope to receive an invitation 🙏 for the Black card. I get if they monitor the Platinum and all cards below it via history of purchases... But the Centurion?!?
I mean I don’t think you want to cancel it bro lol, but not for nothing a lot of those high net worth individuals are losing tons of money and maybe some of them already tried some shady stuff idk lol
I dont think it was personal. They probably have algorithms to prevent issues and they are automated. I think when a warning like that happens, they should let Centurion Account managers know firstly to reach out. That would have been nice. Even for platinum too.
i’m shocked by that renewal fee while acct suspension haha😂
Facts. They wild for that one
they should refund the annual fee for the inconvenience and insult. They treated you like a number not an individual. that type of service is not worthy of $5000 annual fee.
I think they should call you, but I think that they are testing the waters and what to ensure you can pay in full at the drop of a hat.
fake terms, doesn't deserve your business, if anything it proves that they think you're serving them instead of the other way around.
Savor one is a good capital one card
Simon I have no patience if amex would do that to me if you paid it why do you need amex get another lender that appreciates your business and move on from amex.
Starting to think the Platinum Card is really the best option with a better point earn.
Shalom SIMON! Sorry to hear about the horrible experience with your AMEX. Something is going on with AMEX. 4 of my cards got their limits slashed last week.
Shalom and wow. Not good.
$5k annual fee for arguably the "most exclusive" credit card deserves a phone call from Amex rather than suspending all of your accounts. I don't personally have that card I currently have the Schwab Platinum, but I would be upset if they suspended me for spending more than my average since these are "no limit" cards.
Hahaha!
Hmmm ... so at the end of the day you gained 1.5 points per dollar spent over 5k on the plat biz @50K! ... you eventually were cleared because you're a 'legit' black card level spender ... And you were able to purchase another beautiful Rolex with your 'Go to the top of the list' privileges?? Yeah, you are a modern-day rock star, my friend. Get over it! And continue to carry that black card as a symbol of your hard work ... and inspiration to us all. God Bless!
(BTW ... please share your new Rolex when possible ... I just received my first Rolex OP41 from an AD and I feel blessed ☝😁)
I’m looking at my 2nd from Alan Furman
probabilmente non hai mai letto che non è una carta illimitata ma esiste una soglia di spesa
you've probably never read that it's not an unlimited card but there is a spending limit on the website it is well reported
maybe they were using that money to trade cryptos and got upset that they had to liquidate to cover your charges
I’m already thinking of getting rid of my platinum card. The 650 annual fee seems to be not worth it at this point.