What's different with the new Amex Gold Card?

It’s actually impossible to tell what your American Express Business Gold credit limit will be. Amex won’t even tell you what it is after you get approved. You have to call customer service to ask. That’s because the Amex Business Gold Card has “no preset spending limit,” which means the amount you’re allowed to spend can change every month. It can be a confusing system at first, but getting a feel for what affects the limit will help. … read full answer

Here’s how the American Express Business Gold credit limit works:

• You have no-preset limit. You do have a limit on the card. It’s just not stated, and it fluctuates every month. But you can call the number on the back of your card to ask what your current spending cap is. You can also call to ask for more spending power if you’re planning to make a big purchase.
• Your spending affects your limit. Amex takes your past spending into account when deciding your limit. If you haven’t been using up a lot of your available credit thus far, you may actually receive more as a reward for being responsible.
• Payment history is important. Amex Business Gold is a charge card, meaning you’re supposed to pay off the full balance every month. If your payment is late, they’ll charge a fee and maybe even lower your limit.
• Amex looks at overall credit history. If you pay your other loans and lines of credit on time every month and keep your credit utilization low, Amex will see you as more trustworthy and will be more likely to increase your spending power.

If you end up getting Amex Business Gold, make sure to keep track of your spending. You may want to give Amex a call if you’re ever approaching what you spent last month, just to see how much room you’ve got left. It’s also worth noting that no preset spending limit credit cards can create problems for your credit score. Because there’s no single, static credit limit, the account’s highest balance may be used instead. That means your credit utilization will be calculated by dividing the balance listed on your monthly statement by the biggest monthly balance you’ve had since opening the account. So if you usually spend about the same amount, unfairly high utilization could hurt your credit score.

American Express Business Gold’s complicated credit limit isn’t for everyone. And that’s fine. There are plenty of great business credit cards with standard credit limits. Chase Ink Business Preferred and Capital One Spark Cash for Business are just two examples.

The American Express Business Gold credit score requirement is good credit or better. To be clear, you can submit an application no matter what your credit score is. But to have a good shot at approval, you need a credit score of 700 or better.

You can only get the Amex Business Gold Card if you’re a small business owner, but since you’ll be personally responsible for paying the bill, it’s your personal credit that counts for approval purposes. … read full answer

That might seem pretty straightforward. But it’s not like every applicant with good credit gets approved. There’s definitely more to the story, so keep reading.

Here’s what you should know about American Express Business Gold credit scores:

• Good credit is generally believed to start at a score of 660. But to have a good chance of getting the Gold Card, you should have a score of 700 or above.
• There are anecdotal reports online of people being approved with scores of 683, 680 and 690. But while it’s possible to get approved with a score on the lower end of the good credit spectrum, you certainly can’t count on it.
• Amex also looks at your annual revenue, years in business, and estimated monthly spending when determining whether you’re eligible for the Business Gold Card.
• You can improve your credit score by making payments on time, using less of your available credit, avoiding new applications and keeping old accounts open.

To meet the Amex Business Gold credit score requirement, your credit needs to be in top shape. WalletHub can help with that. You can sign up for WalletHub’s free daily credit scores to keep track of any changes in your credit standing. Plus, WalletHub’s free credit analysis will help you pinpoint any problems and come up with a plan for fixing them.

You don’t have to pay off all American Express cards every month. Most Amex credit cards allow you to carry a balance from month to month, requiring only a monthly minimum payment to keep your account in good standing. That’s the case with the Blue Cash Preferred® Card from American Express… read full answer and Blue Cash Everyday® Card from American Express, for example, as well as the The Amex EveryDay® Credit Card from American Express and others. Some even offer 0% introductory APRs.

On the other hand, you do have to pay American Express charge cards in full every month. That includes The Platinum Card® from American Express, Premier Rewards Gold Card from American Express and American Express® Green Card. But there are exceptions. If you have one of those cards and use it responsibly, American Express may offer to let you pay for certain purchases over time. Interest will apply to such purchases, though, at a rate that won’t be disclosed until Amex extends an offer.

You can check out WalletHub’s review of the best American Express credit cards to find a good option for carrying a balance. Just don’t expect to find a low regular APR. American Express credit cards are known more for rewards than low rates.