Amex cuts U.S. card limits, some Platinum accounts to $1000

LoyaltyLobby reports American Express has been reviewing U.S. consumer and business card accounts more closely, cutting credit limits and closing some accounts, with Platinum accounts seen as low as $1000. Nothing similar has been reported for cards held outside the United States.

Cuts can arrive with no prior contact. Amex can also start a Financial Review that requests tax returns and income documents. A Platinum charge card can be switched from flexible spending to a fixed limit, particularly when the card is little used. LoyaltyLobby compares the moment to Amex credit tightening in 2008 and 2020 and cites a Marriott Bonvoy American Express example of a cut from $10,000 to $5,000.

A U.S. points earner running spend through Platinum or a Marriott Bonvoy American Express card can see the limit cut or the account closed with no change in spend. Approvals on new U.S. Amex cards may be harder to get as well.

Look for unannounced U.S. Amex limit cuts or Financial Review requests instead of treating a high or flexible limit as fixed.