Update 5/28/20: u/dbaseballfan heard from an Amex rep that this measure is only temporary due to COVID-19, and eventually they’ll bring the limit back up to 5. Somewhat makes sense, though I wouldn’t buy stock based on that projection. Just thought it’s worth noting since people are talking about their long-term Amex plans, and it’s possible this 4-limit is only temporary.
Update 5/19/20 from Will: This has also been confirmed by American Express’ media team by TPG. I usually find media teams to have the correct information more often than front line representatives such as Twitter. It is still strange that we are seeing approvals for over 4 cards.
Original Post: There have been grumblings of a new limit by American Express limiting us to 4 credit cards per person and 10 charge cards per person. Both of these have now been confirmed by American Express Twitter support @AskAmex in a reply to our friend Mark over at Milestomemories.
Yes, we do have limits on Lending Consumer and Lending Business cards. The limit is four total of Consumer or Business lending cards. The limit for charge cards is ten.
— Ask Amex (@AskAmex) May 19, 2020
American Express used to allow 5 credit cards and unlimited number of charge cards. Now, they have reduced the limit to 4 credit cards (business and personal cards counted together) and 10 charge cards (presumably this counts together personal and business cards).
The new rule only applies to someone applying for a new Amex card, they won’t close down your existing cards. As an example, if you currently hold 5 Amex credit cards, you’ll need to close out 2 cards in order to get approved for a new card.
I’m pretty surprised that Amex confirmed it point-blank on Twitter. The confidence and clarity with which they gave the information makes me believe that the information is accurate, at least at some level.
It’s a bit perplexing given that there have clearly been data points going against both of the rules. There may be other variables which allow certain customers to get more than 4/10 cards or perhaps certain cards don’t count or after a certain point the cards don’t count or some other variable.
One reader suggests that this is a ‘soft’ rule, not coded into the system. According to this theory, your best bet at getting approved for a 5th card will be if you can get auto-approved by the system, and you’ll only run into issues if you need manual help of a representative to get approved. Almost all data points I’ve seen thus far would fit with this theory. (I wonder if it would work to apply while holding 5 credit cards, and then ask Amex over reconsideration to close out one card and swap in the new card, thus resulting in your keeping your total tally of 5 credit cards.)
Hat tip to Milestomemories
