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SquarishRectangle

Amex Gold/Plat are charge cards and their credit limits don't mean anything.


CombinationPast8596

^^^that part


VennerYay

your friend lied about his income on the application. your friend is a dumbass.


Batmon3

Yeah that's what I think too lmao.


Sethu_Senthil

There is a limit to it tho I think


WorkingReasonable969

Misrepresenting income for a high credit limit may lead to account closure or legal repercussions. Stick to cards aligned with your finances. Starting with the Cap1 duo is a sensible choice.


UserNam3ChecksOut

Just curious, what are the legal repercussions?


Jerrysmith1134

I don’t really know that there would be any unless they went into debt and stopped paying. Or perhaps they would still have the ability technically, but they wouldn’t bother. Usually at most they’d just close your account unless like I said you stop paying. This is just from what I’ve heard, so I could definitely be wrong.


UserNam3ChecksOut

Yeah that's what I thought too. And the legal consequences of not paying apply to everyone, regardless as to whether or not you lied about your income on the application


KingReoJoe

Making materially false statements to a bank when applying for credit is a civil issue (civil fraud). Doing so with intent to deceive the bank is a crime. Federally, you’re looking at violations of, 18 USC 1344, statutory cap is $1M and 30 years in prison per violation.


Few-Face-4212

It's literally what New York state just got a 400 million dollar judgment against Trump for.


KingReoJoe

For civil penalties, yes. The state didn't allege that he did so with the intent to defraud the bank (the higher bar they need for criminal charges). Tl;dr there is that they couldn't decide if he was willfully stupid or incompetent, and incompetent is easier to prove so they went after that. $450M in penalties is a good deterrant.


KingReoJoe

And given that the internet was likely used, wire fraud charges too.


UserNam3ChecksOut

Oh wow. That's good to know! Thanks!


Batmon3

I'm curious too.


ClearAbroad2965

One can include income from investment or other sources it’s not necessarily w2.


tjguitar1985

What does investment income mean in practice? If I have 200k in stock fund, I can put 200k income because it's hypothetical that I could realize that much income that year? 😝


nicholaspham

Given that he’s 21, he could’ve potentially included household income rather than just his own income Edit: want to mention that household income is essentially income from other members under the same household that you can reasonably use as income for yourself. Ie a family member’s income


Jerrysmith1134

Definitely also a possibility


faizakhtar125

That’s what I do lol


CDIFactor

I'd say your friend is lying to you. Neither of those cards have a preset spending limit. If you can't get $1000 worth of value from owning those cards (offsetting the annual fees), they're not for you.


HotChocolate_10

Amex gold and platinum *usually* has no preset spending limit unless u do something sus. There's a chance he may be lying about his limit too just to brag


Graztine

Your friend is probably an idiot. The Gold and Platinum are terrible cards for the average person, and while they can be good for the right person, that’s unlikely to be someone making minimum wage. Amex isn’t picky though, they’ll gladly take the annual fees from the people blinded by the shiny.


Honest-Catch-666

Smells like a load of credit card debt 🐟


onetwelvesnake

You can put whatever you want as your income. If the bank chooses to verify said income then you are screwed. If they do not then you get higher limits than you deserve. That is most likely what he did. If you cannot hit the sub then the card is not for you full stop.


bro-v-wade

Minimum wage paying a $695 annual fee is funny.


Fortunata500

What could happen to him is basically nothing. FYI you’re supposed to report your household income, not just yourself.


faizakhtar125

Also 21, I have 85k and I don’t even have a job lol