Says AmEx has removed the limit on wine purchases.
It’s not Amex. It just means they are willing to eat the merchant fee on the full amount of your purchase. An individual is still limited by their CC limit.
Always wondered if it’s a matter of the fee or a worry about being involved in a charge back dispute.
Ive never understood why they limited it in the first place. If an auction house would accept a charge of $15-25k why not accept it for $50k? I always thought there was potential to slow down your bigger buyers. I sat at zachys paulee auction and a guy stopped bidding because he was close to their cc limit and “hated writing checks”
If I were the auction house I’d rather have 1buyer at $25k than 5 at $5k.
I suspect Amex cut them a deal to be their preferred cc since you can pay with visa or mc.
Visa and Mastercard tend to charge merchants between 1.5% and 2.5% to accept their credit cards, whereas American Express charges between 2.5% to 3.5%. While this may not seem like a significant difference, the gap in fees can make accepting American Express an unattractive proposition
Guessing they cut a deal with Amex to “prefer” their cards, but this does open them up to potentially rather large credit card disputes, and item “not as described” can be broadly interpreted when an item is not “new” to begin with.