Chase Student Starter Pack

I need some advice. Before I head down to JPMorgan Chase to deal with this, I wanted to see if anyone here has been in this spot before:
My checking account is $333 overdrawn, and I’ve already maxed out my American Express $667. I hit my limits because I was counting on some incoming payments this month, but nothing 😵. My line of work is project-based—no steady paycheck, just sporadic payouts. When they actually land, they're great, but they aren't predictable.
If things don't change by June 9th, I’ll be sitting in the hole for $1000 (basically $1,000 on my checking plus another $2,000 since I can't cover the American Express bill).
So, what's the worst-case scenario here? Is JPMorgan Chase going to sue me personally, or will they just stack up interest and freeze my account until I pay back the $1000? What happens if I can't clear this within a month or two?
Thanks!

It’ll likely be interest charges and getting your card frozen. As for filing a lawsuit, you’re probably going to have to wait a bit longer. Most likely.

Yeah, you can definitely say goodbye to your American Express card. As for everything else—well, that really just depends on when you plan on paying it back.

Late fees apply, but if you settle up before the next invoice hits, you won't owe a cent.

Amanda Howard10 said:Late fees apply, but if you settle up before the next invoice hits, you won't owe a cent.

That's exactly what the teller at Chase told me. Basically, they give you an extra month to cover that $667, you just end up eating the interest.

Hey,

About a month ago, I moved $10 from my checking account over to my American Express student card. I just logged into my online banking and noticed my American Express balance is sitting at negative $10 (-$20). Shouldn't that amount be positive? Is there any way to move that money back to my checking account?

I generally try to avoid using credit cards—mostly because I haven't really had much reason or desire to learn anything about them beyond the basics. Maybe I've fundamentally misunderstood how an American Express works?

I’m under the impression that seeing a negative balance on a credit card actually means you have a surplus sitting there—kind of like a little cushion. So, even if it shows - $60, you technically have $20 available to use. My take is that it’s basically just extra credit you can spend, rather than something you can easily transfer back into your checking account.

That’s just an overpayment, so he can request a refund back to his checking account. I’m not entirely positive, but my guess is that money isn't just sitting there to be spent; more likely, they'll just credit the next statement for that amount.

Paul Wilson2, I have no idea how you managed to completely misunderstand the whole point of American Express?😁

I’d give you an answer if I could, but honestly—I’m just as lost as you are.

American Express is a credit card (if that’s the one you're talking about), which essentially means your total spending rolls over onto a single bill once a month.

There isn't a way to make direct payments toward that card, but any overpayment applied will simply reduce your next statement by that exact amount. Like I mentioned before, seeing a negative balance on your American Express just means you've overpaid.

With a Visa checking account, for instance, you can deposit funds and then immediately withdraw them or spend them.
You could technically overpay an American Express account by a certain amount, but honestly, there's no real point in doing that.

Is it actually possible to pay for a purchase partly in cash and then put the remaining balance on an installment plan?

I'm looking to buy something using my American Express on a payment plan—but I only have $400 available right now, and the total comes to $1,500. So, I was thinking—if it's even allowed—I could just cover the gap of $100 with cash instead.🙂

Hey, it's their shop, isn't it?

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Hi there.
Quick question: will I face any penalties if I’m still using a student discount package after graduating a year ago? I’m finally landing a job, so... yeah. Do I need to provide some kind of official proof from my university to cancel the student rate?

No, feel free to keep using it as long as it stays functional.

Thanks 🙂

I’ve been staying right on top of all my payments on my American Express—everything is paid in full and on time. Do you think there's a chance they might bump my credit limit up by maybe another $3,000 or $4,000?

I already know the crowd is going to come for me—everyone will be jumping in to say, "Why would they give such a high limit to someone without a steady income?" or some other variation of that nonsense. But honestly, if they were comfortable giving me $2,000 in the first place, I figure they could handle a little more.😁

Nah, that's the limit. I reached out to them about it a while back, but they shot me down.

It’s honestly such a shame they don't offer at least some kind of installment plan—it would make things so much more manageable. Getting that extra $2,000 all at once just doesn't move the needle nearly as much as I'd hoped it would.

Where can I check my current Amex balance and credit limit?

Edit: Found it. It says: "Available credit $67"
— I assume this means my total credit limit is $600?

If we're talking about the University of Michigan, then absolutely.