Sugar's Amex Credit Limit Rejected Despite Billionaire Status

Billionaire entrepreneur Lord Sugar has expressed frustration after American Express refused to increase his credit limit. The estimated £1.138 billion fortune owner spent an hour on the phone with the company, being transferred between four representatives before speaking to someone in Brighton who recognized him but still couldn't approve the request.

Sugar's initial reason for requesting a higher credit limit was not due to financial difficulties, but rather because he prefers using his Amex card over carrying large amounts of cash. 'I need a credit card to buy things,' he explained on social media. The billionaire also emphasized that his complaint was not about needing money, but about exposing what he perceives as American Express's inefficiencies.

American Express has its own guidelines explaining how it determines credit limits, which can be influenced by factors such as credit history, existing debt, and income. Despite Sugar's significant wealth, the company still reserves the right to deny a limit increase if certain criteria are not met.