Rapper Iggy Azalea owes American Express a whopping $300,000, which is $50,000 over her preset limit. The company is now suing her for the unpaid balance.

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According to docs obtained by TMZ, American Express is dragging Iggy to court over a $300,000 statement … which it says is $250k more than her preset limit.

AMEX wants the full amount, plus its legal fees.

We know Iggy lives large, she’s a rapper after all, but if what AMEX says is true … let’s hope she still has the receipt for the fine art that set her back $12k.