American Express card under financial review

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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mikegyver
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American Express card under financial review

Postby mikegyver » Wed Aug 13, 2014 12:40 pm

Looks like I'm under financial review with Amex after trying to charge $300 on my Gold card. It was declined so I'm at zero balance. How long does it take to get things back to normal? They want me to fill out a form for tax info. They basically said I tried to charge too much too fast.


MemberSince99
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Postby MemberSince99 » Wed Aug 13, 2014 1:16 pm

That sucks. From what I hear it can take 10 days to 2 weeks or more. Typical outcomes if they find anything wrong are possible account closure, or putting a hard limit on your charge card for a time (a year I've heard), or possibly nothing if everything checks out really well.


Just out of curiousity, how much did you try to charge was it over what you reported as your income per month?


The Amex Bear has been busy I guess!

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Aug 13, 2014 1:40 pm

I knew Amex charge cards were most reliable when you built up first with small transactions - like $10 or $20 swipes, then paying them down in a few days. I am surprised, though, that they rejected a $300 charge as your first transaction. I'd have thought it could take a single charge twice that size before it would be a problem. If you had spent $10 per day for a month and hit a $300 balance - without making any payments - I could see a declined charge being a concern for Amex. It seems pretty lousy that they wouldn't even give you a chance to make once charge and pay it down.

Even Capital One will let a person spend $300 before they start declining the charges!
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Darrvao777
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Postby Darrvao777 » Wed Aug 13, 2014 1:59 pm

CarefulBuilder14 wrote:I knew Amex charge cards were most reliable when you built up first with small transactions - like $10 or $20 swipes, then paying them down in a few days. I am surprised, though, that they rejected a $300 charge as your first transaction. I'd have thought it could take a single charge twice that size before it would be a problem. If you had spent $10 per day for a month and hit a $300 balance - without making any payments - I could see a declined charge being a concern for Amex. It seems pretty lousy that they wouldn't even give you a chance to make once charge and pay it down.

Even Capital One will let a person spend $300 before they start declining the charges!


agreed, something doesn't seem quite right

been spending left and right on my recently opened charge card with no issues thus far

was it a suspicious charge that triggered it? (gift cards?)
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mikegyver
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Postby mikegyver » Wed Aug 13, 2014 5:28 pm

Turns out it was due to gift cards. Hopefully the process will be smooth and not take too long. The rep I talked to made it sound like they are really cracking down on gift cards.

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Aug 13, 2014 5:41 pm

mikegyver wrote:Turns out it was due to gift cards. Hopefully the process will be smooth and not take too long. The rep I talked to made it sound like they are really cracking down on gift cards.


That's enough of a headache story to make me not try it - I had been contemplating it but it definitely seems like an increasingly broad change.
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nismoZtuner
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Postby nismoZtuner » Wed Aug 13, 2014 5:43 pm

mikegyver wrote:Turns out it was due to gift cards. Hopefully the process will be smooth and not take too long. The rep I talked to made it sound like they are really cracking down on gift cards.


Trying to meet that spending requirement huh.. sucks..

my friend uses his parents business to make him self a charge to meet the spending requirement- then just pay the transaction fee.
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beckhsrules
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Postby beckhsrules » Wed Aug 13, 2014 6:30 pm

mikegyver wrote:Turns out it was due to gift cards. Hopefully the process will be smooth and not take too long. The rep I talked to made it sound like they are really cracking down on gift cards.


Can you please let me know where you tried to purchase the gift card? Will it be a problem if I try to get it through a departmental store??
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popamode72
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Postby popamode72 » Wed Aug 13, 2014 7:37 pm

Note to self: Never buying gift cards with an Amex card (not that I would ever need to anyway). Seems like it's one of the many ways people get FRed like this. I learn something new every time I take the time to read the site.
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mikegyver
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Postby mikegyver » Wed Aug 13, 2014 7:43 pm

It was on the Amex site. I def won't buy them again unless I can pay cash just to be safe. They were going to be gifts but guess I learned not to push things too fast.



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