American Express Financial Review - OH CRAP!

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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Philtastic
 
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American Express Financial Review - OH CRAP!

Postby Philtastic » Fri Jun 04, 2010 12:17 am

I got a letter in the mail from American Express saying they are doing a financial review on my account! The letter is asking for things that are NOT their business like my bank account information, pay check stubs and tax filings from the IRS! How is this legal for American Express to do! I have no balance and a 34,000 limit and I spend at the minimum 150k annually for my business. I do not want to disclose to them my private tax data and I jus know they are going to discriminate against me bec my taxable income is lower than what it really is bec of business investments I have made. How do I get out of this American Express financial review I am NOT going to give them this but they will close my account if I don't give it to them before the deadline.


jeffysdad
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I have no exp. w/ business accts., but lots with consumer cards...

Postby jeffysdad » Fri Jun 04, 2010 4:44 pm

If it were me, I would collect any rewards NOW. Then I would secure another card for business (visa/mc with a decent limit). Then I would call Amex and tell them that I was not giving them any info. at all and if they don't like it they can shove their card.

You don't need an Amex card. The others will work just fine, usually with no annual fee.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

DoingHomework
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Postby DoingHomework » Mon Jun 07, 2010 1:34 pm

They can ask for whatever they want. They have to make an intelligent decision about whether to risk loaning you money. They probably have discovered some mismatch in what you told them and what is available in databases. From what you said it does sound like you have something to hide so maybe they are on to something.

Also, you said something important. If this is a business card or being used for business then you really don't have the same rights as consumers.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sat Jun 12, 2010 9:28 pm

I have heard American Express financial review problems in the past but I think they made the system more fair the last couple years. I remember reading a thread about a man that truly didn't have anything hide but AmEx seemed rather aggressive and prompt in shutting off his account because the requested info wasn't supplied how they wanted it. The man swore to never give them business again.

As a business owner I can sympathize with you that income may not appear accurate because of strategic decisions. There have been optional business investments I've made that bring down my new income numbers quite a bit. I would hate to get penalized for that too, when I easily could have spent the money on myself using it as normal income.

Does anyone care to share the current American Express financial review process as it stands today?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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Cucumber
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Postby Cucumber » Thu Jun 17, 2010 5:30 pm

What happens if you DID cooperate and gave them everything but the numbers were lower than they expected? Would they close the account or just cut the limit?

p.s. Are there any other credit cards that do financial reviews American Express style???
OBAMA
Stop talking crap about him!

JanLuc
 
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How I got ripped off by AMEX CashBack cards - CROOKS BEWARE

Postby JanLuc » Wed Sep 15, 2010 2:46 pm

I got 2 AmeX cards because I wanted to get cash back rewards. However, they will give you a card and promise rewards but once you post a large charge onto your account to get rewards they will harass you to send them your TAX INFO!!!!! WTF? In just two months, AMEX screwed my score from 758 to 673.

If you don't they will cancel all your account EVEN THOU IF YOU SPENT JUST 50% WITHIN YOUR LIMITS!!!!!

This company is untrustworthy and will ruin your credit score in an eye blink. Stay away from BAIT n SWICH CROOKS.

Why they asked me for the tax info? I have no idea, I just spent 50% within the limits and always paid everything on time.

I got ripped off for the cash back benefits and had to pay all balances in full.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon Sep 20, 2010 11:11 pm

That's too bad to hear JanLuc. I have seen a number of complaints about AmEx doing that and a number of negative customer credit card reviews that mention it too.

I would like to see American Express do away with the financial review.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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Cucumber
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Postby Cucumber » Thu Oct 07, 2010 1:49 am

So know one knows the answer to what i asked above?

I wanna know what happens if you do cooperate and provide the tax returns but they are less than expected. Like what if they are only 10% off will that still mean you will be punished? How about 20, 40? You see where i'm going........how far can you push the envelope and still pass an amex financial review?
OBAMA
Stop talking crap about him!



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