Grupet wrote:What does F/R mean?
It means "Financial Review". Basically Amex shuts all your cards down immediately (suspends charging) and notifies you that you have 5 days and 2 tries to do the process correctly or they will close your accounts. The process from what I've heard consists of you sending them a form called a 4506-T authorizing them to look at your tax returns and your bank statements.
Even if they like what they see, the typical response is to give you hard limits (maybe this is a good thing....). If they don't, likely they will close your accounts. In the meantime you will be without the use of the cards for a couple of weeks up to a couple of months in the worst case. It costs I believe 57 dollars to do from what I've read.
It's not a fun experience, that's one thing you can be sure of.
I do like Amex, quite a bit, but the way I see it, if they really feel I'm that big of a risk, they can just close me down and that is that. I lived without credit cards for years, and while I'd rather have them for a variety of reasons, I could honestly live without them, but there are other creditors out there and good ones who don't do F/R this way. Just my feeling. Others may feel differently and I can understand that too as I initially probably would have let them do it, but in thinking about it, I think I'd just close the accounts and move on. Life is (and this is just my opinion) too short to have to worry about if a charge is going to be accepted and if you are going to do something that concerns your creditors - give me a hard limit I pay in full every month if you have a problem call me and we'll talk, I can handle that, but this, I could live without.