rlh6805 wrote:I have been an AMEX card holder for 10+ years. I currently have a Platinum card with a $35k spending limit. I have never been late on any payment, ever. I received a call yesterday telling me that my spending has been suspended until a Financial Review has been completed. They want to know what the average 6mo balances are for my bank checking and/or savings accounts.
I can either have my bank fill out a forum and fax it back or they will do a conference call with my bank. I was told that after the review they will decide of they need to limit my spending on the account (which I think is strange as I have always paid on time), or, cancel my card.
1) Is this unusual for AMEX to do?
2) What exactly are they looking for? How high does my average balances need to be?
Did they ask for the 4506T form as well (to get transcripts of your tax returns)? To many of us, that is the most intrusive, as it gives info about family members as well in some cases, but this seems intrusive as well. As others have said, one option is to to cancel the card.
But before you do that, decide just how useful the card is to you vs the hassle of going through this. If you cancel, then later decide you do need an Amex card, you will almost certainly have to go through a FR when you apply (or shortly after).
I'm just adding that because you have a Platinum, which some people do find uniquely useful for its travel benefits. Gold/Green/Revolver, no question, just dump!