Amex Financial Review

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
38 posts
MemberSince99
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Postby MemberSince99 » Sun Dec 30, 2012 1:11 pm

David I gotta agree with you. When I see these things, it just shows me I'm not missing anything by not being part of the Amex family. Except a pain in the butt.

That's why I tell people do NOT leave the country with ONLY an Amex card - they can F/R you at any time for any reason (or no reason at all). And once they do, you are done, period, until you comply with whatever they demand.


kcarter609
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Postby kcarter609 » Sun Dec 30, 2012 1:30 pm

MemberSince99 wrote:David I gotta agree with you. When I see these things, it just shows me I'm not missing anything by not being part of the Amex family. Except a pain in the butt.

That's why I tell people do NOT leave the country with ONLY an Amex card - they can F/R you at any time for any reason (or no reason at all). And once they do, you are done, period, until you comply with whatever they demand.


I had an Amex Gold, downgraded to Zync. I've used it 2 times since I got the Freedom, only because of their coupons/special bonuses. If it weren't for the backdating, I wouldn't be applying for the BCE in January. I really see nothing in AMEX I like any more. I'd almost rather just stick with Chase exclusively... CSP/Freedom/Checking account and build all points in one place.

Active Cards:
Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
Chase Sapphire Preferred ($10k Limit - 2/2013)
Chase Ink Plus ($7k Limit - 2/2013)
Discover IT ($9.5k Limit - 10/2012)
AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)

MemberSince99
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Postby MemberSince99 » Sun Dec 30, 2012 4:55 pm

I agree 100%. Chase is WAY better than Amex in every way I can think of, except of course they don't backdate so Amex has an edge there (no one else backdates as far as I know). Otherwise Chase is a far better lender, IMO.

DavidNY
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Postby DavidNY » Sun Dec 30, 2012 9:54 pm

I've been very happy with Chase.

rlh6805
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Postby rlh6805 » Mon Dec 31, 2012 8:39 am

jriley wrote:Hi Rob.

AmEx typically does this when they see balances that are not normal, based upon your reported income, a couple of billing periods in a row. It is not unusual for AmEx to do this, although they only do it to a small number of cardholders, and are looking for liquid balances that prove you can pay off your American Express balance.


Thank you for the information. I cannot think of anything that I did that was unusual. That being said, I don't think I am prepared to open up my financial life to AMEX. I can go to my bank and have them fill out the form but the monies I have in those accounts are just the funds that I use for living expenses. I get my paycheck deposited into my checking account and then use the money to pay my bills, including AMEX. What I am NOT going to do is provide them information on my investments. So if they are looking to see if I have enough money in my checking account to pay off my entire balance they are not going to find it.

rlh6805
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Postby rlh6805 » Mon Dec 31, 2012 8:55 am

MemberSince99 wrote:David I gotta agree with you. When I see these things, it just shows me I'm not missing anything by not being part of the Amex family. Except a pain in the butt.

That's why I tell people do NOT leave the country with ONLY an Amex card - they can F/R you at any time for any reason (or no reason at all). And once they do, you are done, period, until you comply with whatever they demand.


I am now starting to think the same thing.

silver6054
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Location: boston

Postby silver6054 » Mon Dec 31, 2012 6:52 pm

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.

Questions:

1) Is this unusual for AMEX to do?
2) What exactly are they looking for? How high does my average balances need to be?

Thanks, Rob


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!

rlh6805
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Postby rlh6805 » Tue Jan 01, 2013 10:18 am

silver6054 wrote:Did they ask for the 4506T form as well (to get transcripts of your tax returns)?


No, they didn't ask for tax records, just my bank account info. I am still undecided as to whether I am going to comply with their request. I think I'm going to ask if it would satisfy their request if I just send them my past 6 mos bank statements. The form that they want my bank to fill out would require me to go to each one of my bank branch locations and ask the manager to fill it out. Kinda a pain to do.



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