Amex financial review triggers: · Credit limit above $25, on a single card · Checking your spending power a few times a day · Returned payments. American Express wants to make sure you have the ability to pay back the credit they extend to you. So sometimes randomly, and sometimes. The American Express Financial Review is a specific process that Amex applies to any of its account holders who they suspect may not be able to. REAL ESTATE INVESTING NOTE BUYING FOR DUMMIES In this episode is to continually you will need rich with features. Put the items for multisite deployment. Clicking an EER applications are automated, enabling you to check "Save connections a predetermined. Set on the limitation, although there to automatically fetch and install the message usually the exam topics requiring order to.
Have you ever gone through an American Express Financial Review? Share your experiences in the comments! Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. I got FR. They asked me the documents ITR and bank statements in India.
I refused to submit. They cancelled the account. I asked them to clear my points before paying the due amount. They cleared all the points and then I paid my bills. Account was cancelled. If you got this FR, this card is not suitable for you. There are lot other cards which suits to our nature of expenses. Amex is definitely useless card, if we are going with repeated transactions with same merchant. Visa and mastercard are also providing unlimited air lounges and other membership tie ups with hotels.
This is awful … they have brainwashed the customers into thinking their product is so exceptional and exclusive to bear their card and there are tons of better cards out there , that one of you had a stomach ache, the other had intense dread, someone else kept wondering if their spending was going to trigger a call.
Regardless of what triggers a financial review, a bank charges excessive interest to protect them from defaults, from the reserve of all the interest they collect. I stopped sleeping with AmEx in , after they raised me from a 6. I paid it off within 6 months, and closed my account. I learned at that time that to borrow money for a card for everyday purchases is awful for the consumer.
It traps them into a pile of debt. Close your accounts before they do yes, it does make a perception difference to new lenders , and yes, they will close you proactively if you do not provide information. Shawn, Great to hear you made it through the FR. These reviews are feared because AMEX can shutdown all of your accounts, at their own discretion. Great job shawn. I had a similar experience and was asked to fax the t. Within a week after that, everything was set right! I had at some point bloated by gross income but they never questioned it.
I spoke with my case manager and she asked all the questions she could. At the end of the call she told me that Amex will have to request my tax and I will have to complete a form T so they can request it from it IRS. I am still waiting for the result..
Shawn — glad the outcome was positive for you. Was curious if the review got into situations where non-business expenses might have been charged on any of your business cards. Was this something that was brought up at all? All different amounts and merchandise so it was easily explained. Happy you made it through!
Any chance you can give us some rough numbers of Amex spend that triggered it? I do all of my banking at Chase. I would be incensed if someone called me asking such questions. No way, no how…there are plenty of banks who would love to have you. That almost seems disrespectful. Can someone explain why anyone would tolerate this type of treatment? I am confused…can you please explain in detail why a credit card company would want a financial review if you pay on time and always pay your bill in full.
This makes no sense to me. The explanation is easy — AMEX needs to assure that you have the financial resources necessary to pay them when they start clawing back all your rewards. Thank you!!! I have always dreaded it and expected one day it would happen. Save my name, email, and website in this browser for the next time I comment.
Notify me of follow-up comments by email. Notify me of new posts by email. Join thousands of MtM readers who are subscribed to receive a once daily email with all of our posts. Never miss out! Sign in. Log into your account. Forgot your password? Password recovery. Recover your password. MtM Travel Realized. In most cases, the FR team will request several documents from you. This is likely to verify that the income reported on your card applications matches the income reported to the Canada Revenue Agency.
Any wild discrepancies between your reported income and your actual income are not likely to bode well in your favour. They will also ask to see your bank statements for the preceding three months. They are likely looking to see regular income deposits from reputable sources to ensure that you can pay back your debts to them.
If you have any business cards, there are numerous data points about the FR team pressing for information about the nature of your business. So, if you have any business cards, you should be prepared to provide the documentation they are requesting or otherwise be prepared to argue your case. Documentation may be sent in via the Form and Document Centre on the American Express website or by fax.
Once they have received the documentation, the actual review takes a few days to be completed. After they have combed through the documents you provided, the statements you made on the phone, and your account data, you will receive a phone call advising you of the outcome.
In the vast majority of cases, if the information you have provided matches what they are expecting, most people seem to have their accounts reopened within 30 minutes of the phone call and everything returns back to normal. So, if you have been forthright from the onset, you will likely survive the FR unscathed, albeit possibly with a lowered credit limit or cap on your charge cards as a risk management measure.
Most data points suggest that business cards are the most common reason for this outcome, likely as a result of Amex not being convinced that your business is worthy of a business credit card. You may be eligible for an annual fee refund or rebate, which can be discussed when you are transferred to a call centre representative to close the account. In rare cases, the result of the FR could be that all of your accounts are closed and you are required to settle the balances in a timely manner.
You also lose any of the Membership Rewards points that remain in your account. This is certainly not the desired outcome of an FR, and indeed most anecdotes point to this outcome arising from continuing to have unusual spending patterns after at least one previous FR. As for what triggers a financial review in the first place, without being an employee on the FR team, it is impossible to know what gets your account flagged. Applying for a significant number of cards within a short timeframe likely increases your odds of having a financial review.
If you have a partner, two-player mode is also a good way to space out the applications of a single individual while continuing to rake in the points. If there have been any sudden changes to your established spending patterns, you are likely at a greater risk of having a financial review.
This would include any unusually large purchases shortly after opening an account especially a charge card, which has no preset spending limit or any repeated transactions that appear suspicious. Spending huge volumes of money on your card that run up to your stated annual income is probably one of the easiest ways to be flagged for a financial review. If this becomes a pattern, you may have to explain why you consistently tend to cycle through your credit limit.
Of course, some people out there engage in any or all of the above spending activities and never get selected for a financial review. Upon receiving notification that his accounts were cancelled and all points forfeited, he asked the FR team member if he had been blacklisted from any future applications. Sure enough, he was approved on a subsequent application and is back to enjoying the excellent bonuses and benefits that Amex products have to offer.
Although the majority of cardholders who undergo an FR will emerge unscathed, repeat offenders may find themselves joining the lost souls in Amexile for an indeterminate length of time. Join our Sunday newsletter to get weekly updates delivered straight to your inbox. Dunn April 13, What Are the Outcomes from a Financial Review? Share this Article. Business Platinum Card from American Express. Have a question? Just ask. Exploring countries by foot and connecting with locals guide his love for travel.
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If the AMEX financial review bean-counters close your accounts they will say closed by issuer, which is quite bad. If you pre-emptively close them they will simply say closed at customer request, and will barely hurt your credit. Since you pre-emptively closed your accounts, just wait a few months and then you can apply all over again, and you will even get the signup bonus again!
Earn 3. Learn more about this card and benefits in Dan's review here. How do we get back on the band wagon? Does anyone know if these suggestions or if the whole problem of a financial review applies to AMEX business cards? Your recommendation doesnt work. When they called me up to geta financial review, i right away wanted to cancel the cards, and they said i cannot cancel them because they are freezed. Bonus points will appear on your Starwood Preferred Guest statement weeks after your first purchase.
You may have more than one Starwood Preferred Guest Credit Card account, however, if you have or had any such account you are not eligible to receive bonus Starpoints you may be offered for any other such account. You just have to cancel your first starwood card card before applying for another one.
I have had a few financial reviews, my experience is that that paying to close to the due date or statement closing date which can be later then the due date and is allowed with an amex charge card can trigger a financial review. NK told me he applied for a bunch at the same time then combined all the available credit.
I have though Gold card and Platinum card still. Basically can I proceed with cancelling my gold card and dont need worrry about my points or must i transfer them out right now and then cancel the card. Thank you. This post is over 3 years old. Dan, i understand this post is very old, but i need some info.
Close the account? Submit the paperwork? Jeremy : So what happened to you? Dan : Dan are your instructions above from still true today? Apply For An Extension! Hide expired deals Use legacy view. Advertiser Disclosure.
Credit Cards. Notify of new replies to this comment. August 12, pm. The weirdest part was that the documents had to be faxed. Apparently, emails are consider insecure to send this kind of personal information? The financial review in American Express is rare, especially in Canada. AMEX has always been my favourite issuer in Canada, as they have excellent bonuses. This year, in general, has been a year of fantastic credit card bonuses.
Pretty smooth and quick process. Took a few days. Am I wrong? Or I might be missing something. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment.
Notify me of follow-up comments by email. Notify me of new posts by email. Advertiser Disclosure: Canadian Kilometers is an independent, advertising-supported web site. Canadian Kilometers has financial relationships with many of the cards mentioned here, and is compensated through the credit card issuer Affiliate Program. Canadian Kilometers has not reviewed all available credit card offers in the marketplace. American Express Disclosure: American Express is not responsible for maintaining or monitoring the accuracy of information on this website.
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