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AMEX FR

Valued Contributor

Re: AMEX FR


llecs wrote:

IMO, if you apply for and receive their CC, then expect it and don't be surprised or upset if it comes. IMO, it's no big deal. I see it no differently than a lender asking for tax info, pay stubs, bank statements, etc. They want to protect their money. In the case of Amex, it is unsecured $$$ and there's nothing stopping someone from walking away with a huge balance, other than conscience maybe.

 

I got FR'd after 9 months of being issued the Green. It was a pain to not have the ability to use the card for 1-2 weeks, but it was triggered after using it at a law firm. Maybe they thought I was in legal trouble? I dunno.


IMO, it is a big deal just to keep a credit card for which I was already approved, have used extensively, and demonstrated both my ability to pay and to use responsibly.  I would never submit to such a level of intrusion into my personal finances for any credit card.   

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Message 11 of 23
Valued Contributor

Re: AMEX FR


android01 wrote:

llecs wrote:

IMO, if you apply for and receive their CC, then expect it and don't be surprised or upset if it comes. IMO, it's no big deal. I see it no differently than a lender asking for tax info, pay stubs, bank statements, etc. They want to protect their money. In the case of Amex, it is unsecured $$$ and there's nothing stopping someone from walking away with a huge balance, other than conscience maybe.

 

I got FR'd after 9 months of being issued the Green. It was a pain to not have the ability to use the card for 1-2 weeks, but it was triggered after using it at a law firm. Maybe they thought I was in legal trouble? I dunno.


IMO, it is a big deal just to keep a credit card for which I was already approved, have used extensively, and demonstrated both my ability to pay and to use responsibly.  I would never submit to such a level of intrusion into my personal finances for any credit card.   



I agree. I think FR is too instrusive and AmEx is no longer the coveted prestigious card it once was. Everyone has an AmEx now, whether issued by other lenders or AmEx itself. So I disagree with the previous poster that it is worth it for the coveted status alone. Maybe a Centurion is worth the intrusive FR process.

Message 12 of 23
Frequent Contributor

Re: AMEX FR

I too was FR'ed after the first month of having the card. Not sure what triggered my review, maybe the big spending within a few days?(1k) Maybe they thought that was a little much for my income. Anyway 2 weeks of my card being suspended I verified the info and since then I haven't heard a thing from them. So I was wondering, after being FR'ed. When would they do it again if they wanted to? There's obviously no point in doing it now as I just did it a few months ago. They would just get the same info.
 
Message 13 of 23
Valued Contributor

Re: AMEX FR

I won't have an Amex for that reason, so it won't happen in my life time.  That kind of intrusion brings back the memory of the "Gestapo".

FICO 08
TU 839 11/11/17
EX 833 11/11/17
EQ 837 11/12/17
(NASA 30K) ( Amex 38.6k ) ( Freedom 10.6K ) ( US Bank Cash+ 20k, LOC 15k ) Winners never quit, and quitters never win
last app 5/15
Message 14 of 23
Senior Contributor

Re: AMEX FR


Imhotrodcrazy wrote:

I won't have an Amex for that reason, so it won't happen in my life time.  That kind of intrusion brings back the memory of the "Gestapo".



I'm a huge fan of semantic hyperbole but do feel there's a point where words loses power/meaning if we continually expand the context in which they're used. 

 

Sure, a FR is inconvenient but probably pales in comparison to what a visit from the Gestapo must have been like in the '40s. Smiley Happy


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Message 15 of 23
Established Contributor

Re: AMEX FR


drkaje wrote:

Imhotrodcrazy wrote:

I won't have an Amex for that reason, so it won't happen in my life time.  That kind of intrusion brings back the memory of the "Gestapo".



I'm a huge fan of semantic hyperbole but do feel there's a point where words loses power/meaning if we continually expand the context in which they're used. 

 

Sure, a FR is inconvenient but probably pales in comparison to what a visit from the Gestapo must have been like in the '40s. Smiley Happy


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Message 16 of 23
Regular Contributor

Re: AMEX FR


android01 wrote:

flyingmd wrote:

Not sure of the exact percentage of cardholders, but it is not everyone and is only a minority. I had a FR, which i believe was triggered by a marked change in my spending habits one month. I have been a cardholder since 1982, had one of the first Centurion cards in Florida (which I subsequently changed back to Platinum) and over the last 10 years averaged 30-35K spending on my Personal Platinum. The month prior to getting a FR, I have a couple of "large" purchases and totalled close to 100K that month. That is what triggered the FR IMHO.

Changing your financial profile on the website has lead to a FR in several cases that I am aware of, so I never change my financial profile on the website.

There is no problem with a FR if you have been honest about your income. When I had my FR, I offered bank statements however, I was told by the FR Rep that they no longer will accept bank statements and W2s, that they insist on either a tax transcript or copy of the return (don't know if that is true or was just in my case. The rep suggested to me that that was the case.) In my case they asked for a tax transcript 4506-T. The only info on a 4506-T is the gross and net income reported on the return, so they don't see any of the itemized details. They will suspend ALL YOUR ACCOUNTS WITH AMEX until the FR is completed (both personal and business), which I have a big issue with. Once they received the tax transcript, they unsuspended the accounts that day. I guess the only time you really have to worry is if your reported income to AMEX is significantly different that your tax return. So if you haven't lied about your financial status, then there is nothing to worry about with a FR (except the draconian practice of suspending your accounts until its complete.. So if it happens while your traveling you are screwed and why I NEVER use MAEX as my only CC and always have an alternate means of covering any planned spending.


Unfortunately, AMEX F'R's are a lot more intrusive than you indicate.  In a previous thread, a poster going through F/R indicated that AMEX pulled Option "C" on the 4506-T request (which they fill out for you), which showed the full return including the following information. OP, there are many threads on the subject of AMEX F/R.

 

 

With only a 1040 transcript they can get:

 

Concept & 1040 Line #

 

1) Names & SSNs of your entire family and your ex-spouse:  6a, 6b, 6c, 31a
2) Marital status:  Right at the top of the form.
3) Alimony & child support: 11
4) HSA contributions: 25
5) Blind: 39a
6) Immigration status: 39b (also they can tell by your SSN)
7) Bank account number: 74b, 74c, 74d
8) Children adopted: 71b
9) Qualified health insurance plan:
10) Combat zone pay: 64b
11) Child care expenses: 48
12) First time home buyer: 67
13) Continuing education: 49 & 66 & 34
14) Retirement funds: 50
15) Unemployed you / spouse at any period during the year: 19
16) Rental income: 17
17) Social security benefits: 20a
18) What fuel does your car consume: 70
19) Energy-related home improvements:52
20) Own or rent your home: 52 & 67


I stand corrected. You are correct. When I saw my transcript, all that was on it was gross, net income and tax liability. I didn't realize all that other stuff can be on there. Nonetheless, the FR process is draconian. No other cc cuts you off without warning like AMEX does. And don't give me the "their entitled to it". The only time they should be entitled to financial info like that is during the app process. If you have been paying on time and not asking for additional credit then I do not believe they are entitled.

Message 17 of 23
Valued Contributor

Re: AMEX FR


drkaje wrote:

Imhotrodcrazy wrote:

I won't have an Amex for that reason, so it won't happen in my life time.  That kind of intrusion brings back the memory of the "Gestapo".



I'm a huge fan of semantic hyperbole but do feel there's a point where words loses power/meaning if we continually expand the context in which they're used. 

 

Sure, a FR is inconvenient but probably pales in comparison to what a visit from the Gestapo must have been like in the '40s. Smiley Happy


I would venture to guess that I am a lot older than you are.  My point was, IF you let a "person",  "company", OR "entity" intrude into your personal life a little bit at a time,  you will find yourself without any rights at all, after a short period of time.   That  is what Adolf Hitler did, and a good example of "controlling the people" in every sector of their lives, was by the "Gestapo".  Don't be fooled by letting these "entities"  tell you  what is good for you.  If you don't like their intrusion, refuse it.  If you are not worried about it, go ahead and live your life as usual.  It's your decision.  Personally,  and this is MY  own opinion, I have refused unnecessary intrusion into my life because of what I have witnessed over my long life.  This great country, IMO, is on a very dangerous path.  It's now up to the younger generation to decide  what direction they want this  country to go in.  

FICO 08
TU 839 11/11/17
EX 833 11/11/17
EQ 837 11/12/17
(NASA 30K) ( Amex 38.6k ) ( Freedom 10.6K ) ( US Bank Cash+ 20k, LOC 15k ) Winners never quit, and quitters never win
last app 5/15
Message 18 of 23
Valued Contributor

Re: AMEX FR

I agree Imhotrodcrazy. AmEx does not offer anything that I can't get elsewhere thus I see no compelling need to submit to additional review. If I really want an American Express branded card, other lenders now issue them. The more people that comply with these highly invasive and intrusive FRs, the more they think they can do them.

Message 19 of 23
Senior Contributor

Re: AMEX FR


Imhotrodcrazy wrote:

drkaje wrote:

Imhotrodcrazy wrote:

I won't have an Amex for that reason, so it won't happen in my life time.  That kind of intrusion brings back the memory of the "Gestapo".



I'm a huge fan of semantic hyperbole but do feel there's a point where words loses power/meaning if we continually expand the context in which they're used. 

 

Sure, a FR is inconvenient but probably pales in comparison to what a visit from the Gestapo must have been like in the '40s. Smiley Happy


I would venture to guess that I am a lot older than you are.  My point was, IF you let a "person",  "company", OR "entity" intrude into your personal life a little bit at a time,  you will find yourself without any rights at all, after a short period of time.   That  is what Adolf Hitler did, and a good example of "controlling the people" in every sector of their lives, was by the "Gestapo".  Don't be fooled by letting these "entities"  tell you  what is good for you.  If you don't like their intrusion, refuse it.  If you are not worried about it, go ahead and live your life as usual.  It's your decision.  Personally,  and this is MY  own opinion, I have refused unnecessary intrusion into my life because of what I have witnessed over my long life.  This great country, IMO, is on a very dangerous path.  It's now up to the younger generation to decide  what direction they want this  country to go in.  


You can decide against having an Amex with no repercussions. People living in Poland and Germany had fewer options, was my point.

 

Companies are becoming too intrusive but this is in direct proportion to our inability to live without some degree of credit. I'm not throwing stones and am guilty, too! Chase's website was down today... I had been reading this thread and immediately thought the Freedom card had Ben closed, utilization would be messed up, locusts, raining frogs, and darn near woke up my oldest kid to make sure she was OK, LOL! That's my fault, not Chase's. A better run financial life would not leave me at the mercy of capricious credit card companies.

 

I agree with you but just found the comparison a bit much, LOL! Smiley Happy

 

Last week, a girl at work was setting up stations and proclaimed she was going to be a Nazi about making sure tasks were being done at the correct stations. A fairly important piece of world history has become meaninglessness through overuse. 

 

I'm a language nerd, sorry.


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Message 20 of 23