Credit Cards

[xxpert]

So I think i got the dreaded AMEX FR after applying for an SPG business card and I was going to boycott amex but the problem is that i have a lot of MR points and some pending points after spend is met so i dont want to give those up so i might actually abide with the 4506-t if i actually get it. The thing is that I claimes a business loss last year due to the closing of one of my businesses, also as a small business owner i deduct anything a can legally deduct therefore my income is ussually very low after all my deductions so will amex still close out my accounts seeing that i claims a loss last year?????? If they allow me to send in Bank statements along with my 4506-t i think i may be okay but a little nervouse right now. 

[trumpet-205]

AMEX only wants 4506-T, nothing else.

Just explain your situation to them.

[xxpert]

Wow, i must have been drunk when i was typing my OP lol.....I guess my questions is will the 4506-T show business profit and losses( schedule C) or just what I get from 1099 etc. I will be fine if they are looking at my gross income however if they are looking at my net than they might send me a food stamp let alone keep my accounts open

[djrez4]

406-T lets them order your report from the IRS.  They get the whole thing, so they'll see what you reported on your Schedule C.  

[Walt_K]

You may want to think about transferring those MR points to a FF program, or redeeming them however you like to redeem them in case the FR doesn't go your way. 

ETA:  I'm not suggesting that anything you've said indicates it won't go smoothly.  I just thought I recalled reading elsewhere, that if it isn't resolved in your favor, you get very little notice.  So as a matter of prudence only, if you can still transfer your points, you may want to do so (I don't know if Amex restricts that during FR).

[swpopham]

Thats why if you own a business you employ yourself- and w2 yourself. That way your personal is personal and business is strictly business. Makes things like this simpler

[xxpert]

Do you guys know if they would not allow me to transfer my MR points once they freeze my acount? I still dont know if i got the FR review or not so i would hate to transfer right now without any lucrative bonuses and find out that I could have done it even once my account is suspended. I think I have read in some palces that they give you 90 days to transfer

[TheConductor]

If you don't know that you have an FR, what is it exactly that has you fretting about it?

[xxpert]

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TheConductor wrote:

If you don't know that you have an FR, what is it exactly that has you fretting about it?

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One outsourced CSR told me that my new app for SPG Business card has gone to an interal concern team and they need more documentation, she actually said that they will probably need my "IRA" lol after some going back and forth I figured she meant IRS. I called back and spoke to someone else and they told me that's it's being looked at by an internal fraud alert department so I'm just nervous since I've heard about these FR's

[llecs]

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swpopham wrote:
Thats why if you own a business you employ yourself- and w2 yourself. That way your personal is personal and business is strictly business. Makes things like this simpler

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+1