Amex Financial Review story

Anonymous · ‎10-29-2014

I've had a few amex cards for 10+ years. Never really used them because I'm more of a Chase fan. But when I received an offer for a Business Platinum with 50k bonus points, I went for it. Let me share how things went down:

Day 1: spent $500 in a plane ticket.

spent $100 on global entry application (amex advertises that they will reimburse this cost)

Day 2 : all amex cards are suspended and my phone (home, cell, office) blows up all day long from amex asking me to call them.

"Your spending pattern has changed, but don't worry, just give us access to your tax records and in 1-3 weeks you can resume using your card."

I had to laugh because I have credit score of almost 800 , my average credit limit is +$30k and utilization at 1%.

I jumped through their stupid hoop, only so I could screw them over in the long run. How did I do it?

Well, if you cancel the platinum card within 60 days of paying the annual fee, they will refund it 100%.

So, I bought $200 un airline gift vouchers (reimbursed by amex)

I paid $100 for global entry (reimbursed by amex)

i cashed in my 50k bonus points

On Jan 1st I will buy another $200 in airline vouchers (the program is based on calendar year, so they will reimburse it)

Then, just before the 60 days is up (my annual fee will post in late November) I'm canceling the card.

So thank you, Amex, your horrible experience was almost worth the $550.

credit-hunter · ‎10-29-2014

GOOD ONE MACK

Anonymous · ‎10-30-2014

I shouldn't smile but .....

This whole FR thing is silly. Amex shame on you. You should just request last 2 pay stub and be done with it.

Anonymous · ‎10-30-2014

@Anonymous wrote:
I've had a few amex cards for 10+ years. Never really used them because I'm more of a Chase fan. But when I received an offer for a Business Platinum with 50k bonus points, I went for it. Let me share how things went down:

Day 1: spent $500 in a plane ticket.
spent $100 on global entry application (amex advertises that they will reimburse this cost)

Day 2 : all amex cards are suspended and my phone (home, cell, office) blows up all day long from amex asking me to call them.

"Your spending pattern has changed, but don't worry, just give us access to your tax records and in 1-3 weeks you can resume using your card."

I had to laugh because I have credit score of almost 800 , my average credit limit is +$30k and utilization at 1%.

I jumped through their stupid hoop, only so I could screw them over in the long run. How did I do it?

Well, if you cancel the platinum card within 60 days of paying the annual fee, they will refund it 100%.

So, I bought $200 un airline gift vouchers (reimbursed by amex)
I paid $100 for global entry (reimbursed by amex)
i cashed in my 50k bonus points
On Jan 1st I will buy another $200 in airline vouchers (the program is based on calendar year, so they will reimburse it)

Then, just before the 60 days is up (my annual fee will post in late November) I'm canceling the card.

So thank you, Amex, your horrible experience was almost worth the $550.

I like your style, sir. Well played!

FinStar · ‎10-30-2014

Very interesting experinece indeed. Not sure what triggered such a review on their end but it sounds like you came out ahead

Anonymous · ‎10-30-2014

LOL! Epic

I think AMEX and the FR's are just ridiculous..

CreditCuriosity · ‎10-30-2014

Well played

mikelo22 · ‎10-30-2014

Haha, nice!

I don't blame you one bit for doing that either. FR is so silly sometimes. Their current system which automatically flags accounts certainly has a few kinks in it...

MarcusCrassus · ‎10-30-2014

I don't blame you either. If AMEX wants a FR, they should ask for it up front and have you submit the documentation with your initial application like a mortgage (and perhaps at regular intervals thereafter), not whenever they arbitrarily decide to do it as if you're like a pilot and they want to carry out a random drug test. Especially if you are on a trip, it is outrageous for them to expect you to try arrange to get the documents to them.

longtimelurker · ‎10-30-2014

@MarcusCrassus wrote:
I don't blame you either. If AMEX wants a FR, they should ask for it up front and have you submit the documentation with your initial application like a mortgage (and perhaps at regular intervals thereafter), not whenever they arbitrarily decide to do it as if you're like a pilot and they want to carry out a random drug test. Especially if you are on a trip, it is outrageous for them to expect you to try arrange to get the documents to them.

Right, but any issuer can do something similar: close the card, or balance chase so there is no usable CL etc. People complain about FRs because they have to do something (or decide not to do something) whereas in other cases the card is simply closed.