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Valued Contributor
parakleet
Posts: 1,145
Registered: ‎04-13-2013
0

Re: Amex R all family and all my employer


NewtoCredit80 wrote:
Well people rate Amex too highly. You should just let Amex close the account and move your business to either BOA or Chase. My company uses Amex as corporate cards and more than 80% of the places in India do not even accept Amex. So having a Amex card is pretty much useless. I have to pay from my personal card and claim as expense later. Amex is good to build your credit but if you have good credit then do not let them bully you.

Sorry - I don't know why people get so bent out of shape about FRs from Amex. Most other CCs would just shut your accounts rather than giving the customer a chance to respond to their concerns. I'd hardly say not being able to use Amex in India supports the notion that Amex is, therefore, "pretty much useless." 


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Valued Contributor
navigatethis12
Posts: 1,940
Registered: ‎01-24-2012
0

Re: Amex R all family and all my employer


parakleet wrote:


Sorry - I don't know why people get so bent out of shape about FRs from Amex. Most other CCs would just shut your accounts rather than giving the customer a chance to respond to their concerns. I'd hardly say not being able to use Amex in India supports the notion that Amex is, therefore, "pretty much useless." 


I reckon it's because it could be considered as "rude" or something. If they give you a 10,000 limit, you should be able to charge up to that without them freezing the account and telling you they need verification of income. Why didn't they ask for it before? If I spend 500 a month and then want to spend 8000, I should be able to without having to provide tax returns. Other lenders do not do this as I have spent massive amounts and then smaller amounts. I went over the limit multiple times on the PNC Visa Signature card I have and even spent more than the income I put down and they didn't say a word.

 

If you look at stories, some people who've been with American Express for years all of a sudden get hit with a freeze, without any explination. As long as you are paying them, I don't see a reason for them to shut you down and demand proof of income. Of course they can do what they want since it's their money, but many people would see that as a personal attack against them. I know it isn't and that the person who initiates it isn't out to get you, but not everyone feels that way.

Frequent Contributor
blondy250
Posts: 451
Registered: ‎01-03-2013
0

Re: Amex R all family and all my employer

Obviously AMEX spotted something out the ordinary in the OP's usage, in fact the OP's story is bizarre. AMEX has the lowest default rate and is the HIGHEST rated credit lender for a reason.


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Valued Contributor
parakleet
Posts: 1,145
Registered: ‎04-13-2013
0

Re: Amex R all family and all my employer


navigatethis12 wrote:

parakleet wrote:


Sorry - I don't know why people get so bent out of shape about FRs from Amex. Most other CCs would just shut your accounts rather than giving the customer a chance to respond to their concerns. I'd hardly say not being able to use Amex in India supports the notion that Amex is, therefore, "pretty much useless." 


I reckon it's because it could be considered as "rude" or something. If they give you a 10,000 limit, you should be able to charge up to that without them freezing the account and telling you they need verification of income. Why didn't they ask for it before? If I spend 500 a month and then want to spend 8000, I should be able to without having to provide tax returns. Other lenders do not do this as I have spent massive amounts and then smaller amounts. I went over the limit multiple times on the PNC Visa Signature card I have and even spent more than the income I put down and they didn't say a word.

 

If you look at stories, some people who've been with American Express for years all of a sudden get hit with a freeze, without any explination. As long as you are paying them, I don't see a reason for them to shut you down and demand proof of income. Of course they can do what they want since it's their money, but many people would see that as a personal attack against them. I know it isn't and that the person who initiates it isn't out to get you, but not everyone feels that way.


I agree with you that you shouldn't have to show up tax returns every time you want to take advantage of your CL each time. But I don't think that's the case with the OP. There's also the whole - if you're spending 10x what you put down for your income every month, it might look a little strange and I could understand why they might do a FR. 


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
0

Re: Amex R all family and all my employer

[ Edited ]

parakleet wrote:

navigatethis12 wrote:

parakleet wrote:


Sorry - I don't know why people get so bent out of shape about FRs from Amex. Most other CCs would just shut your accounts rather than giving the customer a chance to respond to their concerns. I'd hardly say not being able to use Amex in India supports the notion that Amex is, therefore, "pretty much useless." 


I reckon it's because it could be considered as "rude" or something. If they give you a 10,000 limit, you should be able to charge up to that without them freezing the account and telling you they need verification of income. Why didn't they ask for it before? If I spend 500 a month and then want to spend 8000, I should be able to without having to provide tax returns. Other lenders do not do this as I have spent massive amounts and then smaller amounts. I went over the limit multiple times on the PNC Visa Signature card I have and even spent more than the income I put down and they didn't say a word.

 

If you look at stories, some people who've been with American Express for years all of a sudden get hit with a freeze, without any explination. As long as you are paying them, I don't see a reason for them to shut you down and demand proof of income. Of course they can do what they want since it's their money, but many people would see that as a personal attack against them. I know it isn't and that the person who initiates it isn't out to get you, but not everyone feels that way.


I agree with you that you shouldn't have to show up tax returns every time you want to take advantage of your CL each time. But I don't think that's the case with the OP. There's also the whole - if you're spending 10x what you put down for your income every month, it might look a little strange and I could understand why they might do a FR. 


People are forgetting this probably isn't the situation in this case and with most cases.  FRs are typically triggered, not by credit card use, but by NPSL charge card use.  There is no set credit line that AMEX has allowed you that they are taking back.  With NPSL, limit is not stated and just because you were able to charge XYZ amount last month, doesn't mean it is your new credit line.  However, this particular case seems tough because of the scope of the FR.  I am really curious what is going on.  Could be someone abusing cash equivalent and suddenly making the whole situation look suspicious?  Who knows.

 

As for AMEX being easily replaceable for business, it really isn't.  Even with advent of cards like INK and Spark, the flexibility of NPSL charge cards is amazing.  Obtaining the ability to charge 100k+ within a few months isn't too hard.  Our business puts a bit over 100k per month on our card and it took us 4 months to build to that level.  Basically, no one else has that kind of flexibility CL wise.  But the downside to this flexibility is these damn FRs as they have to more actively watch credit reports to allow much increases in ability to charge.  Additionally, the setup of the cards with billing separation is a god send for accounting.

 

               LIMITS IN CARD DESCRIPTIONS
Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012
0

Re: Amex R all family and all my employer

[ Edited ]

 

 

 

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Established Contributor
cashnocredit
Posts: 1,025
Registered: ‎07-18-2009
0

Re: Amex R all family and all my employer

[ Edited ]

Amex must have good analytics. They hardly soft me and I charge some pretty large amounts on occasion.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
New Contributor
KhuKhu
Posts: 68
Registered: ‎04-12-2013
0

Re: Amex R all family and all my employer


Crashem wrote:

parakleet wrote:

navigatethis12 wrote:

parakleet wrote:


Sorry - I don't know why people get so bent out of shape about FRs from Amex. Most other CCs would just shut your accounts rather than giving the customer a chance to respond to their concerns. I'd hardly say not being able to use Amex in India supports the notion that Amex is, therefore, "pretty much useless." 


I reckon it's because it could be considered as "rude" or something. If they give you a 10,000 limit, you should be able to charge up to that without them freezing the account and telling you they need verification of income. Why didn't they ask for it before? If I spend 500 a month and then want to spend 8000, I should be able to without having to provide tax returns. Other lenders do not do this as I have spent massive amounts and then smaller amounts. I went over the limit multiple times on the PNC Visa Signature card I have and even spent more than the income I put down and they didn't say a word.

 

If you look at stories, some people who've been with American Express for years all of a sudden get hit with a freeze, without any explination. As long as you are paying them, I don't see a reason for them to shut you down and demand proof of income. Of course they can do what they want since it's their money, but many people would see that as a personal attack against them. I know it isn't and that the person who initiates it isn't out to get you, but not everyone feels that way.


I agree with you that you shouldn't have to show up tax returns every time you want to take advantage of your CL each time. But I don't think that's the case with the OP. There's also the whole - if you're spending 10x what you put down for your income every month, it might look a little strange and I could understand why they might do a FR. 


People are forgetting this probably isn't the situation in this case and with most cases.  FRs are typically triggered, not by credit card use, but by NPSL charge card use.  There is no set credit line that AMEX has allowed you that they are taking back.  With NPSL, limit is not stated and just because you were able to charge XYZ amount last month, doesn't mean it is your new credit line.  However, this particular case seems tough because of the scope of the FR.  I am really curious what is going on.  Could be someone abusing cash equivalent and suddenly making the whole situation look suspicious?  Who knows.

 

As for AMEX being easily replaceable for business, it really isn't.  Even with advent of cards like INK and Spark, the flexibility of NPSL charge cards is amazing.  Obtaining the ability to charge 100k+ within a few months isn't too hard.  Our business puts a bit over 100k per month on our card and it took us 4 months to build to that level.  Basically, no one else has that kind of flexibility CL wise.  But the downside to this flexibility is these damn FRs as they have to more actively watch credit reports to allow much increases in ability to charge.  Additionally, the setup of the cards with billing separation is a god send for accounting.

 


I love the Amex NPSL as well. Sometimes you just have big business expenses that go well over $40-60K in a month. No Credit Limit is that large (in most cases), and pre-paying multiple times weekly can cause delays and is inconvenient.

 

How about the Ink Bold, is their NPSL lenient like Amex charge cards?


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