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Amex got a bit concerned. :)

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Anonymous
Not applicable

Re: Amex got a bit concerned. :)


@Tiz wrote:

I just got my Premier rewards gold card from Amex about 2 weeks ago and I had a 50k points bonus after spending 2k in 90 days. I hit it in a week. Smiley Surprised Amex called me on Friday and asked how much more I planned to put on it before the first statement cut because they usually take a year to learn their customers spending patterns. ...


I love AMEX but they need to take a Xanax. The most paranoid lender out there. 

Message 11 of 15
CreditCuriosity
Moderator Emeritus

Re: Amex got a bit concerned. :)


@Anonymous wrote:

@Tiz wrote:

I just got my Premier rewards gold card from Amex about 2 weeks ago and I had a 50k points bonus after spending 2k in 90 days. I hit it in a week. Smiley Surprised Amex called me on Friday and asked how much more I planned to put on it before the first statement cut because they usually take a year to learn their customers spending patterns. ...


I love AMEX but they need to take a Xanax. The most paranoid lender out there. 


They also have the lowest loss ratio of any big lender if I am not mistaken and they plan on keeping it this way Smiley Happy.  So them begin paranoid is probably good although it bugs some people until they get to know you and once they do the flood gates are open if they know you can do huge payments back to them.  Once they know you you won't typically hear anything from them.  I have never had an issue from them ever, but others obviously have a "toothing" period with Amex

Message 12 of 15
Anonymous
Not applicable

Re: Amex got a bit concerned. :)


@CreditCuriousity wrote:

@Anonymous wrote:

@Tiz wrote:

I just got my Premier rewards gold card from Amex about 2 weeks ago and I had a 50k points bonus after spending 2k in 90 days. I hit it in a week. Smiley Surprised Amex called me on Friday and asked how much more I planned to put on it before the first statement cut because they usually take a year to learn their customers spending patterns. ...


I love AMEX but they need to take a Xanax. The most paranoid lender out there. 


They also have the lowest loss ratio of any big lender if I am not mistaken and they plan on keeping it this way Smiley Happy.  So them begin paranoid is probably good although it bugs some people until they get to know you and once they do the flood gates are open if they know you can do huge payments back to them.  Once they know you you won't typically hear anything from them.  I have never had an issue from them ever, but others obviously have a "toothing" period with Amex


My bigger issue is the financial review. Long time, loyal cardholders with a perfect on-time payment history end up using their card at the store, only to see it get declined because AMEX's systems need a Xanax. Now the card holder needs to user another card for a couple of weeks until the review is over. I don't have to worry about this with other issuers. 

Message 13 of 15
CreditCuriosity
Moderator Emeritus

Re: Amex got a bit concerned. :)


@Anonymous wrote:

@CreditCuriousity wrote:

@Anonymous wrote:

@Tiz wrote:

I just got my Premier rewards gold card from Amex about 2 weeks ago and I had a 50k points bonus after spending 2k in 90 days. I hit it in a week. Smiley Surprised Amex called me on Friday and asked how much more I planned to put on it before the first statement cut because they usually take a year to learn their customers spending patterns. ...


I love AMEX but they need to take a Xanax. The most paranoid lender out there. 


They also have the lowest loss ratio of any big lender if I am not mistaken and they plan on keeping it this way Smiley Happy.  So them begin paranoid is probably good although it bugs some people until they get to know you and once they do the flood gates are open if they know you can do huge payments back to them.  Once they know you you won't typically hear anything from them.  I have never had an issue from them ever, but others obviously have a "toothing" period with Amex


My bigger issue is the financial review. Long time, loyal cardholders with a perfect on-time payment history end up using their card at the store, only to see it get declined because AMEX's systems need a Xanax. Now the card holder needs to user another card for a couple of weeks until the review is over. I don't have to worry about this with other issuers. 


If the financial review happens it happens usually there is more to the story when FR's do happen then what is initially told and once the truth comes out it usually is like oh you left that out and it makes complete sense such as sending a 3k paypal payment to a relative and the likes, just an example.  Also yes you do have to worry about that with other lenders as well.  Amex is just the one that gets the most attention as Chase does this, Citi has done this and sure many other lenders have as well if they get spooked or have a reason an applicant lied about their income or is getting into some financial hardship or overspending, etc.

Message 14 of 15
Anonymous
Not applicable

Re: Amex got a bit concerned. :)


@CreditCuriousity wrote:

@Anonymous wrote:

@CreditCuriousity wrote:

@Anonymous wrote:

@Tiz wrote:

I just got my Premier rewards gold card from Amex about 2 weeks ago and I had a 50k points bonus after spending 2k in 90 days. I hit it in a week. Smiley Surprised Amex called me on Friday and asked how much more I planned to put on it before the first statement cut because they usually take a year to learn their customers spending patterns. ...


I love AMEX but they need to take a Xanax. The most paranoid lender out there. 


They also have the lowest loss ratio of any big lender if I am not mistaken and they plan on keeping it this way Smiley Happy.  So them begin paranoid is probably good although it bugs some people until they get to know you and once they do the flood gates are open if they know you can do huge payments back to them.  Once they know you you won't typically hear anything from them.  I have never had an issue from them ever, but others obviously have a "toothing" period with Amex


My bigger issue is the financial review. Long time, loyal cardholders with a perfect on-time payment history end up using their card at the store, only to see it get declined because AMEX's systems need a Xanax. Now the card holder needs to user another card for a couple of weeks until the review is over. I don't have to worry about this with other issuers. 


If the financial review happens it happens usually there is more to the story when FR's do happen then what is initially told and once the truth comes out it usually is like oh you left that out and it makes complete sense such as sending a 3k paypal payment to a relative and the likes, just an example.  Also yes you do have to worry about that with other lenders as well.  Amex is just the one that gets the most attention as Chase does this, Citi has done this and sure many other lenders have as well if they get spooked or have a reason an applicant lied about their income or is getting into some financial hardship or overspending, etc.


AMEX gets negative, highly recognized critcism with FR's for a reason. I bet for every 1 Chase FR, AMEX does 500,000 of them. 

I'm not solely speaking of the Paypal transfers. Sometimes they're just randomly triggered for other reasons, such as paying in advance or  carrying 30%+ of your balance for a few months (which isn't even that high). 

 

You don't see the stories coming from the other 50,000 institutions because you have a higher chance of getting struck by lightening than getting an FR through them. 

 

Message 15 of 15
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