Anyone wanna hear a funny Financial Review story?

[Anonymous]

So its a nice day, a little chilly mind you....

I'm sitting back in my chair at the office. I say to my self, "self, I have a couple minutes of free time, I guess I'll call AMEX and link my two cards membership rewards programs"

So I call them, the CSR is very kind and says, "oh it appears as though your account is under review" *insert thunderous background sound" .

She's like its shouldn't be a problem, she verifies my employment info over the phone. Then she is like if we have any questions we'll call you. If not, your good to go."

Now, I am psychopathic about payment. I pay almost every charge off immediately. (I had 24 payments in my first month, I essentially paid them after every charge).

So *riiinggg, riiinggg* I get another call from "unknown". It was AMEX, this time they wanted info....So I told them about my payment history, and she was like, "yes we see you have a great payment history, and we thank you for your payments, however we still need you info..."

So I said "ok, what do you need?" They are like "we need your last three months of bank statements." So I tried one more time to get them to reconsider considering my insanely efficient payment style. No go, "we still need your info. And oh ya, your cards are on hold. and unusable"

So im kind of frusturated, and am gathering my info to send them (about 12 min go by)....

*riiiiing, riiiiing* , I say hello? They CSR says "I spoke to my lead, and because of your exceptional payment patterns, we have decided to let you go. Your cards are no longer locked, and you are no longer under financial review. We no longer need your bank info as well."

I say "uhhhh ok, thank you I appreciate it." she says "happy holidays".

"............................" (that's what was going through my head after I hung up)

I have only really one problem what just happened....

• Instead of putting people through emotional roller coasters, how about verifying with your FR department if your going to follow through, or if the account warrants AA....

AMEX is crazy lol this is the most schizophrenic FR story I have heard to date....

They FR'ed me, and passed me through the FR  process all before I had a chance to do anything...

lol In retrospect I wish they would have just saved everyone the trouble and done this behind the scenes..... sheeesh....

[Creditaddict]

Some banks actually get more worried when you make that many payments... The system will take a couple days to actually clear that payment, but Amex usually gives it to you right away... I would slow up your payments to maybe 1 a week.

[Anonymous]

Really? I kinda feel like when they looked at it, and saw how fast I made payments relative to the charges, that's what made them decide to let me off the hook....

[JayRizzo]

Yeah, it sets off red flags only because crooks messed it all up for us regular-paying folks.  If someone's credit card is stolen or ID theft happens, the criminals try to get as much as possible off someone's card by making fake payments, then when it post to the account they do cash advances or go shopping to clean it out to zero.  Then the payment ends up bouncing leaving the credit card company holding the bag.  Your payment habits are tracked for such anomalies.  If they see a flood of sudden payments, their process kicks in.  I actually like it, but it can be frustrating trying to prove you ARE the card holder.  Just my two-cents worth.

[Watchmann]

Any activity out of the norm raises flags, and paying 24 times a month will raise flags.  There is just no need to do it, none.  Unless you are making purchases far outside of the normal range paying once a month is optimum.  And remember, these electronic payments cost money for the bank and AMEX so you are costing them money.  It just raises your profile (not in a good way) with AMEX.  Best advice for AMEX is to use your card and pay it off every month.

[Creditaddict]

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@Watchmann wrote:

Any activity out of the norm raises flags, and paying 24 times a month will raise flags.  There is just no need to do it, none.  Unless you are making purchases far outside of the normal range paying once a month is optimum.  And remember, these electronic payments cost money for the bank and AMEX so you are costing them money.  It just raises your profile (not in a good way) with AMEX.  Best advice for AMEX is to use your card and pay it off every month.

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+1

if you get to far outside your spectrum, Amex will call you and ask for payment, you can pay over the phone with a rep and they will release account instantly, believe me only when asked will Amex get a payment before due date from me.

[haulingthescoreup]

+1, -1, lol

I agree about halfway. Once you have a good (= established) history with AmEx, once a month is plenty. Early on, I can see making a payment or two extra along the way, if you're having way too much fun with the card. But daily payments are unnecessary, and all you do is get them to start looking at you with deep and unwanted curiosity.

Somewhere or another along the way, an idea got going here on the forums that the moment that you get an American Express card, you should use it to buy the entire known universe, several times a day, in hopes of making them think that you need a higher limit or something. I really disagree. Definitely use the card for things that make sense, but don't go looking for endless opportunities to add some ka-ching to your account. You just don't want (or need) to attract their attention.

You do NOT want to look like a ticking timebomb when they review your account. Just look like some boring, responsible, slightly footsore businessperson going about your daily business, happy to be a member of the American Express fam.

[ArisGreek]

So hauling would you suggest not charging everything? I charge EVERYTHING on my AMEX card and pay it once a week, sometimes twice a month.  I charge dunkin' donuts coffee, gas, groceries, cafeteria at work, cell, cable, etc..everything. Should I not do it? I've had them for almost 3 years in January.  

[Anonymous]

I'm not hauling, but I have an opinion .

I think what the issuers are looking for is patterns. You say you have had the account for three years now, and if you pay it every week or two, they know that this is your payment pattern and will not be worried at all. They might get worried if they don't see a payment in a month from you . It's just that paying 24 times in one month looks a bit ... overenthusiastic .

I know of quite a few people who always pay all their cards every two weeks when their paycheck arrives. That way, you do not even have to know when your due dates are, because you cannot miss them.

[Watchmann]

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@ArisGreek wrote:

So hauling would you suggest not charging everything? I charge EVERYTHING on my AMEX card and pay it once a week, sometimes twice a month.  I charge dunkin' donuts coffee, gas, groceries, cafeteria at work, cell, cable, etc..everything. Should I not do it? I've had them for almost 3 years in January.  

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I don't think there is any issue in the way you are using it if it works for you, but I pay cash for day to day stuff.  That way I don't have to worry about these niggly charges adding up.  Arguments both ways.  If you have been doing this for three years why not set up an automatic payment on the due date?  It works and you don't have to keep monitoring the account and making payments every week.  You can always pay early if you want if you are approaching your CL.  Again, you aren't gaining brownie points with AMEX by paying several times a month.  Paying once a month according to your card agreement is all AMEX expects.  And if it is set up as an automatic PIF AMEX may look a bit more kindly on lots of activity because you have the automatic payment  set up.  Of couse that payment could bounce but most people who would go to the effort to set up an auto payment system aren't likely to let the payment fail.