topic Re: After being approved for 30 Days on Amex Platinum they call a Financial Review??? in Credit Cards

After being approved for 30 Days on Amex Platinum they call a Financial Review???

Anonymous — Sun, 05 Oct 2008 02:41:39 GMT

Ok,

So I recently posted out there many thanks for the help in raising my score - MyFico rocks!

Well, I have also read much Amex bashing and thought, well, everyone is entitled to their opinion. I must say, I have had a rather unpleasant experience with Amex recently and felt the need to share.

After being an Amex Plat (I travel extensively) customer for 30 days, and my account being PIF, ($20K the 1st month - which included our Christmas trip to Vail booked through Amex Travel) Amex pulls a financial review on a $4500 charge and my card is DECLINED even though my account is PIF!!!!

The vendor asks me for another form of payment as they are told to have me call a different 800 number (the Financial Review line). I present another card, get in paid - and rush home to call AMEX to find out what is going on.

Spend 45 minutes on the phone - speak with 4 different people only to be told that I need to speak with the "Financial Team" on Monday between 8AM - midnight. Are you kidding me?

I hung up more ticked off and frustrated, I call customer service back and let them know of my experience and they offer me 1,000 "goodwill" points (since I lost the 4500 points on my purchase).

I told them that after 30 days, account PIF, declined my transaction, and now being on "credit review/probation"... its really not a good way to start a relationship.

I cancelled the card this evening. I guess they got my $450 and that's all they really cared about.

I'm not about to expose all of my records to these guys. I think that with a score of 700+ across the board, util less than 5% on my cc, that and paying off a $20K+ charge would be enough for AMEX... guess not.

Any thoughts or feedback would be greatly appreciated.

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

Anonymous — Sun, 05 Oct 2008 02:50:06 GMT

I am glad you took a stand and pushed back.

I am sure lots of companies would be glad to have your business.

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

haulingthescoreup — Sun, 05 Oct 2008 02:59:16 GMT

I really do wish that they'd have a one-week-long corporate retreat between the approvals people and the risk management/ account review people. It's absurd to send such mixed signals.

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

Uncle_Money — Sun, 05 Oct 2008 03:08:33 GMT

Hi French,

Sorry to hear this.

It could be the high balance of 20K in the first month that made them start to worry, especially with what's happening in the financial world right now. That's my guess, and just my opinion. Amex is a very strange animal right now. I have two cards with them, and they softed me twice within a 2 week period last month.

I don't blame you for cancelling and Timothy is right. I'm sure plenty of banks will want your business, especially if you run 20K through in a month's time. Good luck.

- UM

Message Edited by Uncle_Money on 10-04-2008 08:08 PM

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

Anonymous — Sun, 05 Oct 2008 03:26:43 GMT

I guess $20K is more than the average I'm sure.

But if PIF the day its due, why stop there - like you said - plenty of banks would be willing to see that business.

Are they as "paranoid" on the credit 'vs' charge side of the house?

Might have to call my friends @ Citi who have been sending me apps for the past year!

Thanks!

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

Anonymous — Sun, 05 Oct 2008 03:28:40 GMT

Yep- they are tripping on both the credit and charge sides of the house.

They set a limit on my Gold Charge card.

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

Anonymous — Sun, 05 Oct 2008 03:32:22 GMT

Guess I picked a bad time in our economy to make friends with Amex

A limit on a charge card huh? I thought that was the purpose... no limit.

Hey, I had known that my Plat was going to have a "vitual" limit and it would trigger this type of behavior, I would have "layed low"... but my average spend is about $10k-$15k /month - it was slightly heavier because of the AMEX Travel bill for our yearly trip to Vail booked through Amex Travel...

Its just senseless...

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

Not_the_Point — Sun, 05 Oct 2008 03:32:41 GMT

May be possible that AMEX is not really interested in these cards being used for personal use? I know that AMEX is big as a company credit card... maybe they're only interested if you're using a company card?

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

Anonymous — Sun, 05 Oct 2008 03:36:53 GMT

I really don't think it to be the case. I approached them for a personal PLAT card - not corporate.

The thought here is the charge cards should allow you to "charge" more - since you're paying it off anyway.

Oh yeah - one thing I forgot to mention - I got a letter in the mail asking me if I wanted to "keep a balance/pay over time".. my immediate reaction was HECK NO!... Maybe I should have...

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

davidboca — Sun, 05 Oct 2008 04:00:55 GMT

Despite what people might think regarding Amex Cards not having a set credit limit, in fact they advertise the claim of no 'Preset' credit limit. Recently, this has become to be defined as: The credit limit/account access can vary at any time. The Limit is truly not preset, so this month it is $20K, next month a petty $500. Their attitude is 'que sera, sera'! What will be, will be!.

I think it stinks to pay $450 in the form of an annual fee for a AMEX Platinum Card only to receive this type of service.

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

Not_the_Point — Sun, 05 Oct 2008 04:04:52 GMT

I agree... having read alot of the horror stories from people with really great credit histories, there is nothing magical about AMEX to justify paying them huge annual fees only to get unpredictable behaviour from them.

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

Anonymous — Sun, 05 Oct 2008 04:53:36 GMT

Somehow, these stories sound as if that company went completely bonkers. I had Visa block my card several times, but it's just a matter of a phone call to clear everything up. But marking your account for review and cancelling all your rewards just like that? From a customer retention point of view, that sounds raving mad.

Let's see what kind of stories my Costco TE will produce. I guess I made the mistake of using it . I'm waiting.

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

Creditaddict — Sun, 05 Oct 2008 07:02:21 GMT

amex is a company that you have to sneak into bed with, they are not a one nighter, they need to be wine and dined. I love my amex and stand behind my charge card for business to great lengths. but I call if im going to make large purchases, travel, etc. so we are all on the same page with whats going on.

Granted you would think after making your first payment with no problems you would not raise any flags but in todays credit crunch i think you have to be a little more active with your credit issuers to ensure them of whats going on with your life.

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

Red1Blue — Sun, 05 Oct 2008 10:38:04 GMT

With Amex key in the beginning is make lot of charges and also make lot of payments at the same time. I almost make one or two payments a week on my account and bring the balance down and keep charging the card again. This gives them confidence we are not going to rack up the charges and disappear into the dark. I am sorry to hear what happend to OP. My suggestion is keep making more payments on the cards. First Equity Business card closed by biz account. I paid on time every monty for 12 months. They still closed my account. I guess considering what is happening in the credit industry, I dont blame them.

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

plasticguy — Sun, 05 Oct 2008 11:03:48 GMT

@Uncle_Money wrote:
Hi French,

Sorry to hear this.

It could be the high balance of 20K in the first month that made them start to worry, especially with what's happening in the financial world right now. That's my guess, and just my opinion. Amex is a very strange animal right now. I have two cards with them, and they softed me twice within a 2 week period last month.

I don't blame you for cancelling and Timothy is right. I'm sure plenty of banks will want your business, especially if you run 20K through in a month's time. Good luck.

- UM
Message Edited by Uncle_Money on 10-04-2008 08:08 PM

That's their job to do Soft Pulls on your Report. It states in your card holder aggrement that your account is reviewed monthly. I also see AMEX CORP or AMEX ACCOUNT REVIEW on my Experian report. Soon after that, I get Pre approvals in the mail. I carry only the Blue with a 23K limit, and I hardly ever charge more than $200 per month. Current APR 6.99%

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

Anonymous — Sun, 05 Oct 2008 12:14:43 GMT

I guess my thought is what's the point of getting a card that you can't use.

I did omit telling everyone that by the middle of the month I cleared my balance to $0 (only had about $4K).

I also called amex to let them know of my business travel schedule (i.e. traveling to Miami, Boston, etc.)

Regardless, I thought that with paying $450 for the membership and booking our annual ski trip to Colorado through THEIR (Amex travel) agency (instead of going to my regular travel co.) showed them that I "valued the relationship" and wanted to give them the business.

I didn't get the card not to use it. To me this was like a debit card. Maybe like one of the other posters said I should have made more payments throughout the month.

Guess we'll go back to good old Citi with a $0 Bal and a $25K limit.

Thanks for your thoughts and contributions... I appreciate it!

French

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

haulingthescoreup — Sun, 05 Oct 2008 12:44:22 GMT

I consider AmEx a long-term investment. I'm using my Gold charge for 10 months before adding a revolver, and the revolver will then be pretty much sock-drawered for a year with recurring charges on it (cell phone, Internet), while I keep using the Gold for purchases. Then I'll see about treating it like a normal card. Of course, if they get weird on me, I'll just chop 'em and move on.

The overwhelming difference I see among those who are happy with AmEx and those who have had disasters is the length of time that they have been with the company. The long-termers with established track records seem to be doing fine. But AmEx definitely seems to have a bad case of morning-after regrets, and in many cases, they're acting accordingly.

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

Anonymous — Sun, 05 Oct 2008 14:16:20 GMT

@Creditaddict wrote:
amex is a company that you have to sneak into bed with, they are not a one nighter, they need to be wine and dined. I love my amex and stand behind my charge card for business to great lengths. but I call if im going to make large purchases, travel, etc. so we are all on the same page with whats going on.
Granted you would think after making your first payment with no problems you would not raise any flags but in todays credit crunch i think you have to be a little more active with your credit issuers to ensure them of whats going on with your life.

Agreed.

And between Creditaddict and HTSU, I think we have enough of these colorful comparisons of AmEx to some crazy chick who you go go to bed with at night, and when she wakes up in the morning she goes bonkers and financial reviews your ass.

Message Edited by jaybird201 on 10-05-2008 10:16 AM

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

haulingthescoreup — Sun, 05 Oct 2008 14:24:46 GMT

jaybird201 wrote:
And between Creditaddict and HTSU, I think we have enough of these colorful comparisons of AmEx to some crazy chick who you go go to bed with at night, and when she wakes up in the morning she goes bonkers and financial reviews your ass.

"chick"?

Re: After being approved for 30 Days on Amex Platinum they call a Financial Review???

smallfry — Sun, 05 Oct 2008 15:35:44 GMT

Their plastic doesn't seem to be worth all the trouble.