topic Re: time for amex to go (again) in Credit Cards

time for amex to go (again)

swpopham — Thu, 05 Jul 2018 21:27:19 GMT

Ive had a love hate relationship with amex since 2010, always paid on time, no bounced checks, no disputed charges. I have always ran 8-20k a month on the platinum card. PIF, over the last 6 months they have called every single month. Some person saying "Sir, your spending is higher then we like, can you make a mid month 50% payment???" Then they tell me, let me explain how your card works.... I have this very simple answer, either it works or it dont, if it wont work I no longer need your company. Well today is the 4th of july, im at 11k and the AF just posted today and they started calling again. Im going to PIF on the 20th when its due and ask for a refund of my AF and close the card.

I dont care if I hit my "internal limit on this card" but they cut off our other amex cards and even my wifes primary card. They called and said your husband is an AU on your card and since his is suspended we are suspending your cards also until he pays. so even though we have spent 100-300k a year on these cards since we first got them it seems like they do not want the business any longer. I wish they had called last month and saved me the 550 AF.

Anyone else deal with this crap on a regular basis?

Re: time for amex to go (again)

wasCB14 — Wed, 04 Jul 2018 19:38:39 GMT

What alternatives are you considering?

Without knowing what made them uneasy (presumably not the balance in itself, as you've spent more on it before), it's hard to know whether the concern would carry on with some other lender's products.

Re: time for amex to go (again)

K-in-Boston — Wed, 04 Jul 2018 20:09:35 GMT

This seems extremely strange to me. I've spent $10k+ in a month numerous times over the years and never received that call. Not once, much less monthly. If you're regularly spending $100-300k per year on the card for years, I would assume that you should be able to spend at least $50-100k a month with zero issues on an Amex charge card without any issues.

What is your reported income to Amex? If that is low in comparison to what you're charging, then perhaps that is the issue. Are you running business expenses through the card in addition to personal charges, yet reporting the actual salary you pay yourself if self-employed? I could completely see this issue if say you're reporting an annual income of only $150-200k, but actually running that kind of spend through the card. In that case, I'd be shutting off someone's charges too if their charges exceeded their annual income.

If it's not a reported income vs spend thing, there has to be something we're missing because there are lots of people on FT and some here that run that kind of spend through Amex and have no issues (mine's been mostly through an Amex revolver the past year or so rather than one of my charge cards, but I'm not that far behind in spend, and at least in the ballpark).

Edit: As for the annual fee, as long as it hasn't been 30 days since it posted, you can close the card and it will be refunded. Alternately you may be able to get a retention offer.

Re: time for amex to go (again)

redpat — Wed, 04 Jul 2018 20:26:04 GMT

Looks like again caught up to you. What happened last time?

Re: time for amex to go (again)

Anonymous — Wed, 04 Jul 2018 20:59:17 GMT

So Amex is calling instead of just not approving the transactions? That's their own fault. If the spending is higher than they would like then they can choose not to approve the transaction.

Re: time for amex to go (again)

drboxing — Thu, 05 Jul 2018 01:28:17 GMT

AMEX placed a hold on my Biz Platinum because I spent higher than the previous month. I explained to the CSR that I charged an airplane ticket on the AMEX travel site which cost over $900, I did it to get the 5X points for membership rewards, AMEX asked that I make a payment to release the hold, I just paid the bill. Since then I just stay under $2000 a month regardless. It can be embarrassing

Re: time for amex to go (again)

K-in-Boston — Thu, 05 Jul 2018 02:14:09 GMT

@drboxing was that early on in your Amex relationship? Once a relationship has been established, there shouldn't be a reason to need to keep your spending so low, especially on a business version.

Re: time for amex to go (again)

Anonymous — Thu, 05 Jul 2018 02:25:48 GMT

@K-in-Boston wrote:
@drboxing was that early on in your Amex relationship? Once a relationship has been established, there shouldn't be a reason to need to keep your spending so low, especially on a business version.

Agree with this. My spending fluctuates a lot between months depending on what I am doing. But AMEX says they approve about 5x as much as I have ever spent in a month. From 3k to 15k according to their spending power tool. I have had a relationship with AMEX for 4 years, and no issues, though I was afraid I would be declined going up to 3k. Citi's "Fraud Prevention"(3times) has declined me more than AMEX(0times) . Citi is actually the only company to decline me anywhere.

Re: time for amex to go (again)

UncleB — Thu, 05 Jul 2018 02:26:08 GMT

@K-in-Boston wrote:
@drboxing was that early on in your Amex relationship? Once a relationship has been established, there shouldn't be a reason to need to keep your spending so low, especially on a business version.

@drboxing, I read your other post where you mentioned having some accounts close by Synchrony and Comenity, how are your scores? Any recent 'dips' that might have put you on Amex's radar?

I have very modest resources relative to many on here and I've never had an issue using my PRG (even with an AU who is fond of it). We can only speculate, but it seems there's something bothering Amex that's making them take this action on your account.

Re: time for amex to go (again)

Anonymous — Thu, 05 Jul 2018 02:45:59 GMT

I don't have a high income nor do I run alot through Amex like others here do. Also haven't been with them very long either.

But I've never been contacted or any action taken on purchases over $1K on any of my cards.

I can't see them having an issue with such small transaction, especially with the amounts you indicated that you spend and pay back regularly.

Re: time for amex to go (again)

drboxing — Thu, 05 Jul 2018 05:01:07 GMT

I had that 1 issue with Amex so I just stay below a certain amount. But with Synchrony for no reason they cancelled my accounts, Comenity they closed 2 that had no balances, my numbers run between 650’s

Re: time for amex to go (again)

drboxing — Thu, 05 Jul 2018 05:02:27 GMT

No that was the only issue, haven’t had problems with Amex since

Re: time for amex to go (again)

pipeguy — Thu, 05 Jul 2018 11:51:03 GMT

I gave up on AmEx years ago. I know these cards are loved on MF, but I no longer have any use for them other than a very small limit card with no AF from 1978 that I run a couple hundred through every year.

Re: time for amex to go (again)

AverageJoesCredit — Thu, 05 Jul 2018 12:02:08 GMT

Ok, I think redpat hig a very important question, again. The Again part might be important here if Op would clarify. Sorry to hear this OP, I'm sure you'll find alternatives with that kind of spend. But there has to be a reason for Amex concern

Re: time for amex to go (again)

CreditInspired — Thu, 05 Jul 2018 12:37:26 GMT

Hi OP,

So sorry to hear that you just want to close an acct, which IMHO, basically has been good to you for 10 years.

I would prefer a credit card company’s call asking me to make a 50% payment rather than be somewhere making a purchase and it’s declined. It’s a phone call, albeit annoying, but you have to understand that AmX is taking a big risk approving humongous spends on their cards.

IMHO, since you do PIF every month, why not just start making 2 payments a month. Is closing the card really worth cutting off your nose to spite your face?

Like another MFer asked, do you have an alternate plan once you close this acct. And, it’s also possible another banker may take the same approach on big spends.

Now that being said, I definitely agree with others that something has spooked them.

I just got my AmX in April 2018 with a $15K CL. In that small period of time, in addition to other purchases, I have put 3 large purchases on the card—$1,100, $1,600, and $2,400–without a peep from AmX. I didn’t PIF because of $0 interest but I also made very large payments 2-3 times a month, which my UT with them at the present is 14%. This will be at 5% by the time I make my July payment and 0% in August.

So, all I’m saying is to look at it from AmX’s risk-side and don’t take it personally. Just make 2 payments a month, and viola, the mid-month calls will disappear.

GL2U on whatever you decide.

Re: time for amex to go (again)

19eighty5 — Thu, 05 Jul 2018 21:41:42 GMT

@swpopham wrote:
Ive had a love hate relationship with amex since 2010, always paid on time, no bounced checks, no disputed charges. I have always ran 8-20k a month on the platinum card. PIF, over the last 6 months they have called every single month. Some person saying...

Hopefully everything works out with the AMEX relationship.

Re: time for amex to go (again)

yapsalot — Fri, 06 Jul 2018 08:09:15 GMT

Some of the Amex cards have no pre-set spending limit. But they all have limits, its whatever they want it to be. They know what the limit is but you don't. I'd rather have a preset limit. Then, if the card declines a charge within my limit then I would stop using that card because I would know it is unreliable. With the no-preset spending limit, you never know where you stand.

Re: time for amex to go (again)

UpperNwGuy — Fri, 06 Jul 2018 12:01:33 GMT

@redpat wrote:
Looks like again caught up to you. What happened last time?

The answer to this question may explain what happened this time.

Re: time for amex to go (again)

K-in-Boston — Fri, 06 Jul 2018 14:52:36 GMT

I don't think OP is coming back. I'm genuinely curious to find out the backstory here since glancing at OP's previous posts, he has a history of numerous very sudden and contentious endings with multiple lenders.

Re: time for amex to go (again)

Anonymous — Fri, 06 Jul 2018 17:35:14 GMT

@K-in-Boston wrote:
I don't think OP is coming back. I'm genuinely curious to find out the backstory here since glancing at OP's previous posts, he has a history of numerous very sudden and contentious endings with multiple lenders.

Just read through his posts. Seems like he has problems wherever he goes. Even saying he moved 7.5 million in business checking dollars to another Bank because Chase cut his limits on his personal cards. I think he is leaving important information out.