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A few days ago I got two letters in the mail from AMEX (one for each biz cc I have), saying they need more information on my business since I filed as a sole prop on the application. The letter gives a number to call, and also states you have 30 days to call, or they will close the accts.
So I called, provided the reference number, and basically "verified" a few things...name, DOB, last 4 SSN, Biz name/addy, etc.. and if I was a corp etc... Im an LLC, so I told them Im a single member LLC, and they asked if I file taxes separetly or all together with personal, and I said all together, but I also offered up my EIN to them, and they took note of it as well. That was it, very quick and easy phone call, and my accounts were never in jeopardy, unless I didnt call within the 30 days.
Rep said it wasnt just me being singled out, as I asked lol. They said all businesses that are SP, and havent already been verified like this (with the letters to call), are being sent one. So...if you have never been thru this before, expect a letter.
That's interesting. I should be expecting a couple letters soon. Godd think I've been doing this for over a decade. Lol.
Maybe they've been having a lot of applications recently. I know there's a few videos saying how anyone can get a business CC through Amex "...even if you sell stuff on ebay." I wonder what happens after the review and the requirements aren't met?
Yeah, I can see where these bloggers can have a possible negative side affect, as has happend before. Causing them to change their BIZ approval process.
They are basically saying if you have a pulse, and receive revenue as a panhandler you can get a BIZ CC!
While I'm sure Amex doesn't have any issues with people seeking credit for legitimate Biz reasons, I'm sure they'll possibly revoke any CC issued to people who cannot prove it. Especially if they're not profitable, or are just SUB chasing.
As for ebay, as long as it's Business income and reported as such. It can be consider a Business. I don't know how loose Amex will be in this whole gray area, but we already know that "Business Owner" today is a whole lot different term than what it meant 30 years ago. Even 20.
No letter here yet. I hope it didn't get lost (as a significant share of my mail seems to have, lately).
Still no letter here. Anyone have an update?
I would have thought this thread would be several pages long by now.
@wasCB14 wrote:Still no letter here. Anyone have an update?
I would have thought this thread would be several pages long by now.
It appears that there's some confusion in the original post. A sole proprietorship is a specifc legal method of organizing a business; an LLC is another method but a business can't be both an LLC and a sole proprietorship. It can be owned/operated by a single owner but that doesn't necessarily make it a sole proprietorship. I think that's the distinction that is missing and probably caused Pizza1 to misunderstand what Amex is reviewing.
Yeah the top post is confusing.
did OP apply as an LLC or as a sole proprietorship?
cant be both.
@Anonymous wrote:Yeah the top post is confusing.
did OP apply as an LLC or as a sole proprietorship?
cant be both.
I applied as a SP. Amex apps dont even have the option to choose LLC.
I haven't gotten any letters about this.
@pizza1 wrote:
@Anonymous wrote:Yeah the top post is confusing.
did OP apply as an LLC or as a sole proprietorship?
cant be both.
I applied as a SP. Amex apps dont even have the option to choose LLC.
You applied as SP but your EIN you used is LLC?
No wonder they are concerned.