Just some information that may be useful to people developing a relationship with AMEX.
Shorlty after my global limits with AMEX surpassed $100,000.00, I was hit with a financial review and limits were placed on all of my cards so that they could no longer grow. I really don't mind limits, but in the eyes of AMEX, its considered Adverse Action and will prevent me from expanding my business with them... (They simply have not approved any more products citing limits placed on accounts as the reason for multiple denials)
During the review, they werent interested in business accounts.. or even the business checking account that I had with them. Nor were they interested in my business revenues or all of the credit card processing payments deposited directly into their account. I had to send them information about my personal assets... It was annoying, but I sent them a personal bank account statement with $204,000.00.
My request to lift the restrictions and limits from my account was denied and the limits are still in place. As a result Im moving 99% of my business to chase. I'm not sure how much you need in liquid cash to have your global limits move higher than $100k, but I was done bending over backwards to give them more business.
Disclaimer *I entered into a payment plan during covid, and paid on my balances for 4 months before I was about to pay the account in full with my first EIDL loan* -- Im not sure if this is the reason or not.. but just be careful when growing to fast with them.. I got up to the $100k global limit in about 2 years.
Last Inquiry 12/23/2022 Ally Bank Mortgage
@tparks5961 wrote:Just some information that may be useful to people developing a relationship with AMEX.
Shorlty after my global limits with AMEX surpassed $100,000.00, I was hit with a financial review and limits were placed on all of my cards so that they could no longer grow. I really don't mind limits, but in the eyes of AMEX, its considered Adverse Action and will prevent me from expanding my business with them... (They simply have not approved any more products citing limits placed on accounts as the reason for multiple denials)
During the review, they werent interested in business accounts.. or even the business checking account that I had with them. Nor were they interested in my business revenues or all of the credit card processing payments deposited directly into their account. I had to send them information about my personal assets... It was annoying, but I sent them a personal bank account statement with $204,000.00.
My request to lift the restrictions and limits from my account was denied and the limits are still in place. As a result Im moving 99% of my business to chase. I'm not sure how much you need in liquid cash to have your global limits move higher than $100k, but I was done bending over backwards to give them more business.
Disclaimer *I entered into a payment plan during covid, and paid on my balances for 4 months before I was about to pay the account in full with my first EIDL loan* -- Im not sure if this is the reason or not.. but just be careful when growing to fast with them.. I got up to the $100k global limit in about 2 years.
Sorry for your unpleasant experience with Amex.
1. I would assume that the payment plan was the trigger, and therefore would not generalize from your experience.
2. If the 6 cards were personal cards, I can see where they would not take into account your business revenues and relationship.
3. I do not think Chase is any more compassionate than Amex. To me, all banks are pretty much merciless. I think it's best to diversify, to use the cards most which best suit your needs, and to keep some credit card business with Amex, while spreading it around more. Certainly you are right not to be bending over backwards to give Amex business.
4. I wouldn't have used Amex for checking or for credit card processing. I consider Chase's handling of checking accounts to be the best in the business. And I would use an independent company for credit card processing, because (a) I don't trust banks and (b) I don't believe in putting all of one's eggs in the same basket.
Hey SouthJamaica,
I've been a long time follower of yhhours thanks for the reply.
I figured as much, my account must be under extra scrutiny because of the payment arrangement in 2020. I'll also look for a high yield savings account to park funds at.. Problem having too much money in a chase account is basically no interest earned.
Thank you
@tparks5961 wrote:Hey SouthJamaica,
I've been a long time follower of yhhours thanks for the reply.
I figured as much, my account must be under extra scrutiny because of the payment arrangement in 2020. I'll also look for a high yield savings account to park funds at.. Problem having too much money in a chase account is basically no interest earned.
Thank you
Agreed that Chase's savings rate is no good. For personal savings I think Alliant CU is very good.
I only have one revolver. Blue business plus.. The other 3 are charge cards.
I think in the end my spend was so high, that if left unchecked, I would have had a very high internal spending limit. A financial review is something I understand for the amount of money they would have been on the hook for.. It still boggles my mind and is truly an unfortuante loss for them. I doubt I would have these problems with chase since I have multiple accounts with them.
I loved my Amex card dont get me wrong.. but after the following:
700k spend in 8 months
200k individual account bank statement sent to them
Over 100k in deposits in an Amex business Checking account
300k worth of square transactions deposited directly into the Amex Business Account
1.6 million in reported revenues last year..
And to still have problems.. they can keep it.. It really is not worth any more of my time at this point.
@acreditdummy123 wrote:amex sucks. dunno why people on here like them so much. i do have two cards by them but its nothing special.
@acreditdummy123Is there a card you do like? First it was NFCU then Citi and now AMEX?
