AMEX Financial Review Question

[Anonymous]

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@Anonymouswrote:

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@Anonymouswrote:

I would say transfer your points and forget about AMEX. Conduct financial reviews right after the application is submitted if you're so worried about if someone accurately put their correct income on the form. It's not worth jumping through hoops just to keep them. 

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Close to my thoughts.   I guess it really comes down to how much you want/need particular Amex products (as compared to feeling bad/cheated/angry whatever at this change).     If the functionality can be easily replaced, I wouldn't bother with any more calls, you have transferred your MRs and just move on.

If the products are important, then obviously keep on trying, but it can be hard.   You are almost certainly not going to get a "real" reason: issuers don't want you to know exactly what triggers action, and they don't want to get into a dialogue by giving reasons you can discuss.

But, obviously, you have to decide the gain/pain effort ratio for yourself...

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With the introduction of the Navy Federal AMEX, the regular AMEX cards have become less appealing to me. When I can get instant 3x on groceries and gas, 2x on restaurant purchases, and 1x on everything else, plus the member mall with no annual fee and no constant threat of a financial review, I think it's a much better way to go than dealing with AMEX directly. 

I think after my "Plan It" for the iPhone X I bought last week is completed within the next six months, I may throw in the towel on direct AMEX cards completely. AMEX cannot match the type of service I receive from Navy Federal and I'd be loyal to Navy 100x over loyal to AMEX who can close my account if I refuse to give them proof of income after they randomly decide to decline my card at a restaurant or somewhere else. AMEX shouldn't expect loyalty with some of their business practices when compared to other issuers, especially when they're a far cry worse compared to what they used to offer, such as superior dispute resolution services. 

[wasCB14]

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@Anonymouswrote:

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@Anonymous

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With the introduction of the Navy Federal AMEX, the regular AMEX cards have become less appealing to me. When I can get instant 3x on groceries and gas, 2x on restaurant purchases, and 1x on everything else, plus the member mall with no annual fee and no constant threat of a financial review, I think it's a much better way to go than dealing with AMEX directly. 

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Why go out of your way to have an Amex network card at all? As far as I'm concerned, a non-Centurion Bank Amex network card just means inconveniece due to limited acceptance without the perks and protections to justify it.

I'm not saying NFCU cards are bad. I nearly joined and their customer service is highly rated. But if I got one, I'd stick with a Visa.

[BronzeTrader]

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@Anonymouswrote:

Much appreciated.  I split them between Delta and FlyingBlue.

This whole thing situation is absurd to the point of seeming farsical.  I don't even care at this point if the supervisor saves my cards when I speak to him tomorrow (he won't); I just want someone to give me a reason why this happened.

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You can't say this is absurd.  AmEx has its own reason.  It does not like to lose any business.  But business is business, nothing personal.

In your case, I'll transfer out all your MR points.  AmEx is nice to allow you do that.  Try to talk them into keeping a credit card with low CL.  So you kep the AmEx relationship. 

I'll keep the positive energy.

[Anonymous]

I been through the financial review. You fill out a form . Fax it back to them takes about 1-2 weeks. And they will lower your credit limit.

[Anonymous]

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@wasCB14wrote:

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@Anonymouswrote:

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@Anonymous

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With the introduction of the Navy Federal AMEX, the regular AMEX cards have become less appealing to me. When I can get instant 3x on groceries and gas, 2x on restaurant purchases, and 1x on everything else, plus the member mall with no annual fee and no constant threat of a financial review, I think it's a much better way to go than dealing with AMEX directly. 

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Why go out of your way to have an Amex network card at all? As far as I'm concerned, a non-Centurion Bank Amex network card just means inconveniece due to limited acceptance without the perks and protections to justify it.

I'm not saying NFCU cards are bad. I nearly joined and their customer service is highly rated. But if I got one, I'd stick with a Visa.

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It's a good card. Most of my spending is in gas, groceries, and restaurants. I didn't get it for the AMEX logo, but just the rewards system that compliments the card. I don't have much of an issue with AMEX acceptance where I live... Even USAA Insurance takes AMEX. I also have a NavyFed Cash Rewards Visa to compliment it, but it seldom gets used. 

[Anonymous]

Just to give a full experience, I wanted to update what has happened.

The accounts were cancelled.  The call with a supervisor was more crowd control than anything else.  He was helpful, provided me with a bit of reasoning for why the Financial Review was ordered and admitted it was just bad timing that the income verification is being based upon old income effected by unfortunate health circumstances.  But there is no flexibility on the how and why they verify, nor on reversing the decision. 

They are sending me a check for the refund of my membership fees.  They told me they are doing this because of the circumstances and the 11 year history, but they might just be telling me this and could do it for everyone (so ask for it if it ever happens to you).  Either way, I'm appreciative.  All points transferred successfully to airline mile programs, but I cannot stress enough that you should do this as soon as the Financial Review is started if you think there is a chance of cancellation.  I have been told three different point scenarios by different reps at AMEX through this experience (30 days to transfer, 48 hours to transfer, no ability to transfer) which just means to me that it's possible your points could just dissapear.

The vexxing part of this for me is that it is very hard to get a straight answer on these matters through the process.  I was approved by Chase for a Sapphire Reserve that I applied for the moment I was notified of the AMEX cancellation, so at the end of the day, it's not so bad.  It's just been a weird experience, and then...

I called to pay the last statement that came through today on the Gold card because the online/iOS app accounts don't work anymore.  After which, I'm notified that AMEX's "Responsible Lending" department has put in a request to speak with me about the decision.  OK.  I am transferred and they notify me that, a whole 3 days after the cancellation, I have come up for consideration of reinstatement.  Would I "like to formally submit that my cards be reinstated?" 

I sort of laughed.  "So you cancel my cards out of the blue while refusing to accept any additional - I would argue, actually relevant - information from my end on personal finances and then 3 days later offer to reinstate the cards? ... I'm good."

[Anonymous]

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@Anonymouswrote:

 I am transferred and they notify me that, a whole 3 days after the cancellation, I have come up for consideration of reinstatement.  Would I "like to formally submit that my cards be reinstated?" 

I sort of laughed.  "So you cancel my cards out of the blue while refusing to accept any additional - I would argue, actually relevant - information from my end on personal finances and then 3 days later offer to reinstate the cards? ... I'm good."

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WOW! now that is wild...

[Shadowfactor]

I would see if they would give you a nice MR bonus for all the hassle. Might be worth a shot.

That is provided you wish to keep your accounts at Amex at all.

It’s a large company, stuff like this happens. Although annoying.
It’s certainly understandable. You had a charged off account, you paid it back, Someone pulled your account and evaluated it for risk. That department/person didn’t like what they saw but someone higher up the food chain decided they wanted your business so they offered you a reinstatement.

I would probably be very irritated by now, as I’m sure you are but Amex did recogize your value as a customer and attempted to fix it although very backwards.

See how much they want your business with asking about a MR bonus.