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@koalablue wrote:
Amex just informed me that they're imposing a preset limit of 5000.00 on my Platinum card, which is actually higher than my monthly spend of about 1500.00. Anyone else have this?
So funny you mention this. I had a similar instance, I am in rebuilding mode and recently maxed out my cards (which I never do) around the holidays. I have an AMEX Green Card that I have been spending roughly $3K on every month and always PAID IN FULL. Well in Mid-December I got a notification that they were throttling my spending on my Green card to $2200 - Which really annoyed me because I was looking to do more spending on it and also is below what I put on it month to month. I have never not had it Paid in Full.
I called CS and they told me I could "challenge" the move by submitting my financial documents. So I did. I make $110 K and have $30K in assets. Two days later, I see that my preset limit was changed to $22,000.......was crazy but awesome at the same time because there are some months I would like to spend $5K on it. Now I can knowing my available limit.
I'm told this isn't a good thing from people well familiar with AMEX, but I like knowing what I have available to me, knowing it's always to be Paid in Full.
People always say financial reviews are this god awful thing...unless you're lying about your financial status, I don't see what the big deal is. I think they're willing to give you more access if they know for sure, what you are making and what you have available. I've made some giant purchases on the Green Card now that I would have never done before and they probably would have been denied.
My two cents
@DU556 wrote:
I'm guess people don't like FR because it feels like their privacy is being invaded a bit? Total strangers looking at your pay check and judging you.
AMEX FR takes it a step further by requiring a copy of your tax records and like you said some people balk at that for privacy reasons. I don't think asking for a pay stub is anything invasive but that's just me, tax transcripts I can see that.
@simplynoir wrote:
@DU556 wrote:
I'm guess people don't like FR because it feels like their privacy is being invaded a bit? Total strangers looking at your pay check and judging you.AMEX FR takes it a step further by requiring a copy of your tax records and like you said some people balk at that for privacy reasons. I don't think asking for a pay stub is anything invasive but that's just me, tax transcripts I can see that.
Yes, but some of the complaints about FR are more suddenly finding that all your Amex cards are frozen (especially when you are abroad).
If you are just challenging the imposition of a hard limit, that's more like a CLI request, you can supply the docs or not. With a "real" FR, with no docs, you lose your accounts.
Now any issuer would just close the cards in a similar situation, and the FR gives you a chance, but I think in some ways that might be more annoying! If things are just closed, you complain and move on. With the FR, there's a possibility to resolve things, but to do so you have to provide documentation and maybe discuss....
@longtimelurker wrote:
@simplynoir wrote:
@DU556 wrote:
I'm guess people don't like FR because it feels like their privacy is being invaded a bit? Total strangers looking at your pay check and judging you.AMEX FR takes it a step further by requiring a copy of your tax records and like you said some people balk at that for privacy reasons. I don't think asking for a pay stub is anything invasive but that's just me, tax transcripts I can see that.
Yes, but some of the complaints about FR are more suddenly finding that all your Amex cards are frozen (especially when you are abroad).
If you are just challenging the imposition of a hard limit, that's more like a CLI request, you can supply the docs or not. With a "real" FR, with no docs, you lose your accounts.
Now any issuer would just close the cards in a similar situation, and the FR gives you a chance, but I think in some ways that might be more annoying! If things are just closed, you complain and move on. With the FR, there's a possibility to resolve things, but to do so you have to provide documentation and maybe discuss....
For the specific purpose of what happened to the OP I agree. I'm talking more in a general sense of a FR from AMEX. Personally, I see no issue with AMEX asking for it and a customer to tell them they can politely shove it whether it's a FR for limit purposes or something that they got flagged for (purchases, payments, ability to pay, etc.).