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HELP: Surviving AmEx Financial Review

anm688
New Contributor

HELP: Surviving AmEx Financial Review

It finally happened. I'm being financially reviewed by American Express to see if my income justifies my spending.

 

Trigger of AmEx Financial Review: Spending $75K this month.

 

Here is my problem with their process. The representative said I cannot provide bank statements as my savings grace, and that they can only do it by pulling my IRS tax returns.

 

Has anyone else survived a financial review with a low taxable income and high spending? Any recommendations?

 

NOTE: I pay off my AmEx card in full every month. So they should see a history of me being able to cover my expenses.

Message 1 of 27
26 REPLIES 26
Irish80
Moderator Emeritus

Re: HELP: Surviving AmEx Financial Review


@anm688 wrote:

It finally happened. I'm being financially reviewed by AmEx to see if my income justifies my spending.

 

Trigger of FR: Spending $75K this month.

 

Here is my problem with their process. The representative said I cannot provide bank statements as my savings grace, and that they can only do it by pulling my IRS tax returns.

 

Has anyone else survived a financial review with a low taxable income and high spending? Any recommendations?

 

NOTE: I pay off my AmEx card in full every month. So they should see a history of me being able to cover my expenses.


There's not much you can do but submit the tax forms.  If you don't they'll just close your accounts.  If you submit the forms and your income is less than what you claimed when you applied for the card they'll either shut down your account or more than likely put a hard spending limit on your cards.

Message 2 of 27
12velectronics
Valued Contributor

Re: HELP: Surviving AmEx Financial Review

You spent $75K this month?! C'mon dude/dudette.. If you're going to be pulling some shennanigans, at least be smart about it lol.. 

Message 3 of 27
anm688
New Contributor

Re: HELP: Surviving AmEx Financial Review


@12velectronics wrote:

You spent $75K this month?! C'mon dude/dudette.. If you're going to be pulling some shennanigans, at least be smart about it lol.. 


LOL. I know it looks odd. BUT...I payoff everything I spend within 1 week. I never carry a balance. 

 

And I've already paid off $68,000 of the June expenses. I'm going to pay my final $7K this next week. 

Message 4 of 27
Mia25
Senior Contributor

Re: HELP: Surviving AmEx Financial Review


@anm688 wrote:

@12velectronics wrote:

You spent $75K this month?! C'mon dude/dudette.. If you're going to be pulling some shennanigans, at least be smart about it lol.. 


LOL. I know it looks odd. BUT...I payoff everything I spend within 1 week. I never carry a balance. 


If you have the money to pay $75K a month, then you should have no issues when you submit you tax returns. They want to know if your income supports your spending. 

Message 5 of 27
longtimelurker
Mega Contributor

Re: HELP: Surviving AmEx Financial Review


@Mia25 wrote:

@anm688 wrote:

@12velectronics wrote:

You spent $75K this month?! C'mon dude/dudette.. If you're going to be pulling some shennanigans, at least be smart about it lol.. 


LOL. I know it looks odd. BUT...I payoff everything I spend within 1 week. I never carry a balance. 


If you have the money to pay $75K a month, then you should have no issues when you submit you tax returns. They want to know if your income supports your spending. 


Right.   So what is the issue?  e.g.

 

a) You have financial resources that don't show up on your tax return such as inheritence (or money from drug running, whatever!)

b Spending is reimbursed by someone else, such as an employer

c) Spending is MS

d) or something else

 

If the income on your tax return is not enough to cover spending, you will need some explanation!  

Message 6 of 27
CAPTOOL
Senior Contributor

Re: HELP: Surviving AmEx Financial Review

What are you spending $75K on in a single month? Is this business spending on a personal card?

Message 7 of 27
trant3
Established Contributor

Re: HELP: Surviving AmEx Financial Review

I see you have 5 amex cards. Best thing to do is submit the 4506t form and let it ride. Good luck!

FNBO $15k, Aspiration Zero $11k, Affinity FCU $10k, Sofi $15k, Venmo Visa $2.7k, Apple $7k, Citi Custom Cash $14k, Citi Double Cash $15k, Citizens Bank Cash Plus $8k, Chase Amazon $3k, Chase Flex $13.6k, Chase IHG $16k, Amex BCP $9.5k, Amex Hilton $10k, Chase Freedom $26.5k, NFCU Plat $46k, NFCU Cash $33k, Discover IT $29k, Discover Miles $12k, BECU Visa $14k, Wells Fargo Active $6.3k, PenFed Promise $15k, PenFed Gold $20k
Message 8 of 27
agchenry
Valued Member

Re: HELP: Surviving AmEx Financial Review

it's quite possible to spend 75k a month on a 100k salary in a business. In many cases one cand spend 75K to make 10% of that money. You should have business business tax return that show gross income and net income. If your gross income justifies your monthly expenses (regardless of net inclome) you should be good to go!

Message 9 of 27
12velectronics
Valued Contributor

Re: HELP: Surviving AmEx Financial Review

I think we are all under the impression that this is a personal charge card and not business. 

Message 10 of 27
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