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Got hit with a Financial Review on my Amex Platinum Business card!! Now what?

the.J129 2,027 July 9, 2012 at 08:57 AM in Finance (8) More American Express Deals
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So here's what happened- I wanted to get some detailed information about the travel insurance that they offered, so I called their helpline. Either I somehow got transferred to their financial department, OR they had my account flagged, so that if I called, the call would go to the financial department.

Anyway, that's what happened. The analyst began asking me questions about my business (Which I listed as ebay.Wink) And my total annual income.
So, then she asked me for my email address, and told me that she was going to email me a form, and THAT'S when it struck me that this was a financial review!! MadMadSo, the card has been placed on hold. I asked her, what triggered the review. She said that they are just doing the review to make sure that "Based on your income, you're getting the best value and service from this card"


Now, when I was applying for the card, (I did it over the phone) I specifically asked the rep, if he wanted me to mention the annual income as it appeared on the Tax return? Or if he wanted the total, including what I made through eBay and various other sales, that I am NOT required to report to the IRS? He said, to give him the entire amount...Now the analyst tells me that they will get in touch with the IRS to get a copy of my tax return and verify what my annual income is...and this is NOT going to match what I told the rep when i was signing up...


So, long story short, I've been told to get back to them ASAP. And the analyst ASSURED me, that as long as I reply, to them there is NO chance of them cancelling my card. I'll just be given some sort of spending cap. And that is fine by me! She also said, that they don't want to cancel my card, and the ONLY way that i could get the card cancelled was if I didn't reply to that email.
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TL;DR- Got hit with a Financial review on Amex Platinum Business card. Now what?


Has anyone gone through one of these? I wonder what triggers them? I have not done any MAJOR spending on the card. I've only charged around $500 to it.

I hope they don't cancel it...because if they are, then I'd like to beat them to it. I'd rather have it show on my report that I cancelled my card rather than Amex cancelled it. Roll Eyes (Sarcastic)
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38 Comments

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#2
Whats your annual income for real to the IRS vs what is the income you told them?
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I beat the Kobayashi Maru
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#3
Quote from nizzy1115 View Post :
Whats your annual income for real to the IRS vs what is the income you told them?

The income that I told them was 10k more than what I reported to the IRS. That 10k came from ebay sales and selling electronics via friends overseas.

My MAIN question is- Is it true that if I submit all the information, then there is NO chance of Amex cancelling the card?
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#4
Quote from the.J129 View Post :
The income that I told them was 10k more than what I reported to the IRS. That 10k came from ebay sales and selling electronics via friends overseas.

My MAIN question is- Is it true that if I submit all the information, then there is NO chance of Amex cancelling the card?
Ahh then I'd imagine you'd be fine. I was thinking you said something like 200k/year on the application where as you really make 20k/year.
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#5
Went through one a year back, not on the platinum.

First, they suspended my account until the review was complete.

Anyhow, provided the info requested and got it cleared up. Was a PITA though.
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I beat the Kobayashi Maru
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#6
Quote from nizzy1115 View Post :
Ahh then I'd imagine you'd be fine. I was thinking you said something like 200k/year on the application where as you really make 20k/year.

hmmm. Okay. Have you gone through a FR too?
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#7
Quote from the.J129 View Post :
The income that I told them was 10k more than what I reported to the IRS. That 10k came from ebay sales and selling electronics via friends overseas.

My MAIN question is- Is it true that if I submit all the information, then there is NO chance of Amex cancelling the card?
Of course they can cancel it, no matter what they told you on the phone.
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#8
Financial reviews are triggered (usually by some computer algorithm) to reduce risk and loss on their part. As long as you are telling the truth then you will be fine.

Although I have heard horror stories after the FR such as AA, reduced spending limits, chasing the balance and etcetera. But each case is different and I wish you a good luck!
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I beat the Kobayashi Maru
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Original Poster
#9
Quote from Nollywood View Post :
Financial reviews are triggered (usually by some computer algorithm) to reduce risk and loss on their part. As long as you are telling the truth then you will be fine.

Although I have heard horror stories after the FR such as AA, reduced spending limits, chasing the balance and etcetera. But each case is different and I wish you a good luck!

What's AA and chasing the balance?


I have NO problems with a reduced spending limit because I'll be frank and honest here. The ONLY reason why I applied for this card was to get the 100k bonus points. There was a $450 fee involved, but it's offset by a lot of things..which are beside the point, right now.


Jeez. This sucks.
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#10
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I beat the Kobayashi Maru
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#11

Hmmmm.okay. I wonder what trigged the FR in my case? I've barely charged $500 on it!
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#12
My company has a financial review every year. Granted we also have a $500K line on our amex.
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#13
Quote from the.J129 View Post :
Hmmmm.okay. I wonder what trigged the FR in my case? I've barely charged $500 on it!
This sounds crazy to me. Is this only with AMEX Biz cards? I have the AMEX Plat as well, only got it for the 100k pts, but I've been using it on and off since, never kept a balance.

How long have you been an AMEX customer? I'm thinking maybe that has something to do with it as well.

If you only have $500 charged, and you carry no balance, I don't see why they care at all really. Seems like a waste of resources if you ask me.

For years, I just listed my household income (that's all some ask for), and never got questioned even once, never had anyone flinch before approving my CC apps. I have no income of my own either. I assumed it was just because I always paid off all my cards on time.

Maybe I should think about a pre-emptive strike and close out my account before they close me out instead. Scratchchin
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CDI gave me free netflix!
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#14
Quote from the.J129 View Post :
Hmmmm.okay. I wonder what trigged the FR in my case? I've barely charged $500 on it!
Ummm yeah. That's probably why.

First off, it's a Plat Amex.

Secondly, it's a business amex.

I charge more than that a month on my Amex Zync.
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#15
Quote from the.J129 View Post :
Now, when I was applying for the card, (I did it over the phone) I specifically asked the rep, if he wanted me to mention the annual income as it appeared on the Tax return? Or if he wanted the total, including what I made through eBay and various other sales, that I am NOT required to report to the IRS?
How are you not required to report your other income?
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