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AMEX Financial Review Info

dodtracker 246 73 February 16, 2013 at 08:03 AM
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Hello,

I have seen forums posted about this but I have some conflicting information and thought I would post it for anyone else that ever has to go through this nonsense.

Been AMEX card holder for a while now but for the past six months I have been putting all of my family's expenditures on the amex. 4-5k a month, paid off every month. I should say we have a Gold card in my wife's name and I'm an authorized user.

Yesterday, got a call from the FR department saying we were under a FR and that our card had be suspended. Being the hot head I am I immediately called back and let the first person I spoke with have a piece of my mind. I have heard of the nightmares of the FR and I was very upset it had happened to us. BUT, from what I have read on every post I can find, no one knows why they get an FR.

This is the conflicting information I have as I actually got the rep to tell me why this is happening. I handle most of the finances in my house and most of the charges go on my amex card. This is where the problem was. He said that when an Authorized user is doing 80% of the charges on the account it will flag a FR every time. Well I explained that I handle the finances and that was why. He still said they needed income verification. Well I also make 70% of our income so this was going to be an issue to. But here is the second conflicting information, he said that if we filled jointly (we are married) that all income on the return would be accepted. This again is different from what I've read in every other forum. I'm only an AU on the card but they will accept my income if it was jointly filed to the IRS with my wife. So I have filled out the IRS form the wanted and now am waiting to see what happens.

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#31
Quote from MobileBucks View Post :
What is the highest amount that you are pre-approved for a single general purchase on a "no-preset limit" card?
You know, the little widget that you can check when logged into your account.

I don't want to get a FR, but from what I have tried, both my cards are pre-approved for +$10k purchases on each.

I spend average $1-2k on my gold card per month. But if my new apartment allows me to pay rent with my card then I'll be averaging $4-5k/mo and my theory is that FR will trigger if a purchase or sum of purchase exceeds the max pre-approved transaction. What are your inputs?


edit: +$10k each card

When you say that your cards are "pre-approved for $10k transactions", what do you mean? Have you made purchases of that amount, and had them go through?

There are a bunch of reasons why people get a FR, but for the better part, a FR is triggered by two MAIN reasons:
- spend that looks suspicious to Amex.
- spend that's not justified by your annual income.

So if you make $500,000 a year and charge $10k in a month, it's not very suspicious. But if you make $40k a year, and charge $20k in a month, Amex is going to be very worried.
Similarly, if you make a $5000 purchase in a grocery store buying gift cards (for points), it looks very suspicious. Who spends $5000 at a CVS?

And as far as cards go, the Amex Gold charge card has the highest percentage of FR associated with it. Just FYI.

Now, on the flip side, if you do get a FR, then you're better off just going through with it. They'll ask you to prove your income, and that's it. If the card that signed up for was a business card, then they'll probably ask for proof of business.
And at worst they'll impose a spending cap.

If you have any other questions, please feel free to ask.
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#32
Quote from the.J129 View Post :
When you say that your cards are "pre-approved for $10k transactions", what do you mean? Have you made purchases of that amount, and had them go through?

There are a bunch of reasons why people get a FR, but for the better part, a FR is triggered by two MAIN reasons:
- spend that looks suspicious to Amex.
- spend that's not justified by your annual income.

So if you make $500,000 a year and charge $10k in a month, it's not very suspicious. But if you make $40k a year, and charge $20k in a month, Amex is going to be very worried.
Similarly, if you make a $5000 purchase in a grocery store buying gift cards (for points), it looks very suspicious. Who spends $5000 at a CVS?

And as far as cards go, the Amex Gold charge card has the highest percentage of FR associated with it. Just FYI.

Now, on the flip side, if you do get a FR, then you're better off just going through with it. They'll ask you to prove your income, and that's it. If the card that signed up for was a business card, then they'll probably ask for proof of business.
And at worst they'll impose a spending cap.

If you have any other questions, please feel free to ask.
As for pre-approved on transaction amount, there is a place to check your spending ability when you log in. I have a card with a $19,000 limit that actually lets me spend up to $35,000 with no issues (size of transaction doesn't seem to matter either).
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#33
I have a good income, but I also spend far more than I make (on paper) due to reimbursable business expenses and friends and family shopping through me (they know that I love my miles). I pay my balance in full every month. Chase doesn't seem to mind. I would give Amex more of my business, but FRs are a royal PITA and I don't need that hassle just to use a credit card.
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