I Survived an Amex Financial Review AGAIN: Mistakes to AVOID
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- Опубліковано 26 чер 2024
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My second American Express financial review - what is an Amex financial review? What should you do if your account is under review? My personal experience.
Timeline
0:00 Start Here
0:36 What is an American Express financial review?
1:21 What causes an Amex financial review?
4:29 Cards to consider for large purchases
5:28 How can you tell if you're under financial review
6:23 What documents do you need for Amex financial review
8:45 What to do if you get an Amex financial review
12:29 My financial review experiences
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$100k in 6 days on a credit card????
Dave Ramsey is boiling mad !!!
Amex thought the same exact thing. In hindsight, was a dumb move on my part. 😅
He has a massive and I mean MASSIVE building just outside of Nashville. I pass it several times a month. Hard to imagine he paid cash for that as he says, rather than a mortgage--- even a short one with ballon.
the worst thing that could happen is financial review during tax season, what a nightmare that would be fighting a two-front war between IRS and Amex.
I’ve manage to avoid the dreaded review so far, but I wouldn’t be surprised if it happened at some point. I appreciate this insight a lot!
Why do you assume? Does your spend amounts fluctuate very differently ?
Exactly! A random purchase from a Rolex boutique isn’t so random when you get the call haha. Glad to hear you mention this 😂
🗺 re: 13:23, YES I have been saying this! You are one of the few UA-camrs that actually talks the talk and walks the walk, with lived experiences to provide valuable context for these cards. Thank you Sebby!
Wonderful video as alway Sebby! I appreciate how real you are with us about your experiences.
Hey Sebby
I have had two AMEX personal cards for the past year (Plat / Gold - both standard) and just opened two AMEX business cards (Blue Plus / Gold). I listen to you guys talk about different card concepts in the US as "podcast" material, but this is the first I heard of account reviews and what triggers them. I've used that tool to test the "limit" out of sheer curiosity a few times without actually planning to spend ... good thing that I know now not to be too playful with it.
Thanks!
Appreciate the transparency!
Thank you! Always helpful.
Made purchases on a credit card, but paid them off at the end of the month. One time, I took advantage of a 0% interest promotion for a special purchase, then they hit me with the financial review because of utilization of that promotion offer, despite my making significant payments towards it. They still ended up reducing my limit despite me showing that I’m MORE then capable of wiping my balance to 0. What the heck, Amex?
Thanks for putting this together
One of the major historical selling points of the charge card products was that you did not have to disclose income, only that it met a threshold. Credit was allowed as they "learned" of your ability to pay. Even today income is a "forward looking statement". There is no way II would submit to a review. I did once get a call asking why my patterns changed after an office move.
Wow that is crazy that check your spending power link can possibly cause a review. I have to admit I have sometimes played around with that back in the day but thankfully not that much. Lol, thanks for the information! 🗺
hell, they just canceled me and said i asked for the cancel. took my million membership points away. repeated calls got me nowhere. then a rep said point blank those points are lost forever and you will not get them back. i am like wtf - you think i will cancel a card and leave a million points on table? finally got someone to listen after multiple calls, letters, and 4 months. still no reason why. probably had $30k revolving each month - meaning spending and paying $30k month....so i had to pay that off. that was tough but did it...because spending stopped and balance was due. this is still a raw thing to me....and i moved my $300-500k a year to other cards. still got the plat but i was shocked how unresponsive they were.
That is horribly scarry for sure. I have seen many videos where people are saving 1-2 years to get a Million Points to a lavish family vacationa and suddenly they disappear- for whatever reason.
What a great video Sebby, I learned a lot, even when I don’t have AMEX, anyway, where can I find one of “don’t snooze” toys 😆👌🏽
In New Zealand they are doing Financial Reviews on customers who were approved cards between 2021 to 2023. The reason being the country has implemented tougher lending laws which impact the lender more than the borrower and Amex is relatively easy to get approved here so they never delved into accounts, income, wealth, spend etc. Now theyre going back and rechecking
"Sebby is balling too hard, we've seen the vacation videos." - Amex
lmao
This!!!!
I literally just posted about my experience with this for the Hilton Business. I just recently had to send in 4 months of Business checking Statements to a secured link. It took a week for them to send the link but they approved it the day after they got my statements. I already had the Business Gold, Green and BBP
Spend in Vegas actually spooked me, I’m going to Vegas in August & planning to get the Business Gold for that trip.
🗺️ Such an insightful video Sebby! Really glad to hear your accounts are still in good standing and no action was taken. Good on you for de-risking too. I thought they would also freeze your MR account but it’s good to know you can at least transfer out.
Amex is more thorough in their financial review than other banks who would not bother with a time consuming task. I'm sure the reason for a financial review is because by banks are required to know their customers. When you charge and pay off your account in excess of what is normal for your stated income, that would raise red flags. I can tell the IRS that my income is from illegal activity and they will gladly accept my tax payment on those gains. If I tell Amex the same thing then they will close my accounts due to reputational risk. Chase does this if they find out you are a defendant in a high stakes court case, if you have had excess cash deposits, or simply by earning a living by being an escort. Amex does not want their brand in the same news story when you get arrested for criminal activity.
🗺️ good info, never knew that the reviews were that thorough.
🗺️ thanks for the video man!
🗺️I have never had an official review like this. However, you mentioned college students. I was a college student and graduated to work in the engineering industry and my income/spending changed substantially last year. I had the Amex everyday card and had to send extra documents to be approved for the Gold card.
the most relatable intro i've ever heard :D
🗺️ i always appreciate these vids!!! Always de risk!! 🤙🏽
🗺 love your stuff!
Again another 🔥 video ! like got a call from Rolex yoru panda daytona or pepsi is here LOL. Anyway is that a Remowa language?
🗺 Great insights and tips for any future review (never had one, but hope it never comes)! Given the value Amex gives, I think I'd definitely submit. Would Aeroplan have been a close choice for transfers, given quite a few decent redemption partners like EVA, ANA?
🗺 Being a naturally pessimistic person I have always worried about financial reviews. It's good to know that it's something not worrying too much about anymore 😅
The flowchart you showed is not correct. You only get shutdown if you don’t submit the documents they request. The financial review is to determine if they should lower your credit limit and by how much. This is what the reps told me when I went through this. I was in college and had basically zero income and had put like $100k or something in the application (since I was claiming my parent’s income, which I used for expenses). I sent in my 4056-T that showed like $3000 for the year from some random part time job and they were like ok cool and just gave me a $5k credit limit. So don’t worry if you were in a situation like mine. And by the way, the trigger was spending $10k in a month on “groceries”.
After 30 years with AMEX, I've decided they're more trouble than benefit. I'm happier with known limit bank-issued credit cards.
I had a review with them just last week. They sent me an Orwellian email saying they've been monitoring me, my spending, credit score and other things and made a demand for payment of over $5,000 within 3 days or they would reduce my credit limit. $5k in 3 days is absurd and I couldn't pay it. They reduced my limit by about $3,000. This was mostly the result of tapping other credit from other lenders, not Amex - so be aware! Not the worst thing that can happen at all though. Something similar happened to me with Citibank but they gave no warning at all and just reduced my limit. I paid off the entire balance and then they raised my limit several thousand above what it was before!
Did you already have 5k in unpaid charges on your cards or did they want the 5k as reserve (and would it have ever been returned to you in the future had you paid)?
@@thinkpadupes Likely they wanted him to pay $5k of his current balance. If they wanted $5k as a reserve, that would be considered a secured credit card which I don't think Amex does.
Sounds like to me they didn't trust that you had the ability to pay off your balance and when you did, they regained trust with you and then increased your credit limit by thousands of dollars because they knew you could pay it all back.
@@thinkpadupes This was a balance of much higher than $5k.
@@buddysteve5543 Yes that is accurate. Although I was making more than the minimum payments the whole time with Citi. They just didn't like that I was not paying it all off.
Remain under the radar, don't do something crazy, and they won't bother you. I had my Everyday card cut in half because I wasn't using it much, but that's OK. I'll live.
I only use roughly 20-30 percent of my current available pay over time limit on both my gold and platinum and make consistent on time payments for a expensive hotel i got last month on a plan it payment plan. Other than that my bce i mostly use for gas and necessities or anything expensive at the moment due to no apr for the first year. I have several other cards but if i absolutely can't pay them in full i pay usually double or triple the min required payment and i also alternate which ones i use for various bills. I know il be paying interest on my gold and platinum right now but its not like i max them out .
🗺️ Not a financial review, but when I applied for my AMEX Delta Reserve Business card in January of this year they didn’t instantly approve me - 1st time that’s happened in a long time - and asked to see additional financial documentation. I allowed them to have access to my business statements and within an hour or so I was approved. Stressed me out for a few minutes, but thankfully it worked out.
🗺 Good video. Do you know what is displayed on a credit report if it is closed due to the account holder not submitting for a review? I'm just curious. Thanks.
Hey Sebby ! Currently have the amex platinum card. Looking at getting the amex Schwab platinum. Any tricks to find the best welcome offer for the Schwab ?
🗺, never had a financial review, I think I got an early warning call when I was in the middle of moving when I began charging a ton of expenses to a bix plat account. They wanted to know the nature of my biz, I think the fact I was moving and asked for a call back next week was enough to satisfy. If I got a review I'd submit.
Hi sebby, I know you’ve said that applying for say a gold card will probably lock you out of an elevated sign up bonus for the platinum card later on. Is the same true for applying for the co-branded credit cards, if you start your journey there Amex will have less of an incentive to lure you with a big bonus for their charge cards? Thanks!
Didn’t need a cover sheet in Canada, uploaded documents called them back next day. Interviewed on phone 15-20 minutes good to go!
🗺️ always good info
Question: make a video of what cards to use for multipliers at Clubs (Sam’s, Costco) and improvement stores(Home Depot, Lowe’s, etc.)
🗺 This is honestly a really helpful video and will likely make people a lot less stressed if they're going through a review themselves. As someone who recently had a job change and my income has been in flux, I've wondered if that'll prompt a financial review with my future card applications, but only time will tell, and at least I'm way better prepared now if it does happen! Thanks for the video Sebby!
Glad it was helpful! Shouldn't be an issue as long as your spending habits don't dramatically increase.
Now I really have a feeling that they are getting more strict after my recent experience
@@AskSebby Fair point
@@SledgeIncTeam Definitely som,ething to keep in mind!
@@CheekyBird790 That's great insight! I appreciate that.
Good Educational Content
😂 I just had one. I spent 67k in 3 hours and checked my spending power once. I survived, tho. They just asked for bank statements. It only took about 6 business days.
When I first received my Amex gold I used the spending power tool and was told to stop checking (I did it 3 times In a row with slightly higher numbers each time). Quickly realized how stupid that was after, and now I will refrain unless absolutely needed lol
Me too. Actually they HIGHLIGHT that...hey girlie check your spending power ...it seems. Like you, I dont do that again
I prefer not to do business with companies that set traps for me.
when you say you were told, did Amex tell you this?
@@anthonyblack9906 Yes, it prompted me with a message telling me the ability had been disabled because i used it too frequently in a short period of time.
I was just a bit confused on my spending limit initially.
🗺️ didn’t even know those were a thing but makes sense since amex is also the bank as the card issuer.
🗺 I would def do it but I am also pretty risk averse so I would never try anything too crazy
Hi Sebby. What is the best international airlines credit card you recommend? I don't travel emirates or Etihad
🗺 I didn’t have my Plat AmEx card long enough for them to do a fin rev. It was horrible trying to get any of the “perks” and I canceled the card. I wondered if I made the wrong choice but now seeing they do these “financial reviews” I think I’m ok with choosing to cancel.
🗺 - How do you manage the fees on all the AMEX cards? I hate the membership fee $675 I pay. Likely, I should not have the Platinum since it's a prestige card, not a workhorse card...if that makes sense.
Hey Sebastian ! I just had a question for you, I have been trying to book an award flight to southeast Asia for a while now. And I’m willing to fly out of any airport. I’ve been trying to do a lot of research, but it seems like any of the flights I look for are already taken or are waitlisted. Can you please explain to me how you find availability on business or first class flights? It’s extremely difficult.
You previously said the airline incidental credit may be clawed back buying United travel bank credits, given the phone call you got from amex financial review. Could you tell us what eventually happened?
I may spend $2-4k and then a couple days later pay it off on the Gold. I usually transfer my linked bank account several times a month.; pay as you go. I pay rent, carpayments, tuition, regular daily transacations, nothing shady like strip clubs or casinos. Is this bad? Should I wait and pay one payment before or after the statement closes?? Got the card a 3 months ago. DANG I also check the spending power-- I wont do that anymore.
🗺️ thanks so much for sharing. I’ve never had that happen,but was scared that it might the first time I paid my taxes with the Platinum card. It was about 20k and I thought why should I do a debit? How about I use the card and then immediately pay the card off with the cash once the charge has hit. It’s worked out and I’ve been doing that every since.
Same here. $35k. They even upped my limit the extra $230 to cover the whole thing. Got a ton of points and, like you said, it’s money I had to spend anyway.
I am watching your video again.
I am in a financial review with them right now. It’s so annoying. I sent them two months statements for my personal & business checking accounts.
I think I got flagged because I was checking my spending power about 5 days in a row. Because my spending has been the same, my credit score as just went up, not ever missed a payment in my life, etc.
So I am pretty sure it was checking my spending power. Since there is no set limit. When I’d rather have a set limit.
Sebby, do you think Amex will ever change the benefits in Gold card anytime soon? I am personally not a big fan of the grubhub credit and CFU already offers 3% back on dining for 0 Annual Fee, so every year I wonder if 1~2% more back for $250 AF is worth or not..
I have zero worries lol. I spend an average of $3k-5k a month on my Amex cobalt card and as soon as the bill comes out, I pay it in FULL right away. Amex loves me lol. I do none of these that you mentioned to get reviewed. So I’m good. My credit file is impeccable. Low utilization, high limits of around $85k in total - and I always pay the bill in full on all my cards. I’ve been with Amex for 6 years. Don’t apply for multiple cards in a short period of time. No matter how good your credit is. Wait at least 6 months between applications.
clap clap
Question: I sold a house last year. My income was huge. Should I submit this to my credit cards as my income? It is verifiable with the IRS although it is not representative of my typical income.
What does the prestige card have to do with the AMEX?
Always slightly worried doing travel medicine as 70% of my income is non-taxable. So to the IRS very mid to low income. But I’m reality that’s not the case.
🗺 Found this one particularly interesting. This is one of those "I hope this never happens" situations, but yeah, if you've been doing the right thing, there really isn't anything to worry about. The issue is when you're actually doing something that you shouldn't and putting all those liquid assets on black (you should put it on red). Jk, please gamble responsibly 🤣
Oh wow they don’t like you using the card for gambling. Interesting
🗺 great content!
Wow I didn’t even know financial reviews existed! 🗺️
Hello. Quick question about the 35,000 limit for AMEX financial review. Will the limit count towards the 35,000 if you're added as an authorised user?
Keep your income updated in your account. You get a raise or a new job, update it. It’s quick.
🗺️. I got my AMEX Platinum about 5 months ago and I love the card. I have to make purchases every month for work (like $1,500 - $3,000) and they are very quick to inform me I should make a payment. Sigh.
🗺I mistakenly thought if account was under review they locked you out of being able to transfer. But I guess that's only if hey go thru with official closure. Thank you for the info. Glad all is well your way, sir. Best to you and the lady. Thus far no FR. I intentionally brought down my spend tho last month to hopefully stay off their list because I have had other credit movement. New accounts and such. So trying not to spook them. 😂
A lot of things you mentioned in this video doesn’t have a lot to do with being incapable of paying the money back, but in fact fraud paranoia. You shouldn’t be getting a financial review about things that have to do with fraud detection, that doesn’t necessarily make sense. Those risk are two completely different things.
No financial review, income is 50K and I had a baddy that is in dispute so not sure if I should apply for a AMEX yet. Your thoughts?
🗺Awhile ago I was going to buy a lot of new furniture. I called AMEX (Bonvoy Card) to request a CL increase and it was declined. About a week later, got a letter in mail (and email) saying my credit limit was decreased about 50%. There were no changes to my credit or spending habits all I did was make the request. I was not happy with AMEX. Then, after another week I got a second letter (and email) from AMEX apologizing and saying they made a mistake and my Bonvoy card would be brought back to its original limit.
Capital one had to I have me call my bank with them to verify my bank account
Do they do financial reviews in Canada with credit card companies?
Can we get a video on the AskSebby Business channel about this reselling opportunity? Sounds exciting
Hey Sebby,
I submitted my docs 3 weeks ago and confirmed Amex has everything they needed.
In the past 3 weeks, I tried to call every few days and they just told me to wait and the review is not done yet. There is no estimated time of completion. Is there anything I can do to have it done sooner? 🗺️
Kind of amazing that FB is still paying people $200k salaries...everyone I know stopped using FB years ago.
I’m a student with unreported income and I’ve been putting my tuition on my card, my parents pay that though and they do well would I be fine submitting their info and saying I’m a student?
I'm facing financial review right now, can u suggest me, will they shut my cards or they will renew my account
What if I cancel my chase Disney credit card?
My man said “no it was not drugs”😂😂😂😂
🗺️ when I first got my AMEX gold card, I tried the check spending power tool quite a bit just to play with it. It triggered a financial review. I submitted all of my documents, and it ended up being fine. I haven’t used the tool since lol.
when you say quite a bit, can you give insight?
@@anthonyblack9906 3 times a day for 2 consecutive days.
What amounts were you checking for, like $50K +?
@@jamesw3801 nothing insane. I was incrementally increasing the amount though. From $5k to $20k.
They’ll limit all the cards issued if you are a few days late on one. I’ll be slimming down to one business Platinum and my Delta Reserve. Closing the others. Great to have but they can demand a fat chunk of cash at one time and it’s usually not the best timing.
🗺️ I would definitely try to make my situation right with Amex, I’m kind of shocked to hear I didn’t get a review with them when I got my gold and I definitely put a lot of spend.
You mean you spent a lot?
What happens to the people that have a BPP without an actual business during a financial review?
If you have the cash and you're just looking for points, pay the card upfront and then charge it.
singapore airlines krisflyer expire too.
My account has been flagged multiple times from purchases made in Vegas…
I’ve never been to Vegas.
😂🎉
Plz help, if I get a “Loan” for 6k to pay off a car note will amex flag me in doing so or am I able to make this transaction
🗺️ ugh you jinx me. I got a review on my Amex. 😒. Should I be nervous. I spent a bit on cards to go on trips. Need to pay off over this year. Should I be worried.
I didn't get a fr but they capped my gold that I've had for years and always paid in full when I bought my daughters concert tickets. Kind of a pain but I have many other accounts I would submit the docs and see what happens
No it was me they wanted to go see sza, It's entertainment that you could sell for cash the concert tickets were worth 800 usd
Hello, I am currently an added user to Chase Sapphire and would like to apply for my own account. Am I eligible to apply and qualify for the bonus offer? Thanks
Did you make any review of Venture X ?
Yes, here you go: ua-cam.com/video/mT6BzrdWMcc/v-deo.html
🗺️ Got FR on my Aspire couple years ago. Got told by Amex to wait 2wks and everything went back to normal LoL. Didn’t submit anything
Not a review specifically, but my card was shut off on a trip to Antarctica. I had charged in Norwegian krone and the Chilean an Argentinian currency in the same day. Then I tried to buy a replacement camera in Buenos Aires. They shut me down.
Same sorta thing happend to my military brother who went from the us Air Force Base in Spain, on the euro-rail train to Germany. Swipped in two countries in one day. He bought several expensive cuckoo clocks in Geneva, $5K, they stopped the party. He had to call Amex and say I will be in Europe for a month on military training/vacation and they put the note on the account. He racked up about $25k for the month, government travel and personal. From now on, he calls before travel to let them know.
🗺️ Never had a financial review. Thankfully. But I do have that same big red CC wallet 😂
I keep seeing a tab to update income. Should I provide this to them? I also used household (with spouse) income during my initial qualification over 13 years ago for blue cash. Currently have platinum now as reps kept pushing me towards it and sending mailers.
I read somewhere on the Amex subreddit that it was suggested to be brutally honest at all times, even if it’s a dramatic decrease. You’re better safe than sorry
i was getting this too and i just kept ignoring it and it went away. i wouldn't submit anything unless you are absolutely required to
So if you can't pass the financial reviews, do you use the points as well? If you do, you should make a video about for people who wants to play safe and transfer points to the best Amex transfer partners. Because some of the points expire but some not and I'm sure you know which transfer partners are the most flexible! Also do you think having an Amex saving account would help to avoid Amex Financial Review since they'd see that you have money to cover your balance?
The transfer partners that are best for me may not be the same ones best for you, which may also not be the best ones for SF. It ultimately depends on what your travel plans are, and you need to decide this by finding which airline flies to your destination, what alliance they are a part of, and what points can be used to book it.
Also having a savings account with AMEX will most definitely keep the flags a bit lower generally, as you said, they can see you are able to service the debt.
35 years with AMEX and I never heard of a review. Perhaps they don’t do reviews for Canadian Customers?
🗺️ great video