parpar22

So i received the financial review letter from Amex this week I have the centurion card. Have had an Amex card since 1980. I have never once had a late payment and always paid in full. I am averaging around 130k a month in charges. The women on the phone said I had an 80k balance and they were concerned? I told them i would send a check early if they wished. They wanted a copy of my tax return for last so many years and a financial statement. I told them NO. I am a very private person and have no intention of sharing this info with Amex. I think this is ridiculous. I have been a paying customer for over 30 years. Any advice? what will come of this. they threatened to limit my centurion card? isn't this a no limit card? I have half a mind to take my 30+ years of incredible business elsewhere and give the 6k in fees a year for my cards to charity.

pannhead51

There is no such thing as a "no limit" Amex card. Also, they can do just about anything to your accounts they want to do (it's all in the fine print).

TAHKUCT

Read up in this thread. It has all the answer to your questions.

parpar22

I forgot to mention it was a business card. How can they gauge my business ability to spend on my personal finances?

Centurion

If you read the fine print you will see that even though you have a business/corporate card you personally guarantee the amount due. So if you were Amex what would you rather look at your personal or corporate tax returns?

Besides the credit squeeze Amex may want tax returns based on the fact that most USA financial institutions are required to now "know your customer" as Amex can be held liable if you were doing something illegal that involved your account with them ...ie gambling off shore, drugs, arms, money laundering, etc.

robertw477

#1. Stall Them if you do not intend to supply the info.
#2 Spend all of your MR points right now for certificates or whatever. I assume you have hundreds of thousands or more points with them. If they close you it could be goodbye points that are rightfully yours.
#3 I believe you 100%. Amex is a joke, but I stick with them for SPG card because it really works out well for me.

Good Luck...Spend the points right now!

vmrfsps

Transfer your points ASAP!--They did a FR on me, I said absolutely not. I transferred my MR points while they thought I was faxing them over the info.

skofarrell

If you won't supply the financial info they're requesting they will likely close or limit your account(s). If you aren't going to present it, then transfer your MR points out ASAP to protect them as has been suggested.

Amex wants to know more about you, your business, and your means to repay if they are going to continue loan you $130K+ a month.

Past performance is not an indicator of future results. Would you loan someone over a 100k a month on their word, their credit report, and their signature?

Centurion

Skofarrel is not correct. Amex might close your account. Amex might limit your account. Amex might leave your credit line alone. Amex has closed accounts, cut credit lines, but for a few Amex has let things stand the same. Most likely you will end up with some type of limit on your "No set limit" Amex charge card which is kinda funny in a not so funny way. The size of the set limit will be how comfortable you make amex with your ability to pay and that depends on what you give them. Can you hear the credit screws continue to tighten? But remember we are out of the great recession according to the big guys

skofarrell

You are of course correct, and I modified my post above. There's a lot that can happen, but having your account closed if you do not comply is a very likely outcome.

I would not know what non compliance looks like myself, as I provided Amex with financials during my F/R in Dec 2008. My limits were initially cut (in October), then restored after the F/R was completed (a month or so later).

TAHKUCT

My wife just recently underwent a financial review on Friday before leaving on a vacation on Saturday morning. She did not have any Amex cards in her name till she just opened SPG Business and Personal to get 30k bonus on each. We faxed IRS form to a reviewer promptly and on Saturday morning her accounts were unfrozen and she was offered to have her credit lines increased, which she declined.

Overall, Amex handled my wife's review very professionally. However, it did inconvenient her some that SPG accounts were temporary frozen, but thankfully we had some other cards that she was able to use.

robertw477

What did you end up doing? My business partner recently had a small line reduced even further. I told him to close the account and tell them to piss off.

Rob

UA Fan

Is there any reason they are so tight on deadlines? I mailed them something by certified and it seems to have gotten lost. I asked for an extension and was bluntly refused.

mia

Reduce the opportunity to fabricate documentation?

UA Fan

When I called my rep at Amex on Friday, she mentioned that even if my mail reached that day, it would be too late as it takes 24-48 hours for inter-office mail to reach her. The deadline was Sun.

Now the mail I thot was lost was actually received this past Friday (I sent it certified). USPS.com update this info only on Sat, and so I didn't know of it on Fri.

It looks like my account has been cancelled. If it is b/c they did not receive the documents on time, can I mention this is not my fault? Any ideas how to approach this?