Am/Ex Business Card Financial Review
Jul 17, 2014, 11:30 am
#1
Original Poster
Join Date: Jul 2014
Posts: 1
Am/Ex Business Card Financial Review
We are a small company who decided to go with American Express in May of this year. When we got our cards, we were encouraged to stop using any other payment methods and use our Am/Ex for all of our business expenses. Like many other small businesses, we are successful, but cash strapped. We put our Am/Ex as our main payment method for all of our online business transactions, distributed cards to all of our employees, and made payments ahead of time. We were told of the excellent Rewards they offer, the VIP treatment we would enjoy. We did everything exactly as we were told to do when we got our cards.
Then, about two months after we began using Am/Ex, we sent two of our employees over 1,000 miles away in a company van. The van broke down and all our employees had on them were there company Am/Ex cards. When going to pay for repairs to the van they were told their cards had been put on hold. Upon calling American Express we were told the cards had been put on hold for “Financial Review” with no notice given.
We were told we had to submit additional paperwork to finish the review process. We filled out the paperwork, sent it in, and it was returned back to us. This happened two additional times. Each time it was sent back due to something very small being off, for example, one number. While waiting for this review process our main source of credit is completely gone.
Today, we called to speak to someone at American Express about our situation hoping to get it resolved. We explained to the woman what had gone on and how we were hoping to finish the review process. Within 5 minutes of hanging up the phone with this woman, our cards were canceled with no notice given. By writing this, we are hoping to save other small business owners the hassle and headache of trying to deal with this company. Save yourself the time and go with a company that cares about their clients, not American Express.
Then, about two months after we began using Am/Ex, we sent two of our employees over 1,000 miles away in a company van. The van broke down and all our employees had on them were there company Am/Ex cards. When going to pay for repairs to the van they were told their cards had been put on hold. Upon calling American Express we were told the cards had been put on hold for “Financial Review” with no notice given.
We were told we had to submit additional paperwork to finish the review process. We filled out the paperwork, sent it in, and it was returned back to us. This happened two additional times. Each time it was sent back due to something very small being off, for example, one number. While waiting for this review process our main source of credit is completely gone.
Today, we called to speak to someone at American Express about our situation hoping to get it resolved. We explained to the woman what had gone on and how we were hoping to finish the review process. Within 5 minutes of hanging up the phone with this woman, our cards were canceled with no notice given. By writing this, we are hoping to save other small business owners the hassle and headache of trying to deal with this company. Save yourself the time and go with a company that cares about their clients, not American Express.
Jul 17, 2014, 11:45 am
#2
Join Date: Oct 2010
Location: IND
Programs: SPG Plat, WN CP, Many Others
Posts: 538
Sorry to hear your story, but is very common. Here is a whole thread with lots of info.
http://www.flyertalk.com/forum/ameri...iscussion.html
I am a business owner also, but I have not had a FR. I carry many cards through, so one would not impact me other than some headace. Its always best to carry multiple cards. Even if you did not have your cards locked up for the FR, if you ever had them froze due to fraud the same thing could happen. Diversify.
http://www.flyertalk.com/forum/ameri...iscussion.html
I am a business owner also, but I have not had a FR. I carry many cards through, so one would not impact me other than some headace. Its always best to carry multiple cards. Even if you did not have your cards locked up for the FR, if you ever had them froze due to fraud the same thing could happen. Diversify.
Jul 17, 2014, 11:46 am
#3
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
Welcome to FlyerTalk. What type of card account did you open? Was it a charge card (Green, Gold, Platinum, Plum) or a credit card?
I am surprised that you did not keep your previous card(s) active, and make certain that travelling employees had a backup method of payment.
My guess is that the financial review indicated that you do not have sufficient verifiable financial resources to support the level of spending, but only American Express would know for certain.
Read more about Financial Reviews in the thread helpfully linked by millere2.
I am surprised that you did not keep your previous card(s) active, and make certain that travelling employees had a backup method of payment.
My guess is that the financial review indicated that you do not have sufficient verifiable financial resources to support the level of spending, but only American Express would know for certain.
Read more about Financial Reviews in the thread helpfully linked by millere2.