Amex financial statements request for Gold and Plum business cards
#1
Original Poster
Join Date: Nov 2013
Posts: 140
Amex financial statements request for Gold and Plum business cards
Got a letter from Amex requesting financial records for all existing Amex Business Cards. (balance sheet, income statment, cash flow, etc...) Anyone know what this is? I've already gone through an Amex Financial Review back in 2016 and passed with flying colors. Is there such a thing as a Financial Review for Amex Business Cards? All business cards are still active? Anyone encounter this before?
#2
Suspended
Join Date: Aug 2010
Location: DCA
Programs: UA US CO AA DL FL
Posts: 50,262
They may have concerns about the nature of your business. Heightened AML & anti-terrorism screening, as well as the more routine red flags, may well trip the requirement.
Sometimes it is not only the business' financial solvency, but also the nature of the business which set off alarms.
Sometimes it is not only the business' financial solvency, but also the nature of the business which set off alarms.
Last edited by Often1; Jun 2, 2019 at 9:33 am
#4
Original Poster
Join Date: Nov 2013
Posts: 140
no manufacturing spending here. Simply not worth the time for the measly MR returns. Spends are legitimate business purchases.
The letter mention on nothing of account closure other than "future credit line increase will not be consider if financial documents are not submitted to Amex".
I"m thinking of just ignoring the request as I have already have a large active credit line with Amex.
The letter mention on nothing of account closure other than "future credit line increase will not be consider if financial documents are not submitted to Amex".
I"m thinking of just ignoring the request as I have already have a large active credit line with Amex.
#5
Join Date: Jul 2008
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Back when I had AMEX business cards, I found the FRs completely arbitrary and with ridiculous conditions which is why I stopped using them for business. I put orders of magnitude more spend on my personal AMEX CCs and have never had an FR requested.
#6
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#8
Join Date: Dec 2010
Location: Indianapolis
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I had a similar request, called and agreed to send the the first page of my tax returns, it was signed by my CPA, never heard from them again.
I was not going to send them everything, they ask for, and they were understanding,
I was not going to send them everything, they ask for, and they were understanding,
#9
Join Date: May 2012
Posts: 605
I recently requested a credit line increase on my blue for business from 10k to 20k and I received that letter. I shredded it. I just reallocated some of my credit line from my Delta BC instead. I am not giving them [anything] for 10k credit line. I've been with AMEX since the 80s. The credit line reallocation was approved. I am strongly considering cancelling all my cards with AMEX. Never once did MS. All my charges are from suppliers and other businesses. This is crazy.
Last edited by mia; Jun 12, 2019 at 6:37 am
#10
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Location: Miami, Mpls & London
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We put ourselves at a disadvantage if we allow emotions to drive our interactions with mass market companies. Their decisions are made by algorithms. Nothing they ask is based on individual circumstances.
You asked for more credit. American Express asked for more financial information. What is the specific real problem with providing the information?
You asked for more credit. American Express asked for more financial information. What is the specific real problem with providing the information?
#11
Join Date: May 2012
Posts: 605
We put ourselves at a disadvantage if we allow emotions to drive our interactions with mass market companies. Their decisions are made by algorithms. Nothing they ask is based on individual circumstances.
You asked for more credit. American Express asked for more financial information. What is the specific real problem with providing the information?
You asked for more credit. American Express asked for more financial information. What is the specific real problem with providing the information?
I have since reallocated one of my credit lines to meet my needs. However, I am in the process of moving my business spending to Chase, BOA and Capital One .
#12
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,952
Blue Business Plus explicitly allows spending above the nominal credit limit:
Expanded Buying Power‡
Enjoy increased buying power above your credit limit to make bigger purchases for your business.
The portion of your account balance that is above your credit limit is due in full each month as part of your minimum payment due. You will not incur interest charges on the portion of your account balance that is above your credit limit so long as you pay the entire minimum payment due by the closing date of the billing period in which it is due. If you do not, then the penalty rate will apply to your entire balance, including any amount above the credit limit.
Enjoy increased buying power above your credit limit to make bigger purchases for your business.
The portion of your account balance that is above your credit limit is due in full each month as part of your minimum payment due. You will not incur interest charges on the portion of your account balance that is above your credit limit so long as you pay the entire minimum payment due by the closing date of the billing period in which it is due. If you do not, then the penalty rate will apply to your entire balance, including any amount above the credit limit.
#13
Join Date: May 2012
Posts: 605
Very true. I am told I can spend around double my current limit and they will approve the charges. However, I do not want to have it appear that I am maxing out my business cards with AMEX when the utilization would be at 80% +, so I pay it down as soon as the charges hit. It's ridiculous.
#14
Join Date: Jul 2008
Location: LAS ORD
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#15
Join Date: Dec 2010
Location: Indianapolis
Programs: Hilton-Diamond Lifetime Platinum AA UA, WN-CP, SPG Gold.
Posts: 7,377
A CPA keeps you out of trouble, mine questions things, also helped at my divorce hearing many years ago.
Well worth the price, for planning and protection.. compliance and consideration,
Well worth the price, for planning and protection.. compliance and consideration,