Yikes! Amex Financial Review: How to Avoid in 2023

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Timeline
0:00 Start Here
0:28 What is an Amex Financial Review?
2:10 What causes a financial review
3:48 Why bother with Amex?
5:30 Small causes of financial review
6:36 Amex financial review
9:15 Outcomes of financial review
11:20 FAQ
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Опубликовано:

30 июл 2024

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Комментарии : 248

@AskSebby Год назад

💳 Sebby's Card Picks: www.asksebby.com/credit-cards

@arcanec1450 Год назад

i have a question on Amex cards. so if i get Amex Platinum and Bonvoy Brilliant does the Marriott elite status nights adds up?

@lyleflatebo3195 Год назад

🛑 always love the videos! Thanks for all the great information

@danielcrotty8697 Год назад

Great video! I worry about ever having this happen. But I always pay them in full, my income is accurate, and my credit isn’t the best, but it is stable. TBH, the have been the best issuer for me in terms of coming back from rebuilding my credit and being treated decently.

@AskSamPugh Год назад

Great info sebby. I haven’t had to do a review this detail with Amex so hopefully that’s a good thing. This detailed research you have on this is will really help someone.

@robertbowns9390 Год назад

Appreciate the Update and data on AMEX financial review, I needed that refresh! As always I appreciate you!

@kenlee2923 Год назад

Banks are usually more concerned about you not paying the balance and running away than your income not meeting their expectations. You can make 10k/year and still get a credit card as long as you can pay your balance every month. I also think the Uber/Dining credit should be carried over and expire in about 3-6 months. It will encourage people to make bigger purchases or dine at expensive restaurants.

@sarge1231 Год назад

I have 2 heavily used AMEX cards, but I will have no AMEX cards if ever asked to send in a 4506-T. It would verify the honest income that I entered at AMEX, but their is just too much other information there that someone could use to cause me issues. With identity theft being a real possibility, I would just have to say no. I doubt it will ever happen, because I always PIF, and usually 2-3 times a month. I never pay a dime in interest on any card. With just 10k, and 16k limits on those cards, I doubt I will have to worry about it. That is unless they ever do it for spite as I rack in rewards, and pay no interest. If I worked in the credit card industry, I would do my best to close all my cards. I will never send a 4506-T to any credit card issuers. I would tell them to pound sand quickly. Credit cards are a convenience, and slightly profitable, but I lived many years without one, and could again.

@floridaproductions Год назад

I asked to up one card from 25G to 35G. They gave me 30G instantly. And a option to possibly see the 35G or higher. With 3 last bank statements, was my option. Been with AX since [1982] 🎉🎉🎉

@littledove906 Год назад

Thanks Sebby!! This is Very valuable information.

@SpencerJohnsonOfficial Год назад

I've always wanted to test my spending power on my Amex charge cards, but I've always been worried about doing that. It's not important for me to do so, I'm just curious like you lol. This was a great video and you brought up some stuff I never would have thought of, so thanks for sharing! 🛑

@SpencerJohnsonOfficial Год назад

@Shawn Great to know Shawn! Thanks for sharing this.

@prettyacct Год назад

Back in 2008 I had an Optima card with $13k limit, they reduced my CL to $500 on a Sunday. I called to close my account, they didn't want the exposure, I didn't want to keep a card I never used. There was no request for a FR, just a reduction in CL.

@SamuelDantowitz Год назад

🛑 just picked up a new Amex card and also grabbed the boshiho card holder per your recommendation, thank you for all you do!

@brad159us6 Год назад

Thanks for this video Sebby! I was debating on getting 1 more Amex card but nervous about a FR happening 😬 lol 😂

@PointsInbound Год назад

Thanks, super solid resource, hopefully I'll never need this video, but its really helpful.

@EverythingCreditCards Год назад

I only have two Amex Cards and I’m glad they’ve “trusted” me so far. I have a Blue Cash Everyday with a 12k limit and an Amazon Prime Business card with a 20k limit. They didn’t even hard pull me for that Prime Business card. They also started me at a $2,500 limit but randomly increased it to 20k without me knowing

@cryptocentercartel1264 Год назад

amex doesn't hard pull after the first card. Every other check is internal.

@JennAlmaguer Год назад

🛑 helpful video! Thanks Sebby ☺️

@steveg8998 Год назад

Interesting! I got my charge card given a credit limit because they (Amex) looked into my overall credit and determined I had too high of credit balances. My charge card CL is pretty much what I spend monthly, but the reason for me even getting a charge card is for expenses that I might spend a little more extra on a particular month. AMEX did say they can change it back at their discretion, but you mentioned that this could last somewhere between 6-12 months? I told Amex they shouldn't care about my credit as long as their getting their cards used and payed for every month it doesn't matter what I do with other cards.

@BrandonWansley Год назад

I completely agree!!

@roxcyn Год назад

I've never had one happen. That would be annoying and scary. 🛑

@wshnus Год назад

I have never had a FR. When I applied for the card I actually put a lower income that I actually make. Partly because I never max out my card and I am fairly discipline on my spending so I don't need a very high credit limit anyways. 🛑

@evilkingstanley Год назад

Lol, I messed around with the check spending power button a lot. They ended up just slapping a credit limit on my Plat haha

@zjd5352 Год назад

awesome refresher video, thanks

@AskSebby Год назад

Glad it was helpful!

@Aildar69 Год назад

I've never had a financial review, but I only fall into one of the risk factors... high credit limits. I have 3 cards with AMEX, two with credit limits. I think that one is capped at $45K and the other at $35K. I've had AMEX cards since 1999. Sometimes I have surges in spending, because that's life but I always pay my balances in full each month.

@heyalexluu Год назад

My girlfriend recently got a FR with Chase. She had opened a Chase World of Hyatt card during the summer and after we had gone to New York that's when problems arose. Her account was suspended and she was prompted to procure documents. She turned everything in and ultimately got denied and now the account is closed. This may be due to her transition from her teaching career to a student to further her studies. The charges only totaled out to around 1k so I wouldn't consider it excessive spending at all. Really strange case, but when she graduates next year we'll reapply again. I'm still under 5/24 so I have until end of next year

@TravelBossNas Год назад

This happened to my wife when she got the Hilton Aspire card. We spent a lot to meet spend. And we were waiting for the statement to hit to make the payment. So she got hit with the review. We sent the 4506T and our income the year prior (2020) was less than usual for obvious reasons. But they were ok with it. Even though it was probably 40k less than what we usually make and what we reported to Amex when we applied. And then a week later it started working again.

@AskSebby Год назад

Thanks for sharing!

@kenlee2923 Год назад

Yeah. Banks are more concern with you not paying them back than your income level.

@RobShook Год назад

Practical, clear, useful information - as always. Thanks, Sebby!

@AskSebby Год назад

Glad it was helpful!

@austin65432 Год назад

Great video! Thanks! 🛑

@tomichaves6031 Год назад

🛑 I just applied for an American Express card and got approved. And this is the first video I see when I open my RU-vid app

@JacksonWelch Год назад

I have pretty low spend for a someone in my income/age group. I have never requested a CLI from Amex since I generally find myself never spending anywhere even close to the limit, Hopefully I can avoid a FR.

@Leoprieto74 Год назад

I currently have three Amex credit cards with a cumulative total credit limit of $43k plus I also have the Amex Platinum and the Gold. I haven’t been selected for a financial review. Honestly, I will have NO issues if Amex wants to do a F.R. to me.

@Lnetta2Lteezy Год назад

On my first Amex card, while I was still a college student I hit about 60% utilization (still paying more than minimum every month but not paying off completely) and one day they just cut my limit to my balance making my card maxed out. I was upset at the time because of the impact on my credit but in hindsight they likely just capped my limit to prevent me going into more debt than they believed I could pay. Still didn't appreciate it lol like at least warn me 🙄

@landonbarretto4933 Год назад

And my thought about that is what's the point of a credit limit if you can't use it?

@GeekBoy133 Год назад

🛑 Great video! Thanks for sharing!

@CallMeUbba Год назад

I had a full FR triggered after I got the centurion card and for the requested limit they asked for personal and business returns for 3 years along with CPA reviewed PL and BS

@mynock250 Год назад

In 2008 Amex took a beating, the first thing people did in financial trouble was not to pay there AMEX bill, Visa/mastercard didn’t have as many people refuse to pay there bill.

@biffy7 Год назад

Another excellent video 🎃

@cruisingforone Год назад

🛑 Never heard of these. Thanks for the information

@tcuda9469 Год назад

Thanks for the videos! 🛑

@Club-Thirty-Three Год назад

🛑 Thanks for another informative vlog.

@thebeddoctor4273 Год назад

I got a financial review when I asked for a credit limit increase on my amex business card. Pretty crazy. Always pay off the balance. Not sure what the reason was

@MarioRioMcBride Год назад

I wonder I will that work for people on SSI and have a Amex card? This video is very informative. I don't spend like some big ballars in here but I do spend since I join with Amex. Thanks for this information.

@juliogonzalez1944 Год назад

I’m planning on applying for the AMEX platinum card. Would you recommend a large purchase for starters, For example 6K ?

@aznandyroo Год назад

I've never had a financial review but I've been in the "points and miles" game for YEARS so...I try not to do anything too crazy lol 🛑

@luxyvip Год назад

I just went through a financial review and they did not freeze my points or stop my spending. I submitted all docs that they asked for and the outcome was Amex placed a spending limit on my account. It was not low by any means.

@AskSebby Год назад

thanks for sharing!

@danwirth3511 Год назад

I actually did #4. Mistakenly payment bounced and I tried to clarify but they didn’t listen. Provided statements for assets and identification information. Opened up my accounts with artificial limits on charge cards. Lifted after 24 months. I would never make another mistake again with Amex.

@khirypalmer9846 Год назад

That’s me right now

@prettygal3915 Год назад

Me either brother, me either! I was blacklisted for years!! I learned my lesson!!!!!

@MaherDoes Год назад

24 Months????? Oh god 6 months passed the other day for me

@anasryadi8545 Год назад

🛑Excellent video! I didn't even that the spending power triggers a review. I used to test it out something but now I won't touch it again unless if it's for a purchase

@wannabedal-adx458 Год назад

🛑 Never had a FR and never plan to. I always payoff my AMEX cards first just to keep them happy. The only time I carry a balance is when I am waiting for a travel reimbursement from work. IT has paid off because AMEX has given me 2 "Pay over time" limit increases. Is an FR invasive.......No IMO. Because you want to play with AMEX you have to play by their rules. Like you said Sebby, CCs are the main product line for AMEX. They must be more risk aware then the other banks because they don't have comparable deposit levels like the other big banks. Thanks for this video, interesting info that I hope I never need!!

@ManuelLopez-jc1bz Год назад

Great video 🛑

@azalex91 Год назад

I’ve had the AMEX EDP since 2016 started with 1k limit and now it’s gone up to 33.7k on its own. Also have the Gold/platinum since 2018. Never had a financial review. My partner got the gold in 2019 and first month was under review cause they spent 6k and it triggered it

@Tony36847 Год назад

4:23 it's also 3x on flights booked with the airline directly

@kayjoe7237 Год назад

Excellent video !!!

@AskSebby Год назад

Thanks! :)

@aspoonfulofknowledge Год назад

Great segment. I have a Bonvoy card and a Platinum. I pay a cost each year to have the cards. Do you suggest that I only need one, as they make at least $1100 from me and the benefits are not too distinguishable. I was thinking I get the best Marriott benefits if I have their card. Am I wrong?

@gabrielespinoza3907 Год назад

🛑🛑 Awesome video! I appreciate all the work you pit into these.

@mawtrader87 Год назад

I've been flagged for a review. I've called them an it appears they had my base salary down as a very low number! The only reason I think this could have happened is when I updated my details when I changed jobs a couple of months ago and I must have inadvertently missed a zero (so seems self inflicted). I also put about 12k of building works on the card when my usual spending is probably 1-2k a month (could be this). The feeling I got was that the the incorrect salary was the issue. - I provided proof (payslip & bank statement) and the guy on the phone seemed like that would solve the issue. - They said they'd let me know when they check in the background.

@mawtrader87 Год назад

Update on this. - Amex fully reinstated my card with an email apologizing for any inconvenience. The whole review took less than a week, baring in mind I supplied all the information within a couple of days as well as chasing a couple of time with follow up calls.

@soloman_am Год назад

Very helpful thanks for sharing I have 2 amex cards 1 personal and 1 business and I've been hesitant about asking for a CLI because I don't want to trigger a financial review lol

@kndvds1492 Год назад

I have a $30,000 limit on a blue cash pref. A year ago I asked for a CLI. I got a response that if I wanted the increase I needed to provide a 4506-T. I chose to decline the increase and they dropped it.

@aeroAdvocate Год назад

Never heard of Amex offering a secured card option though.

@Melbnolan Год назад

I said good bye when asked for a review. Chase Reserve was happy to take my business.

@mrnguyen1529 Год назад

Didn’t the IRS rename 4506t to 4506c ? I work in the credit industry with tax verification (it’s a separate dpt) , we were told it’s now 4506C

@muriloninja Год назад

The Plat AF is a popcorn fart for me but the value is all but gone so I cancelled it...over it! However, I still roll AMEX - Gold, BBP, Hilton Aspire! Also have AMEX BCE just in case! Points guy here but random cash back is solid! Cheers!

@mikeedwards9306 Год назад

Wow I am glad I saw this and I think I’ll leave that button alone now on how much can I spend. I was hitting that button for fun , no more.

@oazizpharmd2993 Год назад

🛑 in the name of Sebastian. Do you know if this is limited to personal cars only or if this is also a consideration when opening up business cards. I ask because I may exaggerates the size, and or earning potential of my current business with applying for a business credit cards.

@TrumpetGapper Год назад

Not a financial review, but a few years back pre-covid all of my accounts were suspended and I was sent a letter to call AMEX. I called and they wanted to know more about my living situation since I never reported a mortgage, rent or “other”. As this is true for me (my employer pays for my housing and most standing living expenses [cable, internet, heat, water, etc..]) I explained my situation to which they were flabbergasted about it. I was transferred 3-4 times having to repeat my story over and over again and then finally I was required to submit documentation from my employer stating that they did indeed provide me with housing and some basic living expenses. Honesty it was VERY invasive and very frustrating as they basically did not believe me.

@jlutz57 Год назад

Honesty a bit worried about an FR, and being blacklisted. I do travel medicine and the majority of my income is non-taxed stipends. Speaking with my accountant and others the rule of thumb is to add them all together and tax I would have paid to get to that number. So my income on a tax return generally looks abysmal where my actual take home isn’t. My only hope is that I would be able to show paystubs and to explain the situation.🤞here’s to hoping I’m just a good user

@77Joseph777 Год назад

Banks usually allow paystubs. I just applied for a BofA credit card and they didn’t outright deny me but sent me a letter stating that they need to verify my SS and I could either send in a recent pay stub or current tax returns.

@dhesterjr4 Год назад

Loved the video very informative, I recently just got my Amex card. I have great credit and never have missed a payment on any of my cards and always PIF.What if when you applied for the card your put your annual income at the time then about 2 months later you start another job that annually salary wise you would make $10,000 less with the possibility of making what you did at the last job with commission and bonuses . Should you update the income right away or wait until completing the year at the new job to update the income ? As well, I only plan on using the card for everyday small purchases but after just receiving it. When is it a good time to start using the card for small purchases like groceries and gas?

@ColoringKaria Год назад

🛑 Also other banks don’t even bother with a financial review. Chase will just do a full shutdown if they get spooked and let you explain yourself later if you can or know that’s an option.

@TaylorSwifty69 Год назад

Used the spending power function and received an approved flag for 65,000 :o

@thomas1942 Год назад

Sebby, when is credit card consultation coming back from vacation? I have some questions ... 🛑

@eustices Год назад

🛑 Very informative

@samr6148 Год назад

🛑🛑🛑Very interesting info.

@Jierongk Год назад

I have 5 Amex cards the last card applied for is the Hilton Aspire and it was approved for 35,500 credit limit, combined its about 100k limit with Amex. Will they ask for finantial review? Im consistent with their spend on a monthly bases including their business cards.

@james-p Год назад

I have a 35K Pay Over Time limit on my Platinum and 16K on my Gold. But I also have low 4 figures just sitting in an Amex savings account as an emergency fund. That may help. 🛑

@thetechtrons3778 Год назад

🛑 "Why don't other companies have a similar process" They do. I have had banks ask for bank statements, paystubs, or tax returns in order to keep the account open.

@Slickvic23 Год назад

Very important comment here. ALL banks and lenders can and WILL exercise the use of this depending. I hope more people see your comment. And honestly (to the public here) this isn’t rocket science. Any common sense would suggest to someone that this could happen. I mean guys, they’re lending or potentially lending a single person thousands or tens of thousands of dollars. Put some brain power behind it and just think about it for a few seconds. It’s not absurd. Wouldn’t you do the same?

@huntermonzon5231 Год назад

Good study up

@idontwantachannelimjustcom7745 Год назад

✋ is amex personal loans the only personal loan that forces electronic bill pay to snail mail a check? My electronic bill pay says amex has the check, and they haven't cashed it for 2 months.

@l.a.rivasesq.8841 Год назад

My spouse and I retired and our income decreased approximately 66% They asked us about this decrease and we explained that we lived off of our pensions but did not withdraw any funds from retirement savings or other assets. After we informed them about our assets, they stopped asking questions and I’ve continued to obtain welcome offers and credit cards with good credit limits. 🛑

@agchitty 2 месяца назад

@AskSebby Does a cli over a certain amount triggers a financial review? I have 3 cards....25k, 6k and 9k. I want to bring my cards that are 6 and 9 up to 25k. Does that trigger a review?

@DeltaDusky Год назад

So I got a little curious 🤔 and attempted a CLI... I maintained my $30,000 CL for about 7 years, and never had the guts to ask for more because I was afraid it would trigger a review... I called the number, and the "Robot" prompted me through requesting a credit line increase, I requested double what I have now, and it was instantly approved. Now I'm looking over my shoulder with every purchase wondering when the financial review fairy will strike... 🙈 trust me kids, it's not worth it 🙈

@victerrios6509 Год назад

What's not worth it? Cuz u got ur increase!

@normandea Год назад

"Get mad at the algorithm...?" Blacklisting? Credit card and charge card companies should be thrilled to have us as customers, not vice versa. If this happened, I would drop the AMEX card like a hot potato. Why would anyone put up with that kind of review? Premium Visa and MasterCard cards is all you need.

@dtsang508 Год назад

I had a targeted AmEx Plat for 150K pts. I met the spending req after one billing cycle. Transferred the pts out, then cancelled the card. They gave me back the AF & sent me a warning letter about freezing my remaining MR points. How much trouble am I in??

@AmanJakkani Год назад

🛑 on the fence about the Gold card rn hmm

@parkerfisher5130 Год назад

I actually triggered a financial review last week. They only asked for two pay stubs, and bank statements that correspond to those pay periods. weird how they didn't ask for tax info.. still waiting on the result. the pay stubs actualy show a much higher income than what i put down, so hopefully that'll help

@chriskasprzyk6235 Год назад

This actually applies to what I was curious about since pay stubs are the only way to see gross income. People like us who are putting 10's of thousands into 401ks, HSA's, insurance premiums, etc will never have that show up on tax returns, but you are specifically told you can use gross income when applying. Thanks for the data point.

@CEOLittleLeeS3 Год назад

Hong Kong Octopus card!! I'm still waiting to go.

@bobho90 Год назад

is that an octopus card you're holding? hmms... lol

@ElPadrino8086 Год назад

🛑 I've been blacklisted for the Amex Platinum sign up bonuses. I called and spoke with a rep that stated I could get the card yet not the bonus. Interesting that he mentioned I could do Co-branded cards and get a bonus, which I did with the Amex Delta Reserve. I'll try again for the platinum in another 6-12 months.

@daribryan7062 Год назад

They only give you 1 sign-up bonus per card in a lifetime

@parkerjohnson5270 Год назад

@@daribryan7062 i’ve heard lifetime actually only means 4-6 yrs

@amzbuyer Год назад

I checked spending power 3 times and the next day I got a call from Amex letting me know I am under financial review. Didn't know it was a thing. Now I guess I know.

@StevenLynn Год назад

🛑 - Just signed up with Amex in July 2022. Not really concerned about review. If anything my other cards (Chase, Citi, Capital One) might complain because they got stuffed in my desk drawer.

@Clementinee Год назад

🛑 Hoping for a updated video about the best Amex transfer partners soon! 🛑

@masked1238 Год назад

I got a 8350 limit but I will probably only use 3k max this year do u think I will get a review plus I am a student so I will use my loan to pay it back

@FinanceNation Год назад

Come on Sebby...I seriously doubt the customer service reps at Amex earn that little...I am a cashier and my wage doubled in 5 yrs. And I didn't start at minimum wage. They make money

@vtecmikee 4 дня назад

Just completed a FR, after submitting documents that verified income, got call from the FR Officer and hold was released. Reason was excessive spending patterns on the card (since I just got it 2 months ago lol). Hope this helps

@SuperNovember28 Год назад

I had a review once and did ok

@peterrabbit2719 Год назад

Sebby, when are you going to review BILT for rent payments?

@DeborahE7 Год назад

🛑 Looking forward to see how credit cards might change during the 2023 recession. Also, cost of food is so expensive now that Uber Eats is now even more challenging to use for a reasonably priced pick-up deal. I’ve found a few deals but they’re rare. Edit: At this point, I’d like Amex cards to offer something new and cancel all the monthly Uber credits. It’s becoming strange to use now that restaurants are fully open again and it isn’t as exciting and new as it was in 2019. I never use regular Uber for rides, never have.

@pugetsoundcruzer Год назад

🛑 Thanks

@EM-wf9gd Год назад

When you say high credit limit, do you mean the pay over time limit they give you? Or the balance you’re carrying on the card?

@Repomex01 Год назад

Not knowing your parameters (Limits) that constantly and mysteriously change.. Like a borderline partner,, in a financial contract is ludicrous. plus having to pay off every month does not constitute a credit card.. plus yearly fees .... ninja please..and most vendors hate this card. the only reason to use this card is for possible avoidance of ID theft or fraudulent purchases or transaction discrepancies. I will say their customer service is good, And their collection tactics are even better, so be carful in trying to not pay them..

@WF72431 Год назад

They requested a 4506-T during the approval process, I guess they didn’t believe my income lol

@narekkazarian6333 Год назад

Hey Sebby, great video as always. Was wondering in the event that the financial review coincides with some travel that you're doing, are perks like lounge access disabled in the interim? Or will that still be available throughout the FR? Always wondered about this. Thanks! 🛑

@jons_vlog3 Год назад

🛑 I have Clear and I really enjoy it. Plan on applying for the green card so I can get the $100 off I have it connected to one of my frequent flyer accounts so I already have $80 off there great vid.

@carol-wg3zr Год назад

🛑 thanks Sebby!

@sorenstauss Год назад

Are there any DP on if you use your partner’s income per CFPB? For example, if the card holder is a student but lists household income from their partner as allowed, but obviously won’t show up on the card holder’s tax return.

@PatrickDKing Год назад

I too am curious about this. I'd submit their paystubs or W2 and if they ask why it isn't yours just tell them its your honey bunnies.

@77Joseph777 Год назад

It should be fine seeing as most applications state in the income section that you could use any income that is readily available to you, that being a partner or family member

@sorenstauss Год назад

@@77Joseph777 yes but again not necessarily helpful if they demand a 4506T to retrieve your tax information.

@sorenstauss Год назад

@@CheekyBird790 Very helpful, thank you!

@MOBMJ Год назад

what happens if you low ball your income? for example this is me with my income because my income is very unpredictable. I'm a Stock and Options trader and on year I could make six figures and another like $50K. So that being said could you low ball it? if so what will happen?