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Do you support current Amex FR Policy ?


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148 replies to this topic

Poll: Do you support current Amex FR Policy ? (130 member(s) have cast votes)

Do you support current Amex FR Policy ?

  1. Yes (48 votes [36.92%] - View)

    Percentage of vote: 36.92%

  2. No (82 votes [63.08%] - View)

    Percentage of vote: 63.08%

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#126 hegemony

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Posted 06 March 2012 - 07:27 PM

example:

hedge: can you waive my AF?
bank: checking with our computers..... sure'

joe smo: can you waive my AF?
bank: hell no, you dont seem to understand you are a piece of s*** upon this earth. you're lucky we didnt charge you for making your credit card plastic ya hobo, now go before we charge you for these minutes on our phone system


now, now...be nice to Hegemony ;)

I've not gotten an annual fee waived. my credit profile is not anything special.
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#127 bananablack

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Posted 07 March 2012 - 08:33 AM

Costco and AMEX are just protecting their best interest, just like we all do. Also checking receipts keeps prices down by preventing theft
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#128 BDK

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Posted 07 March 2012 - 12:09 PM

Costco and AMEX are just protecting their best interest, just like we all do. Also checking receipts keeps prices down by preventing theft


And my Costco usually puts their prettiest girls at the door at least! :grin: I don't mind them checking my receipts since I didn't steal anything. :wave:
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#129 CIO

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Posted 29 March 2012 - 07:42 PM

:o Wowza, I've never seen BW fired up like in this thread. Imma gettin' all man-crushy. :wub: :wub: :wub:


:D


As far as Amex FRs, I didn't think I would ever do it, but I ended up offering my tax returns in exchange for a huge limit increase on my Blue Cash. For me, it was completely worth it and I'd probably comply with a FR if they initiated it at some future point. No worries if it's not acceptable for others. Live and let live. :wave:
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#130 hegemony

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Posted 11 April 2012 - 08:56 PM

As far as Amex FRs, I didn't think I would ever do it, but I ended up offering my tax returns in exchange for a huge limit increase on my Blue Cash. For me, it was completely worth it and I'd probably comply with a FR if they initiated it at some future point. No worries if it's not acceptable for others. Live and let live. :wave:


define huge. thanks
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#131 Jank

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Posted 14 April 2012 - 08:31 AM

I have read this whole post and still no one has spelled out what the AMEX. FR is, please enlighten this newby...........

#132 hegemony

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Posted 12 May 2012 - 09:54 AM

I have read this whole post and still no one has spelled out what the AMEX. FR is, please enlighten this newby...........


when amex asks for a dan sample and a prostate exam.

a FR is when amex verifies your income be asking for tax transcripts.
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#133 franklinD

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Posted 20 June 2012 - 04:51 PM

If I got a FR from AMEX (my own credit), my wife would not consent to AMEX having the tax transcripts since we file jointly.
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#134 hegemony

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Posted 20 June 2012 - 05:13 PM

If I got a FR from AMEX (my own credit), my wife would not consent to AMEX having the tax transcripts since we file jointly.


does she have amex cards too? what reason does she give for not wanting to prove income to amex?
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#135 dvd

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Posted 20 June 2012 - 05:40 PM

I have read this whole post and still no one has spelled out what the AMEX. FR is, please enlighten this newby...........


FR is a Financial Review. A Financial Review is when Amex ( and many other creditors) will suspend your account pending requested additional information. Most of the time they request that you send them a IRS release so they can obtain your tax returns as proof of income. There are various theories on how one gets a FR.
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#136 EvoX

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Posted 08 July 2012 - 05:32 PM

I do not like amex FR. I would close my amex accounts if they asked for those documents.

re receipts: After you purchase something it belongs to you, the store can make no policy that says you may not leave the premise until they check your receipt. If you know you did not steal anything, there is no reason to stop.....


Costco is not a "store". It is a club. They may not be able to stop you from walking out of the store, but they can revoke your membership for not following their policy.

I have been through the AMEX F/R and I didn't care for it. I fully support AMEX having as many details about my financial profile as they wish, but I don't think their manner of obtaining them is ideal.
AMEX extended me about $35,000 in credit, and when I started to use about half of it in the first 6 months, they got nervous so they F/R'd me. If you think about it, $20,000 of unsecured debt is a ton of money to loose. In some places of the country that could be a down payment on a house.

If you've ever had a mortgage, you'll know that they need paystubs, 4506T's and a credit report. Assuming you put 20% down on a house with a legit appraisal in a non-declining market, the bank is not going to loose anywhere near $20,000 if the house goes into foreclosure, yet they still want to see all of your documents. I'm actually surprised that more credit card companies don't want proof of income.

My problem with the AMEX method is that it is not up to date. If you get laid off in January of 2012 and you earn no money for 14 months, and then you get an F/R in March of 2013, you will pass with flying colors [because they will look at your 2011 taxes]. Or if your income goes up or down significantly, AMEX has no way of knowing, since they won't check your paystubs. This is a huge risk for AMEX and a huge disservice to people who have rapidly growing incomes.

I also think that AMEX should give you a courtesy $500-$1,000 limit when you are under F/R so that any automatic billings will go through and you can use the card for small purchases. Or AMEX should F/R you BEFORE they give you a credit card. Extending credit and then suspending it is not good business.
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#137 BDK

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Posted 29 August 2012 - 11:42 AM

I also think that AMEX should give you a courtesy $500-$1,000 limit when you are under F/R so that any automatic billings will go through and you can use the card for small purchases. Or AMEX should F/R you BEFORE they give you a credit card. Extending credit and then suspending it is not good business.


HUGE +1!!!
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#138 ubermama

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Posted 30 August 2012 - 09:51 AM

I've been reading this thread trying to figure out what on earth FR means. May I just point out that it isn't in the glossary thread??

http://creditboards....hp?showtopic=32
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#139 ubermama

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Posted 30 August 2012 - 09:53 AM

I have read this whole post and still no one has spelled out what the AMEX. FR is, please enlighten this newby...........


FR is a Financial Review. A Financial Review is when Amex ( and many other creditors) will suspend your account pending requested additional information. Most of the time they request that you send them a IRS release so they can obtain your tax returns as proof of income. There are various theories on how one gets a FR.


OK, ignore my last post. I hadn't read this one yet.
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#140 AnthonyC

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Posted 05 September 2012 - 09:05 AM

I've had a Platinum Card and a Blue since 2005. I've used the card the same way every month of every year. I get hit with FR's once or twice a year. Every time my cards are put on hold for about 10 days. Very annoying. Every time I send my info it is exactly the same, but yet it still happens..

When I was on Vacation in Disney(Florida) getting a replacement card (I lost mine at the airport, no unauthorized charges or even attempts they said), the man next to me was getting one also. They called him and told him to get one. He told me that someone used his Amex for $30,000 a few weeks before and that AMEX told him about it, and he didn't even know it, and that it has happened to him before. His card was never even frozen. I asked hime if he ever had to do a FR and he said never..

The day I got home.... FR..... LOL

#141 Antimony

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Posted 23 September 2012 - 11:18 AM

If I got a FR from AMEX (my own credit), my wife would not consent to AMEX having the tax transcripts since we file jointly.


Would AMEX even be able to get the information they want out of a married-filing-jointly return? Is there any way to see whose income is whose on those tax transcripts? Because it sure is tempting to go back to reporting household income for CLIs if they're going to take the household income info anyway.
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#142 SomeGuyInCA

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Posted 23 September 2012 - 05:38 PM

I've had a Platinum Card and a Blue since 2005. I've used the card the same way every month of every year. I get hit with FR's once or twice a year. Every time my cards are put on hold for about 10 days. Very annoying. Every time I send my info it is exactly the same, but yet it still happens..

When I was on Vacation in Disney(Florida) getting a replacement card (I lost mine at the airport, no unauthorized charges or even attempts they said), the man next to me was getting one also. They called him and told him to get one. He told me that someone used his Amex for $30,000 a few weeks before and that AMEX told him about it, and he didn't even know it, and that it has happened to him before. His card was never even frozen. I asked hime if he ever had to do a FR and he said never..

The day I got home.... FR..... LOL


Out of curiosity, how is it that you use the card(s)?

I'm just curious if there is something in your usage pattern that would be screaming "FR this guy" to them.
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#143 Antimony

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Posted 25 September 2012 - 01:15 PM

Would AMEX even be able to get the information they want out of a married-filing-jointly return? Is there any way to see whose income is whose on those tax transcripts? Because it sure is tempting to go back to reporting household income for CLIs if they're going to take the household income info anyway.


Bump
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#144 hegemony

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Posted 01 June 2016 - 04:00 PM

yes


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#145 hegemony

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Posted 01 June 2016 - 11:16 PM

 

Would AMEX even be able to get the information they want out of a married-filing-jointly return? Is there any way to see whose income is whose on those tax transcripts? Because it sure is tempting to go back to reporting household income for CLIs if they're going to take the household income info anyway.


Bump

 

 

a 4506-t only shows the income for the household. AGI is what amex is interested in for most people. For those filing joint, it is one number on 4506-t not two.


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#146 cashnocredit

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Posted 23 June 2016 - 06:57 PM

I have come to appreciate Amex for it's spend flexibility. If they have stricter criteria for initiating an FR than other CC issuers, then that seems a reasonable tradeoff for providing high charge amount flexibility. Since I don't have an Amex revolver I don't need a CL but they have let me spend close to 60k with nary an email or phone call. No idea what it would take to trigger an FR spend wise but they certainly have the right and I'm sure they have metrics that kick in based on their long history providing credit.


Edited by cashnocredit, 23 June 2016 - 06:58 PM.

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#147 leedspaddy

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Posted 23 June 2016 - 07:03 PM

I would love for the opportunity for a FR from AMEX......................just take me off that blacklist!!!!!!!!!!!!!lol


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#148 brainchasm

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Posted 28 June 2016 - 02:10 PM

I have no secrets from AMEX, so I choose the third option on this (necro'd) poll: don't care.

 

I think I've gotten one, once.  It was a hassle, but I understand the need.

 

As to people who go full libtard on the receipt checker person at Costco/Walmart/Fry's/wherever...you know you can just walk past and say no thanks, right?  If they attempt to stop you or interfere IN ANY WAY, you have that employee, his manager, the store owner, and anyone else involved by the short and curlies.


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#149 MarvBear

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Posted 04 July 2016 - 06:50 PM

no political commentary.






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