Topic Wiki

1)   What is a Financial Review?
In short - American Express occasionally freezes the credit card accounts of individuals with high-risk patterns, or for new account holders.
They request a lot of personal information, such as IRS tax returns, bank statements, letters from Banks ectÖ

Letís break it down into 2 different types of Financial Reviews
A)   Mini Financial Review
B)   Financial Review

A)   Mini Financial Review

(please fill in info) This form of financial review, is usually a short process, it could be as short as one phone call. American Express might feel a need to verify your finances for whatever reason, and they could call you to verify information. Your accounts could be suspended from using until you get in touch with them, typically they will restore your accounts after a simple phone call.

B)   Financial Review
This type of Financial Review is very common. It often happens when opening a new account for the first time, usually if you are opening a Charge Card, or a Business Card or if on a new account you start off will a lot of high spending.
American Express will suspend your account/s, they will not remove the suspension until the review is over, which takes around 2 weeks.

If you cannot provide the required information, shut down your account right away.

2)   Triggers

Look below for a list of triggers and links.
 
3)   What will happen?
Your accounts will get suspended. You will be able to log in online, and see account activity, but you will get a message that charging is suspended.

They will contact you via phone and email. Once you get in touch with them, (typically) you will be assigned a specific representative to work on your case.

The will require mainly IRS Tax returns. The point of a Financial Review is to verify your income. They may also require Back statements, a letter from a Bank to verify your address, and other documents. People have reported that they did survive a Financial Review with just bank statements.

As long as you could provide the documents they request you will be fine, they might lower your credit lines, but you should be able keep your account open. Even as low as a $6000 tax return people have been able to survive a Financial Review.

In cases of a Financial Review after opening a Business Card, you will need proof of Business income.

If you cannot provide the required information, shut down your account right away.

As long as you could provide the documents they request you will be fine, they might lower your credit lines, but you should be able keep your account open. Even as low as a $6000 tax return people have been able to survive a Financial Review.

4)   What Steps Should I take?

Get in touch with Amex as soon as you could. Send in the request inform promptly. You will have a rep that will be working with you, and telling you what documents are needed. 4506-t is a transcript request from the IRS for you last tax return. You will need to fill out this form, fax it to Amex, it will take them 24-48 hours until they receive this form, they will request the tax return from the IRS that could take about a week.

Important: you only have 2 attempts to send them the fax, if they reject it after 2 attempts you will get shut down. You don't get more than 2 attempts. (source)
You may be able to get 3 attempts if you ask for a manager.

You need to be on top of it, if you donít follow thru, they could shut your accounts down.


5)   What to do if American Express closed your accounts?

Once American Express closes your accounts, the only way to get back on is if you have the required information needed to pass a Financial Review. They will require you to request a 4506 form from the IRS (which will cost you $57) before they even approve any of your future applications.


To start you may want to read up here:

F/R triggers:
[/color]


Credit line of $25k or more
http://www.dansdeals.com/forums/index.php?topic=1438.msg10906#msg10906

Family member receiving FR can cause other family members to get Fr'ed as well
http://www.dansdeals.com/forums/index.php?topic=6223.msg74003#msg74003 http://www.dansdeals.com/forums/index.php?topic=8.msg24759#msg24759

Living at same address as someone who was FR'ed
http://www.dansdeals.com/forums/index.php?topic=8.msg77046#msg77046

Using majority of CL
http://www.dansdeals.com/forums/index.php?topic=7526.msg87716#msg87716

Large cash advance
http://www.dansdeals.com/forums/index.php?topic=5908.msg82906#msg82906

Nothing...
http://www.dansdeals.com/forums/index.php?topic=2723.msg30062#msg30062

Changing name on business card
http://www.dansdeals.com/forums/index.php?topic=3589.msg38101#msg38101

Mint purchases
http://www.dansdeals.com/forums/index.php?topic=146.msg22932#msg22932

Amex Gift Card Purchases
http://www.dansdeals.com/forums/index.php?topic=2422.msg26670#msg26670
http://www.dansdeals.com/forums/index.php?topic=8.msg40106#msg40106

Unusual spending
http://www.dansdeals.com/forums/index.php?topic=8.msg7627#msg7627
http://www.dansdeals.com/forums/index.php?topic=3710.msg39597#msg39597

Amazon payments (possibly)
http://www.dansdeals.com/forums/index.php?topic=3657.msg88656#msg88656
http://www.dansdeals.com/forums/index.php?topic=3524.msg42436#msg42436

Using close to reported income
http://www.dansdeals.com/archives/2537

Logging in online too much (!)
http://www.dansdeals.com/forums/index.php?topic=8.msg13741#msg13741

Prepaying
http://www.dansdeals.com/forums/index.php?topic=1712.msg13732#msg13732
http://www.dansdeals.com/forums/index.php?topic=3710.msg39725#msg39725

Adding Cardholders (many?)
http://www.dansdeals.com/forums/index.php?topic=8.msg49318#msg49318

Refunds exceeding total payments made on the card since it was opened
http://forums.dansdeals.com/index.php?topic=8.msg845606#msg845606
[/font]
Though not exactly F/R, it's worth mentioning that Amex takes returned payments very seriously.
They often shut all accounts without going through the F/R process.

Author Topic: Amex F/R Master Thread  (Read 1069189 times)

Offline YED

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Re: Amex F/R Master Thread
« Reply #8370 on: December 26, 2019, 03:24:21 PM »
sorry buddy but you may have to take drop less then that... or you might end up with nothing at all...
How much is that "Drop less" Your referring to?

Offline noturbizniss

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Re: Amex F/R Master Thread
« Reply #8371 on: December 26, 2019, 04:04:11 PM »
How much is that "Drop less" Your referring to?
If you needed it gone today then you are in The hole and at the mercy of the TA it broker scrambling to unload them. You need to teach it to TA or brokers last week for this!
READ THE DARN WIKI!!!!

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Offline Yammer

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Re: Amex F/R Master Thread
« Reply #8372 on: December 26, 2019, 04:46:54 PM »
Well I try never to waste a point at a value lower than $0.02 (and I have probably used about 3 mil points through out the past 3 years..) although in this situation I might be willing to go for 0.019 - 0.018 but not less than that.
Lets put this this way where would a (heimishe) TA transfer this amount if he had to?
1.3-1.4 YMMV

Offline mmgfarb

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Re: Amex F/R Master Thread
« Reply #8373 on: December 26, 2019, 05:37:29 PM »
1.3-1.4 YMMV
You'd be hard pressed to get that high for such a large volume last minute.
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Offline KSMH

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Re: Amex F/R Master Thread
« Reply #8374 on: December 26, 2019, 05:45:37 PM »
You'll most likely get in the 1.2 +/- range.

You can always transfer to your own accounts and sell from there at a

If you transfer to your own FF account's make sure.
- favorable expiration
- value wont decrease upon transfer



Always praying for delayed baggage.

Offline YED

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Re: Amex F/R Master Thread
« Reply #8375 on: December 26, 2019, 05:54:40 PM »
You'll most likely get in the 1.2 +/- range.

You can always transfer to your own accounts and sell from there at a

If you transfer to your own FF account's make sure.
- favorable expiration
- value wont decrease upon transfer
Thats exactly what I am trying to find out, what would be my preferred choices, which FF program (that transfers from AMEX) is most valuable ?

Offline Boruch Parnes

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Re: Amex F/R Master Thread
« Reply #8376 on: December 26, 2019, 06:23:07 PM »
Thats exactly what I am trying to find out, what would be my preferred choices, which FF program (that transfers from AMEX) is most valuable ?
targeted for QF promo?

Offline KSMH

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Re: Amex F/R Master Thread
« Reply #8377 on: December 26, 2019, 07:01:55 PM »
Thats exactly what I am trying to find out, what would be my preferred choices, which FF program (that transfers from AMEX) is most valuable ?


It's not only flat value to yourself that you have to take into consideration its also the flexibility and tolerance of the program if you plan on selling in the future.

I would say the easiest would be Auroplan but its still a ?? what the new program will look like. It's easy to sell auroplan plan and usally hovers in the 1.2 + range.

Wherever you tranfer make sure you will not go over  the daily transfer limit if there is one.

As a side note; you can sell all now at market value and always buy at market rate and transfer to any program you want. You won't be losing to much in the middle.
Always praying for delayed baggage.

Offline YED

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Re: Amex F/R Master Thread
« Reply #8378 on: December 26, 2019, 07:44:24 PM »
Any DP if I will or Will Not get a 30 day window to do the transfer? ( I wont have any Amex card on my name.)

Offline KSMH

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Re: Amex F/R Master Thread
« Reply #8379 on: December 27, 2019, 11:32:32 AM »
Any DP if I will or Will Not get a 30 day window to do the transfer? ( I wont have any Amex card on my name.)
I've heard first hand of someone that had success doing so but why risk it. Your points have a value of over 80k. You can always sue AMEX to get something just in case but why go down that route.
Always praying for delayed baggage.

Offline Jay s

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Re: Amex F/R Master Thread
« Reply #8380 on: January 02, 2020, 02:43:04 PM »
Anyone else have the FR dept taking very long for a decision.  I'm past 3 weeks already and my rep says still no update.

Offline as2

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Re: Amex F/R Master Thread
« Reply #8381 on: January 02, 2020, 03:36:16 PM »
Anyone else have the FR dept taking very long for a decision.  I'm past 3 weeks already and my rep says still no update.
Mine took a while. There was an issue getting my tax returns, so I ended up having to get them myself, and forward it to them.
Memories last forever, make them while you can.

Offline EP123

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Re: Amex F/R Master Thread
« Reply #8382 on: January 02, 2020, 03:48:03 PM »
I have heard that amex been f/r very hard lately? Every other person I know got a f/r. Is this true? Should I be transferring out my points in anticipation?

Offline as2

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Re: Amex F/R Master Thread
« Reply #8383 on: January 02, 2020, 03:49:06 PM »
I have heard that amex been f/r very hard lately? Every other person I know got a f/r. Is this true? Should I be transferring out my points in anticipation?
If you can pass a F/R there's no real worry. Not fun, but it's life.
Memories last forever, make them while you can.

Offline pointer

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Re: Amex F/R Master Thread
« Reply #8384 on: January 02, 2020, 04:12:58 PM »
If you can pass a F/R there's no real worry. Not fun, but it's life.
Key words, the rats has been acting very unpredictable.