💳 Sebby’s Card Picks:
How to avoid Amex financial review:
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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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49 comments
💳 Sebby's Card Picks: https://www.asksebby.com/credit-cards
What if you sent them 30l$ .? And you only owe 10.000$
🛑 thanks Sebby!
Never comply , screw Amex . I had my credit limit cut because they never called or sent a letter or text when my Costco membership ( about 100$) got put on an old unused card and never got any info about it not being paid until the shut down of the card
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?
AMEX was prestigious in the 1980's, but not so much now. I prefer to have a bank issued credit card with a credit limit rather than walking on eggshells trying not to upset AMEX's AI. Also, most of AMEX's customer service is now in India, so there's that.
🛑 Not a big deal if you are honest, which everyone should be in a business transaction. After all, you would expect AMEX to be honest and transparent on their end wouldn't you? Only thing I am curious about is you apply with your gross income as allowed, then they do a review and they get a transcript saying your AGI was substantially lower, but it was because you were stuffing money into cafeteria accounts like 401k, HSA, insurance premiums, etc. That will make a big difference and probably would not show up on the transcript since it isn't factored in on the return. You're conceivably talking about differences of $50-60k or more for a married couple. I know ours is easily going to be about a 40k difference. Only way to see something like that is with pay stubs.
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. 🛑
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.
What? Financial Review? LOL. I am not begging AmericanExpress to use its cards. It is vice versa. If Amex even would dare to go there I myself will close all Amex cards I have. Those f…ckers better beg me to have me use their cards.
Lol, I messed around with the check spending power button a lot. They ended up just slapping a credit limit on my Plat haha
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Appreciate the Update and data on AMEX financial review, I needed that refresh! As always I appreciate you!
"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.
Hey Sebby! can you do a video on the BILT credit card? the one that's geared towards earning points on Rent?
4:23 it's also 3x on flights booked with the airline directly
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. 🛑
I see that octopus card! It don’t swipe, it doots
✋ 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.
How about just be honest and use your financial tools as intended? Why would anyone lie in order to get a huge credit limit they cannot afford, or get into debt? It sounds like lose lose, what exactly is the benefit? It just isn’t rational behavior.
Thanks for the videos! 🛑
3:20 I spy an old Octopus Card! Do you go to Hong Kong often (before the pandemic)?
Sebby, when are you going to review BILT for rent payments?
🛑 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!!
Yhank you for sharing..
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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.
🛑 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.
Amazing video and thank you for breaking it down!! Despite the economic downturn, I'm so happy 😊I have been earning $ 60,000 returns from my $7,000 investment every 12days.
🛑 "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.
🛑 on the fence about the Gold card rn hmm
Moral of this video, "Don't be weird"
🛑 always love the videos! Thanks for all the great information
What if I just started my self-employed job as a doctor and I have never done taxes? Maybe they ask for Bank and brokerage statements like you mentioned, but what if my bank statements show only about $500 because I handle all my finances on decentralized finance and pay my credit cards and bills with crypto? 🥶
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Not sure why people are so freaked out about this topic. Just don’t lie about your income. Maintain copies of your tax documents as you should be doing anyway. If you filed taxes online, you should be able to access your prior tax returns online. If not, then keep paper copies.
🛑🛑🛑Very interesting info.
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.
🛑 No FRs but would (obviously) comply with them. I've been with AMEX for 15 years and have a spotless record 😸
🛑 I have not gotten a financial review and I would not be concerned if I ever did get one. I don’t lie on my income and if they want proof I’m more than happy to provide it.
🛑 I just applied for an American Express card and got approved. And this is the first video I see when I open my YouTube app
I've been an Amex cardholder for 20 years or so now, but truth be told, the company is never in the news for the right reasons these days. I've never had a financial review and don't suspect I will – I always pay 100% of my balance each month, and my spending is in-line with my stated income. But, if some company DID come asking for access to private information, like my tax documents, I'd probably wave good-bye to them. That's honestly pretty obnoxious. I get that you're taking a risk lending money, but no other credit card company is known to do this… and the credit limit should be set in such a way to cover their risks without invasive tactics. No less, if they DID want to understand my income, they could ask for a copy of my W2…. you know, like mortgage lenders do when they inspect your income… NOT permission to contact the IRS on my behalf and see a ton of other information that's honestly none of their business, like what write-offs I had, how much was saved in my 401k that year, charitable donations, and more. Your tax return is a HECK of a lot more than simply income verification. Another option? Income verification with your employer… very routine and non-invasive.
Oh no. I just did #2 right before watching this video.
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 🙄
Great video 🛑
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🛑 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.
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! 🛑
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.