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Got a call from amex platinum charge team to make the payment
- Thread starter Heisenberg37
- Start date
Probably, this call is from their risk management/ transaction monitoring team.
Is this the first time you are making big transactions during a statement period??
If so, their system alerted this measure.
No need to worry at this time. It’s a normal business practice from Amex POV…
But
If your declared income is less and you continue to make huge transactions for a longer period then at some point FR will trigger..
Remedy:
Spread your spends across several months to avoid FR.
Pay them as soon as you could , I.e. Well before its pay by date...and enjoy Platinum Card…
The moral of the story: Don’t make anything look like an apparent abnormality… make it smoothly and slowly blend with a normality..
if you want to increase spending, do it gradually…
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Dr. Drake
TF Ace
you're mistaken there is always a shadow limit beyond which all TXs are declined. one of my family member shadow limit is around 12L since 9 months & it's still no increased. He had spends upwards of 45L on that card
It's not about reporting to credit bureaus. It's about Financial Review that may be conducted by Amex, which in most cases will be rigorous and if it was not to the satisfaction of Amex then it could lead to cancellation of the card.
Example: Say your declared income is 15L pa while applying for the card, and you spent 2 to 3 crores in a year, what is this telling to anyone in general??
This is normal with Amex. If you suddenly spend 3X or 5X your average monthly spending (just an example), then Amex considers this a risky account and asks the account holder to make an advance payment (before the due date).
Ask me about it .. Lol!! I have been through a FR, they treat horribly during the review.. You can't even reach CC directly and no one from CC will talk to you about your card account, all your cards are frozen and they ask you to furnish from your ITR to Bank statements.
Came out of it without the cancellation of the account or a limit reduction.
It's their charge cards which is the trigger for the FRs!
No, it's from their credit. However, be careful, you could be just one step away from a FR.. I had received a similar call before they triggered a FR for my account. As long as you furnished no false information during your application nothing to be worried off..
I guess it has more to doing with the spending pattern rather than the quantum of spending. No one really knows what can trigger a FR but if you google there plenty of theoriee out there.
When my account was triggered for a FR I was relatively new to Amex, with large international spends. May be that's what flagged their systems or may be their systems flagged them as business spends.
Also, apart from furnishing a list of docs I had to explain to amex a list of transactions and what they were for!
Either that or they will most likely cancel your card account (which means all existing cards with Amex) ..
shashankrt
TF Premier
This is news to me and frankly I find this very unacceptable. The whole premise of a charge card is having flexible limits. Also especially for Amex Platinum how will anyone recoup annual fee if Amex triggers FR on random flags? They are anyways charging 5% for late payment so this FR is frankly stupid (as the person has already spent the money so whats the point of post spend analysis?)
Also most Amex Plat will have 50L + ITR (anyone with lesser ITR going for Amex PLAT just for joining bonus is a trap)
shashankrt
TF Premier
Another ways to avoid above and following FR is using option to check your spending power option available in your Amex account.
Well, was news to me too, until the dreaded happened one day. I guess someone doing one off large transaction or unique ones should be alright, but repetitive large transactions triggers off FR mostly to verify if they were business transactions or scrutinise if any kind of money laundering is happening on the account. However, these are all theories & only amex knows what can or may trigger a FR.
Using the "check your spending power" tool before making a purchase has nothing to do with a FR. It will just say if your purchase for upto that amount will be approved or not, but that does not mean it will not trigger a FR. A FR mostly has to do with what your spending on, not how much, also they check your ability to pay back & if your rotating, hence the bank statements.
