Financial Review Triggered due to 1 mistake

[Heisenberg37]

I called amex to increase limit of my MRCC
They says they’ll review the account
And i was in financial distress so i used to swipe my card at a merchant and pay them on time.

How they asked me what were those transactions and i told them he’s my friend and i purchased a car from him and paid via amex.

Now they’re asking me itr and stuff
I have itr of 12.5 L
Will that work?

 

[Wealth is my birth right!]

Wrong info. Check my experience with AMEX financial review. I got three AMEX cards with same PAN and address: https://www.technofino.in/community/threads/amex-financial-review.7351/post-647582

Sure will take time to get thoroughly
Who knows it may be me as well next FR lol

 

[quino]

Well, Their terms don't mention that they can conduct any future financial reviews or suspend the card if you don't provide the requested documents. I think you should file a complaint with RBI ombudsman.

American Express can terminate the Cardmember Agreement and cancel your Credit Card at any time on immediate notice or at any time to restrict the use of the Credit Card without giving reason or cause.

you are confused. there's a difference between cancelling your card without giving reason/cause & cancelling your card because you failed to upload ITR. Lawyers would have a field day in court over this.

 

[helloworld]

you are confused. there's a difference between cancelling your card without giving reason/cause & cancelling your card because you failed to upload ITR. Lawyers would have a field day in court over this.

as per my understanding (might be wrong) they can restrict the use of card without reason, here they have reason too..

which inline with 'at any time to restrict the use of the Credit Card without giving reason or cause.'

they can say, we asked proofs and restrict the use of card because as per mitc we dont have to give reason.

restrict the use of card = no further spends allowed = similar to closed card.

failed to upload ITR is a reason, IMO. and they can use that reason.

 

[shivamk]

I didn't opt for a salary account with Axis because when the corporate tie-up was about to happen Axis was not giving ltf m4b at that time. It has been running with 10L savings since oct last year.

Aren't you losing a considerable amount in interest

 

[shivamk]

it's due to external effects

Ladki ka chakkar?

 

[m4b]

Aren't you losing a considerable amount in interest

rest of the money parked in equities, AIFs, crypto etc. I don't do bonds, FDs.

 

[shivamk]

rest of the money parked in equities, AIFs, crypto etc. I don't do bonds, FDs.

Ah I see, so its mostly surplus. Bohot ameer ho

 

[m4b]

Ah I see, so its mostly surplus. Bohot ameer ho

kaash
bahut is subjective, still long way to go

 

[shivamk]

kaash
bahut is subjective, still long way to go

True, I think financial stability is more important than "bohot paisa". You need to know how to use and grow money to gain stability. And from what I have observed till now, you are doing awesome and learning more and more.

 

[quino]

as per my understanding (might be wrong) they can restrict the use of card without reason, here they have reason too..

which inline with 'at any time to restrict the use of the Credit Card without giving reason or cause.'

they can say, we asked proofs and restrict the use of card because as per mitc we dont have to give reason.

restrict the use of card = no further spends allowed = similar to closed card.

failed to upload ITR is a reason, IMO. and they can use that reason.

legally it doesn't work that way. they are free to cancel card without reason, but if they do give reasons, it has to be under rules/not abnormal, and can be sued over. you can look up the legalese regarding this.

 

[Heisenberg37]

He said "I used to swipe". I'm reading this as:

• He used to swipe his card on a specific merchant regularly
• One day he asked for limit increase
• While reviewing the account for limit, they initiated FR

@Heisenberg37 Please confirm the chain of events.

I used my card at 1 merchant every 3 months for 2 L
And i asked for limit increase on my MRCC
They said they’ll review
Well they reviewed and said what’s that for i said car n bla bla
Lady said she’ll call me after 15 min and ig she called FR department and raised a FR

 

[Heisenberg37]

just checking the assumed downside here....are you scared of just closing the account or something bigger can happen too?

I used to transfer points to marriot and taj vouchers as i have plat charge too
if they cancel cards can i apply again after 6 months
With hdfc Infinia 8L limit

 

[Heisenberg37]

I used to take money from him and make payments and they are asking for statements

 

[Dr. Drake]

I was thinking to spend 5L on this for spend based offer, this post will be ultimate reason not to..

Will complete 3L one though on other card. I was thinking all gyftr (don't ask how), how high chances of scrutiny will there be if I managed to spend 3L on gyftr.. Shadow limit above 8L if that helps for response (verified)

 

[Dr. Drake]

Another ? for OP, I'm assuming you have multiple cards so all cards blocked with MR or just the plat charge? sorry didn't followed the whole convo

 

[Wealth is my birth right!]

30l fd will be the best deal for Burgundy account

Aren't you losing a considerable amount in interest

 

[Wealth is my birth right!]

I used my card at 1 merchant every 3 months for 2 L
And i asked for limit increase on my MRCC
They said they’ll review
Well they reviewed and said what’s that for i said car n bla bla
Lady said she’ll call me after 15 min and ig she called FR department and raised a FR

James bond in female version
Agent kleen

 

[Heisenberg37]

Another ? for OP, I'm assuming you have multiple cards so all cards blocked with MR or just the plat charge? sorry didn't followed the whole convo

I said 4,63,500 points which thank god I transferred to marriot when lady disconnected the call saying she’ll call me after 15 min
I have plat charge plat travel and mrcc all blocked

 

[Dr. Drake]

I said 4,63,500 points which thank god I transferred to marriot when lady disconnected the call saying she’ll call me after 15 min
I have plat charge plat travel and mrcc all blocked

Holy cow. In a way you already knew you were f. but Instinct kicked in right time. Nice if I were you keep it blocked& close it reapply after 6months you should be good

 

[Hello_World]

I said 4,63,500 points which thank god I transferred to marriot when lady disconnected the call saying she’ll call me after 15 min
I have plat charge plat travel and mrcc all blocked

During my FR, though my account/cards were blocked but I was able to make use of my reward points. No way, AMEX stopped me from using my RP.