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?

 

[Lobogris]

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.

You really think a large corporation like Amex doesn’t have a top notch legal division to consult ? There is nothing illegal in this.

 

[Vishal N]

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.

You are spending their money lol. They can do whatever they want and demand transaction proof. You can't run to RBI for everything. People should stop abusing ombudsman

 

[quino]

You really think a large corporation like Amex doesn’t have a top notch legal division to consult ? There is nothing illegal in this.

im not saying it's illegal. unfortunately no banking corp in india properly follows banking regulations (can be attested by our own @RAMESH BABU N ji). but that's fine, because in india the max. you can get is 1L through RBI BO compensation, which is cheaper than having their pricey legal team go through all the regulations & follow them properly. it's a simple matter of economics.

for ex., recently applied for plat. charge, the application team calls & asks me my credentials for the income tax website, so that they can "download the form 26as (which i already uploaded) directly without any alteration", insinuating that im forging the docs.

 

[shivamk]

10 lakhs surplus makes you “bohot ameer” (very rich

It depends on person to person. A person who had seen extreme poverty might feel 10L is a good feat for them while for people who have had enough always might consider it pennies.

Plus I was teasing @m4b as a friend. Anything wrong?

 

[Heisenberg37]

Do let us know the results of your FR and what all do they ask.

Sure .
Today I’ll upload all the documents

 

[Heisenberg37]

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)

They canceled all of my cards.
Due to internal parameters

 

[vaibhav111vaibhav111 is verified member.]

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?

Amount spend in one year was? Chances of rejection apply in 6 month are slim cause they cancelled your amex account cause they think you're doing b2b business at their expense. After 6 month try to re apply if rejected either applying online or through agent then try for add on card someone in your family nudt have amex cc or vice versa.