💳 Sebby's Card Picks: www.asksebby.com/credit-cards

@arcanec1450

Жыл бұрын

i have a question on Amex cards. so if i get Amex Platinum and Bonvoy Brilliant does the Marriott elite status nights adds up?

🛑 always love the videos! Thanks for all the great information

Great video! I worry about ever having this happen. But I always pay them in full, my income is accurate, and my credit isn’t the best, but it is stable. TBH, the have been the best issuer for me in terms of coming back from rebuilding my credit and being treated decently.

Great info sebby. I haven’t had to do a review this detail with Amex so hopefully that’s a good thing. This detailed research you have on this is will really help someone.

Thanks Sebby!! This is Very valuable information.

Appreciate the Update and data on AMEX financial review, I needed that refresh! As always I appreciate you!

Thanks for this video Sebby! I was debating on getting 1 more Amex card but nervous about a FR happening 😬 lol 😂

I asked to up one card from 25G to 35G. They gave me 30G instantly. And a option to possibly see the 35G or higher. With 3 last bank statements, was my option. Been with AX since [1982] 🎉🎉🎉

🛑 helpful video! Thanks Sebby ☺️

🛑 just picked up a new Amex card and also grabbed the boshiho card holder per your recommendation, thank you for all you do!

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! 🛑

@SpencerJohnsonOfficial

Жыл бұрын

@Shawn Great to know Shawn! Thanks for sharing this.

I have 2 heavily used AMEX cards, but I will have no AMEX cards if ever asked to send in a 4506-T. It would verify the honest income that I entered at AMEX, but their is just too much other information there that someone could use to cause me issues. With identity theft being a real possibility, I would just have to say no. I doubt it will ever happen, because I always PIF, and usually 2-3 times a month. I never pay a dime in interest on any card. With just 10k, and 16k limits on those cards, I doubt I will have to worry about it. That is unless they ever do it for spite as I rack in rewards, and pay no interest. If I worked in the credit card industry, I would do my best to close all my cards. I will never send a 4506-T to any credit card issuers. I would tell them to pound sand quickly. Credit cards are a convenience, and slightly profitable, but I lived many years without one, and could again.

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.

Thanks, super solid resource, hopefully I'll never need this video, but its really helpful.

I had a full FR triggered after I got the centurion card and for the requested limit they asked for personal and business returns for 3 years along with CPA reviewed PL and BS

Back in 2008 I had an Optima card with $13k limit, they reduced my CL to $500 on a Sunday. I called to close my account, they didn't want the exposure, I didn't want to keep a card I never used. There was no request for a FR, just a reduction in CL.

I’m planning on applying for the AMEX platinum card. Would you recommend a large purchase for starters, For example 6K ?

awesome refresher video, thanks

@AskSebby

Жыл бұрын

Glad it was helpful!

Lol, I messed around with the check spending power button a lot. They ended up just slapping a credit limit on my Plat haha

Great segment. I have a Bonvoy card and a Platinum. I pay a cost each year to have the cards. Do you suggest that I only need one, as they make at least $1100 from me and the benefits are not too distinguishable. I was thinking I get the best Marriott benefits if I have their card. Am I wrong?

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.

I got a financial review when I asked for a credit limit increase on my amex business card. Pretty crazy. Always pay off the balance. Not sure what the reason was

Great video! Thanks! 🛑

🛑 Great video! 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.

@BrandonWansley

Жыл бұрын

I completely agree!!

I only have two Amex Cards and I’m glad they’ve “trusted” me so far. I have a Blue Cash Everyday with a 12k limit and an Amazon Prime Business card with a 20k limit. They didn’t even hard pull me for that Prime Business card. They also started me at a $2,500 limit but randomly increased it to 20k without me knowing

@cryptocentercartel1264

Жыл бұрын

amex doesn't hard pull after the first card. Every other check is internal.

Another excellent video 🎃

I have never had a FR. When I applied for the card I actually put a lower income that I actually make. Partly because I never max out my card and I am fairly discipline on my spending so I don't need a very high credit limit anyways. 🛑

Thanks for the videos! 🛑

I've never had one happen. That would be annoying and scary. 🛑

🛑 Thanks for another informative vlog.

🛑 Never heard of these. Thanks for the information

🛑 I just applied for an American Express card and got approved. And this is the first video I see when I open my KZread app

Sebby, when is credit card consultation coming back from vacation? I have some questions ... 🛑

Excellent video !!!

@AskSebby

Жыл бұрын

Thanks! :)

I've never had a financial review, but I only fall into one of the risk factors... high credit limits. I have 3 cards with AMEX, two with credit limits. I think that one is capped at $45K and the other at $35K. I've had AMEX cards since 1999. Sometimes I have surges in spending, because that's life but I always pay my balances in full each month.

Loved the video very informative, I recently just got my Amex card. I have great credit and never have missed a payment on any of my cards and always PIF.What if when you applied for the card your put your annual income at the time then about 2 months later you start another job that annually salary wise you would make $10,000 less with the possibility of making what you did at the last job with commission and bonuses . Should you update the income right away or wait until completing the year at the new job to update the income ? As well, I only plan on using the card for everyday small purchases but after just receiving it. When is it a good time to start using the card for small purchases like groceries and gas?

Practical, clear, useful information - as always. Thanks, Sebby!

@AskSebby

Жыл бұрын

Glad it was helpful!

I have pretty low spend for a someone in my income/age group. I have never requested a CLI from Amex since I generally find myself never spending anywhere even close to the limit, Hopefully I can avoid a FR.

I have a $30,000 limit on a blue cash pref. A year ago I asked for a CLI. I got a response that if I wanted the increase I needed to provide a 4506-T. I chose to decline the increase and they dropped it.

Didn’t the IRS rename 4506t to 4506c ? I work in the credit industry with tax verification (it’s a separate dpt) , we were told it’s now 4506C

I've never had a financial review but I've been in the "points and miles" game for YEARS so...I try not to do anything too crazy lol 🛑

🛑Excellent video! I didn't even that the spending power triggers a review. I used to test it out something but now I won't touch it again unless if it's for a purchase

🛑 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.

My girlfriend recently got a FR with Chase. She had opened a Chase World of Hyatt card during the summer and after we had gone to New York that's when problems arose. Her account was suspended and she was prompted to procure documents. She turned everything in and ultimately got denied and now the account is closed. This may be due to her transition from her teaching career to a student to further her studies. The charges only totaled out to around 1k so I wouldn't consider it excessive spending at all. Really strange case, but when she graduates next year we'll reapply again. I'm still under 5/24 so I have until end of next year

I’ve had the AMEX EDP since 2016 started with 1k limit and now it’s gone up to 33.7k on its own. Also have the Gold/platinum since 2018. Never had a financial review. My partner got the gold in 2019 and first month was under review cause they spent 6k and it triggered it

I currently have three Amex credit cards with a cumulative total credit limit of $43k plus I also have the Amex Platinum and the Gold. I haven’t been selected for a financial review. Honestly, I will have NO issues if Amex wants to do a F.R. to me.

Great video 🛑

4:23 it's also 3x on flights booked with the airline directly

In 2008 Amex took a beating, the first thing people did in financial trouble was not to pay there AMEX bill, Visa/mastercard didn’t have as many people refuse to pay there bill.

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 🙄

@landonbarretto4933

Жыл бұрын

And my thought about that is what's the point of a credit limit if you can't use it?

This happened to my wife when she got the Hilton Aspire card. We spent a lot to meet spend. And we were waiting for the statement to hit to make the payment. So she got hit with the review. We sent the 4506T and our income the year prior (2020) was less than usual for obvious reasons. But they were ok with it. Even though it was probably 40k less than what we usually make and what we reported to Amex when we applied. And then a week later it started working again.

@AskSebby

Жыл бұрын

Thanks for sharing!

@kenlee2923

Жыл бұрын

Yeah. Banks are more concern with you not paying them back than your income level.

Never heard of Amex offering a secured card option though.

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.

@khirypalmer9846

Жыл бұрын

That’s me right now

@prettygal3915

Жыл бұрын

Me either brother, me either! I was blacklisted for years!! I learned my lesson!!!!!

@MaherDoes

Жыл бұрын

24 Months????? Oh god 6 months passed the other day for me

I said good bye when asked for a review. Chase Reserve was happy to take my business.

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!!

I have 5 Amex cards the last card applied for is the Hilton Aspire and it was approved for 35,500 credit limit, combined its about 100k limit with Amex. Will they ask for finantial review? Im consistent with their spend on a monthly bases including their business cards.

Wow I am glad I saw this and I think I’ll leave that button alone now on how much can I spend. I was hitting that button for fun , no more.

🛑🛑 Awesome video! I appreciate all the work you pit into these.

I got a 8350 limit but I will probably only use 3k max this year do u think I will get a review plus I am a student so I will use my loan to pay it back

The Plat AF is a popcorn fart for me but the value is all but gone so I cancelled it...over it! However, I still roll AMEX - Gold, BBP, Hilton Aspire! Also have AMEX BCE just in case! Points guy here but random cash back is solid! Cheers!

I just went through a financial review and they did not freeze my points or stop my spending. I submitted all docs that they asked for and the outcome was Amex placed a spending limit on my account. It was not low by any means.

@AskSebby

Жыл бұрын

thanks for sharing!

@AskSebby Does a cli over a certain amount triggers a financial review? I have 3 cards....25k, 6k and 9k. I want to bring my cards that are 6 and 9 up to 25k. Does that trigger a review?

I had a targeted AmEx Plat for 150K pts. I met the spending req after one billing cycle. Transferred the pts out, then cancelled the card. They gave me back the AF & sent me a warning letter about freezing my remaining MR points. How much trouble am I in??

Used the spending power function and received an approved flag for 65,000 :o

Honesty a bit worried about an FR, and being blacklisted. I do travel medicine and the majority of my income is non-taxed stipends. Speaking with my accountant and others the rule of thumb is to add them all together and tax I would have paid to get to that number. So my income on a tax return generally looks abysmal where my actual take home isn’t. My only hope is that I would be able to show paystubs and to explain the situation.🤞here’s to hoping I’m just a good user

@77Joseph777

Жыл бұрын

Banks usually allow paystubs. I just applied for a BofA credit card and they didn’t outright deny me but sent me a letter stating that they need to verify my SS and I could either send in a recent pay stub or current tax returns.

🛑🛑🛑Very interesting info.

✋ 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.

I've been flagged for a review. I've called them an it appears they had my base salary down as a very low number! The only reason I think this could have happened is when I updated my details when I changed jobs a couple of months ago and I must have inadvertently missed a zero (so seems self inflicted). I also put about 12k of building works on the card when my usual spending is probably 1-2k a month (could be this). The feeling I got was that the the incorrect salary was the issue. - I provided proof (payslip & bank statement) and the guy on the phone seemed like that would solve the issue. - They said they'd let me know when they check in the background.

@mawtrader87

Жыл бұрын

Update on this. - Amex fully reinstated my card with an email apologizing for any inconvenience. The whole review took less than a week, baring in mind I supplied all the information within a couple of days as well as chasing a couple of time with follow up calls.

@soloman_am

Жыл бұрын

Very helpful thanks for sharing I have 2 amex cards 1 personal and 1 business and I've been hesitant about asking for a CLI because I don't want to trigger a financial review lol

Hong Kong Octopus card!! I'm still waiting to go.

🛑 Very informative

Good study up

🛑 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.

@daribryan7062

Жыл бұрын

They only give you 1 sign-up bonus per card in a lifetime

@parkerjohnson5270

Жыл бұрын

@@daribryan7062 i’ve heard lifetime actually only means 4-6 yrs

Hi, Sebby! I occasionally get web pop-ups when I log into a card account, asking me to provide updated income data. I have always ignored these requests; is there any advantage to answering them when I'm happy with my current credit limits?

@johnsmith02

Жыл бұрын

I have 2 Citi cards with similar limits. I got tired of those pop ups asking to update my income, so I provided the information. My credit limit went up from $13k to $15k on both cards. Citi is not my primary card, so that was that. It may have contributed to raising my credit score by a few points.

How bad is that if I carry a balance until the introductory APR kicks in ?

@thunderb00m

Жыл бұрын

You mean till the end of the introductory APR?

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. 🛑

When you say high credit limit, do you mean the pay over time limit they give you? Or the balance you’re carrying on the card?

3:20 I spy an old Octopus Card! Do you go to Hong Kong often (before the pandemic)?

🛑 on the fence about the Gold card rn hmm

Does platinum and gold Uber cash stack? For example $15/mo from Platinum and $10/mo from Gold to same Uber account?

@AskSebby

Жыл бұрын

yes

@brianblair2906

Жыл бұрын

Yes. I do that.

🛑 "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.

@Slickvic23

Жыл бұрын

Very important comment here. ALL banks and lenders can and WILL exercise the use of this depending. I hope more people see your comment. And honestly (to the public here) this isn’t rocket science. Any common sense would suggest to someone that this could happen. I mean guys, they’re lending or potentially lending a single person thousands or tens of thousands of dollars. Put some brain power behind it and just think about it for a few seconds. It’s not absurd. Wouldn’t you do the same?

How would a side gig (inconsistent income) affect my potential review?

@77Joseph777

Жыл бұрын

I believe they go off of last 3 months of bank statements or recent tax returns. Usually for the self employed which is what side gigs are considered

I went to redeem my points on my Amex gold card for a Target gift card and had to contact support to be able to do that. Why would they do that?

@tomlee45

Жыл бұрын

That could be possibly because gift cards are some of the biggest international scams. I know that whenever I get a large amount of gift cards, the Chase Rep security will call to ask if everything is okay. It's set to trigger some fail safes.

What is the the amount that would trigger a financial review? Meaning what’s the total amount one could have with credit limits before they do a financial review?

@DeltaDusky

Жыл бұрын

$30,000 seems to be the "high break" in my experience. Up to that amount you have nothing to worry about, but after that amount you're on thin ice for any "mistake" regardless of whether or not you have the income to satisfy that high of the limit... Basically expect a review sometime after $30,000

Are there any DP on if you use your partner’s income per CFPB? For example, if the card holder is a student but lists household income from their partner as allowed, but obviously won’t show up on the card holder’s tax return.

@PatrickDKing

Жыл бұрын

I too am curious about this. I'd submit their paystubs or W2 and if they ask why it isn't yours just tell them its your honey bunnies.

@77Joseph777

Жыл бұрын

It should be fine seeing as most applications state in the income section that you could use any income that is readily available to you, that being a partner or family member

@sorenstauss

Жыл бұрын

@@77Joseph777 yes but again not necessarily helpful if they demand a 4506T to retrieve your tax information.

@sorenstauss

Жыл бұрын

@@CheekyBird790 Very helpful, thank you!

Not a financial review, but a few years back pre-covid all of my accounts were suspended and I was sent a letter to call AMEX. I called and they wanted to know more about my living situation since I never reported a mortgage, rent or “other”. As this is true for me (my employer pays for my housing and most standing living expenses [cable, internet, heat, water, etc..]) I explained my situation to which they were flabbergasted about it. I was transferred 3-4 times having to repeat my story over and over again and then finally I was required to submit documentation from my employer stating that they did indeed provide me with housing and some basic living expenses. Honesty it was VERY invasive and very frustrating as they basically did not believe me.

Just curious. I have 25,000 in personal credit with amex. I want the business blue card so bad. The problem with AMex is you can't apply and see the AMOUNT before accepting. What if they give me 20,000 on the new card which would put me over 35,000 which in turn could spark a financial review. What should I do? not take the risk?

I actually triggered a financial review last week. They only asked for two pay stubs, and bank statements that correspond to those pay periods. weird how they didn't ask for tax info.. still waiting on the result. the pay stubs actualy show a much higher income than what i put down, so hopefully that'll help

@chriskasprzyk6235

Жыл бұрын

This actually applies to what I was curious about since pay stubs are the only way to see gross income. People like us who are putting 10's of thousands into 401ks, HSA's, insurance premiums, etc will never have that show up on tax returns, but you are specifically told you can use gross income when applying. Thanks for the data point.

🛑 thanks Sebby!

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. 🛑

"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.

Looking to open 2-3 cards in the next 2 months for our wedding expenses to hit easy spend, are those purchases gonna flag it?

@PatrickDKing

Жыл бұрын

Quite possibly, it sounds risky. To be safe I'd cancel the wedding.

@stevenroshni1228

Жыл бұрын

@@PatrickDKing lol

I had a review once and did ok

I checked spending power 3 times and the next day I got a call from Amex letting me know I am under financial review. Didn't know it was a thing. Now I guess I know.

So, I am hoping to retire in the next couple years. At that point, I'll be living on a small pension and withdraws from retirement accounts. I currently have the gold and intend to get a CS Plat shortly before I retire. When I retire, should update my income with Amex? Should I include retirement withdraws as income?🛑

@PatrickDKing

Жыл бұрын

Only update the income if it legit increases and you can provide backup documentation. Otherwise they'll never care unless you get a financial review then possibly, maybe they lower credit limits or something. They won't care that you didn't update the income and you can just say oopsy and all will be well.

@JustABill02

Жыл бұрын

@@CheekyBird790 Thats why I plan on applying for Plat before retirement. Just wanted to make sure there was no obligation to update after the fact. My "income" is likely to drop like a rock after retirement. Especially if I don't report withdraws. Thanks to you both.

🛑 Hoping for a updated video about the best Amex transfer partners soon! 🛑

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?

So I got a little curious 🤔 and attempted a CLI... I maintained my $30,000 CL for about 7 years, and never had the guts to ask for more because I was afraid it would trigger a review... I called the number, and the "Robot" prompted me through requesting a credit line increase, I requested double what I have now, and it was instantly approved. Now I'm looking over my shoulder with every purchase wondering when the financial review fairy will strike... 🙈 trust me kids, it's not worth it 🙈

@victerrios6509

Жыл бұрын

What's not worth it? Cuz u got ur increase!

is that an octopus card you're holding? hmms... lol