Amex insisting on having my annual income and occupation

kaMelo

Jami74 said:

andyeyeam said:

Sorry to disappoint but really nothing interesting here. If you read my post carefully you will see that I said I did not trust the motive. Before I share personal details I like to understand why. 

Oh I'm not really disappointed, lol.

I guess the motive is to reduce your limit if your earnings have gone down. 

I'm with you on not sharing personal details without understanding why, hence I've recently lost my Facebook account. I did not understand why I had to show them my passport to keep it. I only used it for the reminders to check my shed for missing cats and when to be wary of white vans so it's no big loss. If they were giving me nectar points though, I'd have given them what they wanted.

Completely off topic I know but why be wary of white vans?

Jami74

kaMelo said:

Completely off topic I know but why be wary of white vans?

It was a tongue-in-cheek comment mocking the van warnings that appear on local groups. https://southendnewsnetwork.net/news/breaking-van-spotted-outside2/?fbclid=IwAR25LVS3BvnVVsH6OjFjpSHi2bZJtGUupvE8ffStFZ5wrYPSisS8_CF4U8w

Ergates

andyeyeam said:

Sorry to disappoint but really nothing interesting here. If you read my post carefully you will see that I said I did not trust the motive. Before I share personal details I like to understand why. 

The motive is very obviously that they need to know if you can afford to pay back the money you're asking to borrow from them.

AskAsk

new laws have come in since you joined as a customer 11 years ago and the credit card companies are expected to lend money more responsibly so i guess Amex need to demonstrate that they are a responsible lender so they need to ask you for income and employment details.

i applied to them many years ago and they wanted me to send them payslips to prove my income and i told them where to go as i have never had to do this with any other credit card company.

barclaycard now will not give you a credit limit of more than £200 unless you send them payslips.  but they seem to be the only one doing this thank god.

andyeyeam

Ergates said:

andyeyeam said:

Sorry to disappoint but really nothing interesting here. If you read my post carefully you will see that I said I did not trust the motive. Before I share personal details I like to understand why. 

The motive is very obviously that they need to know if you can afford to pay back the money you're asking to borrow from them.

They have been lending me money for 11 years.

AskAsk

andyeyeam said:

Ergates said:

andyeyeam said:

Sorry to disappoint but really nothing interesting here. If you read my post carefully you will see that I said I did not trust the motive. Before I share personal details I like to understand why. 

The motive is very obviously that they need to know if you can afford to pay back the money you're asking to borrow from them.

They have been lending me money for 11 years.

but that doesn't qualify you for borrowing in future.  your risk of non payment is low from your past history record but that doesn't comply with the existing regulations on sensible lending if they are required to keep record of customers' income and profession.  credit card companies are regulated and they need to follow procedures.

there is nothing untoward about the request.  you would have to provide this detail if you decide to leave and get another credit card anyway.  it only starts to become annoying if they ask you to send in payslips.

Ergates

andyeyeam said:

Ergates said:

andyeyeam said:

Sorry to disappoint but really nothing interesting here. If you read my post carefully you will see that I said I did not trust the motive. Before I share personal details I like to understand why. 

The motive is very obviously that they need to know if you can afford to pay back the money you're asking to borrow from them.

They have been lending me money for 11 years.

And you may not have noticed, but a whole ruck of new legislation around lending has been implemented in the past 11 years, quite a lot of it quite recently.   Lending money to people without knowing if they can afford to make the payments is no longer acceptable.

The_Urbanite

One question to the OP, has your monthly spend significantly exceeded the income that you declared through your salary the last time they asked for any period of time? Maybe because you’ve spent other money you have saved?

If so this can prompt these kind of reviews. The computer picks up the “discrepancy” and regardless of your payment history they will follow up and make sure everything is above board.

The two options are to comply or (c)lose the account. 

mcpitman

Fair point to be prudent around your own data and who has it.

Nothing to worry about, just the change in responsible lending rules and guidance have been updated so the account owner now needs to establish your income more regularly than before.

Doesn't matter how long the account has been held or in good standing, that is no reflection of continued borrowing or future limits etc.

Scenario 1 - your income had gone up (or is more than they think) - you could get a "better" product from the supplier (lower base interest, higher limit, cashback cards etc)

Scenario 2 - your income has reduced - they can now pro-actvely manage both their own and your risk exposure to getting into debt you may not be able to afford.

Also helps give fraud and compliance a view of is the card is genuinely for personal use/is this the appropriate account for our customer. If you are paying off £10k a month, but only earn £50k a year, it's fair to start questioning that too.

kaMelo

Jami74 said:

kaMelo said:

Completely off topic I know but why be wary of white vans?

It was a tongue-in-cheek comment mocking the van warnings that appear on local groups. https://southendnewsnetwork.net/news/breaking-van-spotted-outside2/?fbclid=IwAR25LVS3BvnVVsH6OjFjpSHi2bZJtGUupvE8ffStFZ5wrYPSisS8_CF4U8w

Wow, when people have too much time on their hands it's amazing what crap they can come up with.