Amex insisting on having my annual income and occupation

Emmia

andyeyeam said:

I logged a complaint with Amex and spoke to someone who told me they would not uphold the complaint because it was their obligation to check I could stand the credit limit that they had just uplifted me too without my asking. Although by then I had complied. It is hard to warm to a company that acts like that.

As has been pointed out repeatedly, you don't have to do business with them if you don't like this requirement, and likewise if they don't like the fact you won't supply the information they are free to close the account. 

Personally I can't see what the issue is in providing the information to them.

Grumpy_chap

I've read this thread with some interest, though also a lack of understanding of some of the concerns that have been raised.

As I see it, if my CC decides to verify the accuracy / current-state of reasonable information they hold about me, then that is all part of the ongoing business relationship and fair enough.  It protects the CC against making unaffordable borrowing and it protects me against taking debt that I cannot repay.  Kind of "win-win"?

Actually, I suspect, somewhere the T's&C's obligate me to advise the CC if I have a change of circumstances and I suspect also that very few people actually make that kind of update.

So far, it all seems reasonable.  The catch is, if my CC asked this of me, as my nature of income has changed since the CC account was opened, providing up to date salary may result in a reduction of facility.  Hopefully, the CC would ask about all income, not just employed income.

I'd still say it was reasonable for the CC to ask for the information, and to restrict credit facilities if the evidence of income / resilience cannot be provided.  Perhaps this is the real concern of some, that reduced CC limit would be inconvenient?

jonesey1985

Grumpy_chap said:

I've read this thread with some interest, though also a lack of understanding of some of the concerns that have been raised.

As I see it, if my CC decides to verify the accuracy / current-state of reasonable information they hold about me, then that is all part of the ongoing business relationship and fair enough.  It protects the CC against making unaffordable borrowing and it protects me against taking debt that I cannot repay.  Kind of "win-win"?

Actually, I suspect, somewhere the T's&C's obligate me to advise the CC if I have a change of circumstances and I suspect also that very few people actually make that kind of update.

So far, it all seems reasonable.  The catch is, if my CC asked this of me, as my nature of income has changed since the CC account was opened, providing up to date salary may result in a reduction of facility.  Hopefully, the CC would ask about all income, not just employed income.

I'd still say it was reasonable for the CC to ask for the information, and to restrict credit facilities if the evidence of income / resilience cannot be provided.  Perhaps this is the real concern of some, that reduced CC limit would be inconvenient?

Probably less inconvenient than the £0 limit you'll end up with if you refuse though.

wiseonesomeofthetime

I received the same nag (and thou shalt not proceed yet) screen on opening my AmEx app, and they had NOT increased my credit limit since I joined last year.

That said, I just provided the info requested as it seemed fair and reasonable to me and I have nothing to hide.

Nothing has changed as a result. Credit limit the same. Still don't use the card .

Ergates

Mike337 said:

Returning to the core issue, I have just spoken to Nationwide Visa on an unrelated matter. When I asked them about their policy towards updating my details, she replied "Why on earth would we do that? You gave us all the information we needed when you first applied".

This seems to undermine Amex's stance that it is an industry-wide exercise!

Meantime am I allowed to echo andyeyeam's lack of warmth towards Amex? Yes, it seems they can legally demand information on threat of expulsion, but this (IMHO) doesn't oblige anyone to admire, let alone support, their attitude.

It seems that AMEX *didn't* ask all the necessary information when you first applied and they are now attempting to rectify that situation.

Nobody is suggesting you like or admire AMEX.  They're a cold, heartless corporation who lend money to people for the purposes of making profit.  That doesn't mean that the questions they are asking are unreasonable or unnecessarily intrusive.