Note 1: This article was drafted in 2019, but it documents an experience from 2017. AMEX FR now asks for 4506-C; the discussion below refers to the older 4506-T version.

Note 2: AMEX also has another kind of “fake FR.” In recent years, that type has actually become more common: A Special Risk-Control Mechanism for AMEX Charge Cards (Not FR)

Previous article recap:

About AMEX FR

If you spend enough time by the river, your shoes will eventually get wet. In the credit card game, if you’ve never been hit with an AMEX FR (Financial Review), have you even had the full experience? Of course, getting completely shut down by Chase is an even more “memorable” one. AMEX often conducts FRs on customers it views as having potential financial risk. We’ve also covered quite a few FR explanations and data points on this site. Let’s review some of them:

And more recently, AMEX has skipped FR entirely and directly shut down a lot of accounts:

Based on what we’ve seen, most FRs can be passed unless AE simply can’t reach you and you don’t even realize you’re under FR. FR usually requires you to fill out Form 4506-T so AMEX can obtain your tax transcripts from the IRS and review your tax filing / financial situation. Personally, I think if they want to FR you, they’re still giving you a chance. Even if you’re outside the U.S., dealing with FR is usually not that hard, so there’s no need to worry too much. If they directly shut your account down like Chase does, the odds of getting it revived are not high. Below is a detailed write-up of my own FR experience from back in my younger days.

Credit history and card background

I started building credit in August 2016. Here’s the timeline of approvals:

  • 2016.8: First card, Discover it quarterly 5%
  • 2 months later: AMEX BCE [It happened to include Amazon 10% cash back at the time, but I forget the exact amount]
  • 3 months later: Chase Freedom, approved through recon
  • 4 months later: Chase United Explorer, applied after receiving a UA mailer, approved the next day
  • 7 months later: One day, I first applied online for Chase Sapphire and got approved through recon; then I immediately ran to a branch the same day and had a banker help me continue with a CFU application. The banker called in and got it approved too, putting me at 6/24.
  • After completing 5/24, one day I got both BofA 123 and the free-money BBR on the same day
  • 8 months later: Kept the momentum going and got Chase IHG, auto-approved the next day
  • At 8 to 9 months: got 3 AE Charge cards in a row (Green / Ameriprise Gold / the “crappy” Gold card, not PRG), plus SPG and the old no-annual-fee Hilton
  • One day I clicked Check Spending Power too many times, and officially triggered a Financial Review
  • ...Those really were the good old days.

After that I got quite a few more Chase cards, and then Chase shut down all of my credit cards (with about 1 year and 2 months of credit history total; I had been approved for 8 cards, and when I called recon for the 9th, I found out I had been shut down). But they kept my Checking and Saving accounts open (keeping the flame alive), which is why I even later received a Chase prequalify offer that bypassed 5/24 (Fixed APR); they gave me the pop-up no-bonus version and I stupidly didn’t apply. There are also some interesting side stories about the Chase full shutdown, which we’ll cover in more detail in the next article.

FR triggered

After getting approved for 6 AMEX credit cards in May-June 2017, I became obsessed with the “Check Spending Power” feature in the AMEX app and kept clicking it. I clicked it several times a day, and then one day I suddenly got a call from some older guy. The conversation below is real:

  • Rep: Hello, this is XXX from the AMEX XXX team. I need to review you.
  • Me: What does that even mean? Why are you reviewing me? Are you a scammer?
  • Rep: Check whether your AMEX card has been suspended. We’re doing an FR on you, and you need to submit the following 4506-T.
  • Me (after logging into my account, completely shocked): Sir, I’m innocent! There’s no way this review is right—something must be wrong somewhere. Can you ask your supervisor for me?
  • Rep: I don’t care. You need to submit 4506-T so we can check things out.
  • Me: Okay, sir.
  • Rep: By the way, you’ve applied for so many cards recently—how did you not set up your email correctly? This is such a hassle. Give it to me and I’ll link it for you.
  • Me: KUKU at uscreditcards101.com (just an ad)
  • Rep: All set. I’ve sent the email over. Please fax it back as soon as possible. Have a great day, bye!
  • Me: ...

When I opened the app, I found that all my credit cards had a red exclamation mark, and tapping it prompted me to call in.

What the FR email looked like

Right after the FR specialist added my email address, I received the email.

Email header

  • Subject: 4506T Completion Request from American Express
  • From: American Express Financial Review Team <[email protected]>

Body details and requirements

The email included the FR specialist’s contact information. In theory, your FR should be handled by that person. In practice, that information was useless for me—I tried contacting them many times and never once got through. Every time it just sent me to voicemail. The U.S. voicemail system is... well, you know.

American Express recently requested that you complete and return a tax form called the 4506T in order to conduct a financial review. The 4506T authorizes American Express to retrieve tax information. We find the review process to be a necessary requirement in order to conduct our business in a prudent and successful manner.

Detailed instructions on how to fill out the 4506T are attached, as well as in the American Express Fax Cover Sheet. In order to avoid closure of the account, it is critical that this information be completed correctly and faxed back to us within the deadline discussed by the American Express representative.


You need to print the Cover Sheet and the completed, signed 4506-T.

Attachments

  • Fax cover sheet: you need to fill in one of your credit card numbers so they can track your case.

  • 4506-T: sometimes if your Charge card application is denied or your credit limit increase request fails, you may receive a 4506-T from AMEX. No need to panic; just ignore it.

The instructions for filling it out are included, so just follow them.

How to Fax

I found a free online fax website, MyFax. I did not think too much about the security, but after using it for quite a while, it seems pretty good.

Prepare the following materials:

  • AMEX Fax Cover Sheet
  • 4506-T
  • Including the advertisement page added by MyFax, there are three pages in total.

FR Timeline

  • 06/09 received the FR phone call
  • 06/09 08:28 added email information
  • 06/09 08:37 received the FR email
  • 06/09 paid off all balances that same day as quickly as possible (personally I think this is very necessary)
  • 06/10 filed the 4506-T and other materials
  • 06/11 filed the 4506-T again online, and also attached the current checking statement, savings statement, payroll statement, etc.
  • 06/19 in the morning, a Credit Limit was placed on the Charge card. This limit remained until I closed the card. Any new Charge card I applied for before closing it came with the same CL.
  • After about 10 months, newly opened Charge cards no longer had a spending limit restriction.
  • One year later, the original Charge card's spending limit restriction was removed

In addition to faxing directly, AMEX officially provided a way at the time to upload documents online. There is now a newer link, which the author posted on the "美卡攻略" WeChat public account. Please see:

Other Notes

Q: After being hit with FR, which actions are not affected?

A: Applying for cards is not affected, and adding authorized users is not affected either.

Q: Can I fax the documents directly without paying off the balance?

A: Officially they do not say you cannot, but if the bank already thinks you may have financial issues, you should definitely pay it off first as quickly as possible.

Q: Can I communicate directly with a specialist and have them handle it manually?

A: No. The specialist only helps enter your materials into the computer. The system then evaluates whether you can pass and how much CL to impose.

Q: Can you pass if the income on your tax return is very low?

A: Yes. Some income is enough; even a few thousand dollars can pass. At most, the system may give you a lower CL. In my case, the tax return showed roughly $3,000-$4,000 of income. If you are concerned, attach bank deposit statements and the specialist may count them as well.

Q: If you have an SSN or ITIN but no tax return, can you pass FR?

A: Based on current DPs, it seems possible. You still need to provide a 4506-T as usual, and if you attach bank statements, deposit statements, and a paycheck list, you will most likely get through. I have not yet heard of a case that could not be resolved. However, there are also people outside the U.S. who got U.S. credit cards and managed to obtain an ITIN, but still ultimately failed FR, possibly because they did not have a reasonable permanent address.

Q: What if you do not have an SSN or ITIN?

A: Since you cannot fill out the 4506-T, you can explain the situation to the specialist when you get the call and see whether they can help. Many non-U.S. residents who try to get U.S. credit cards ultimately fail because of FR. Although AMEX is quite accommodating when foreigners apply for cards, it is not lenient at all when it comes to FR. I have even seen reports on 3798 where a primary cardholder in the U.S. with an SSN and income ended up getting the whole account family shut down. This game is a double-edged sword: banks support adding family members as authorized users, but if you push things too far and get caught, it can become a big problem—especially if the authorized users are making large purchases everywhere or if too many passport-based authorized users were added.

Credit Card Churning Advice

As someone who has gone through AMEX FR, been shut down by Chase, had only 2 years of credit history, and still got 40+ U.S. credit cards, here are a few suggestions:

  • Light churning is fine; heavy churning hurts; extreme churning can blow everything up.
  • Think long term, and do not apply for too many cards in a short period of time.
  • Do not rush and do not apply casually. Read more guides on our blog. In most cases, AMEX FR can be resolved, even if the income on your tax return is very low or you have no tax filing record.
  • Be especially careful with Chase. Chase is more sensitive to this than other banks, and it is not soft when it comes to shutdowns.
  • Remember: banks are not charities! Use your cards so the bank can earn something. Do not stop using the card right after earning the welcome bonus; occasional spending is necessary.
  • If you get FR'd, frozen, or shut down, do not panic. Communicate patiently with the bank and explain your situation. As long as you are not an excessive gamer, banks still like you.