Credit card issuers have been getting stricter lately, adding more rules and evaluating applicants more carefully. But American Express has taken it a step further. This is something you would expect from a shady app and not a major company like American Express.
DoC reports that some people are being asked for their bank account access during credit card applications. “Please allow us ongoing access to your bank account information”, says a pop up on the application page. So Amex wants to access your account through a third party app and also monitor it continuously.
But even if many people might not be comfortable with giving out that kind of information, American Express could have a good reason for asking. It’s possible that this is being asked to those who wouldn’t be approved for a new card outright. Maybe this has something to do with the new UltraFICO score. The new score is designed to boost the number of approvals for credit cards, personal loans and other debt by taking into account a borrower’s history of cash transactions.
Has anyone received this message while applying for American Express credit cards? Do you have any other thoughts on this? Let me know.
HT: DoC
