Bank Guarantee for Amex Card?

ronan1001

Hi,

I recently applied for an Amex card - I pay off my cc every month so don't mind the idea of a charge card and am interested in collecting airmiles - but as part of the process they wanted a guarantee from my bank.

As they described it to me:

"This means that your bank must be able to guarantee to pay us funds on your behalf up to the amount specified above in the event that you will be unable to pay."

I found this a bit odd and enquired some more about it. I was told that it's requested depending on the country you're living in rather than personal circumstances. I certainly hadn't heard of such a request before! My own bank (BOI) have told me they don't provide them but are there any banks here that actually do? Or has anyone applied for an Amex in the last year or so and managed to get an alternative to such a guarantee?

Thanks,

Ronan

chris85

Perhaps since they arent a member of the ICB they cant access your credit history and thus a guarantee from your bank effectively means they have reduced the risk associated with your application. unsure if I am correct on this but just my thoughts on it.

Unsure of what banks provide this.

GerardKeating

ronan1001 wrote: »

Hi,

I recently applied for an Amex card - I pay off my cc every month so don't mind the idea of a charge card and am interested in collecting airmiles - but as part of the process they wanted a guarantee from my bank.

As they described it to me:

"This means that your bank must be able to guarantee to pay us funds on your behalf up to the amount specified above in the event that you will be unable to pay."

I found this a bit odd and enquired some more about it. I was told that it's requested depending on the country you're living in rather than personal circumstances. I certainly hadn't heard of such a request before! My own bank (BOI) have told me they don't provide them but are there any banks here that actually do? Or has anyone applied for an Amex in the last year or so and managed to get an alternative to such a guarantee?

Thanks,

Ronan

I did not think anyone issues AmEx In Ireland any more, BoI used to have the franchise, but they ended it a few years ago.

ronan1001

Perhaps since they arent a member of the ICB they cant access your credit history and thus a guarantee from your bank effectively means they have reduced the risk associated with your application. unsure if I am correct on this but just my thoughts on it.

Unsure of what banks provide this.

I think the ICB issue is part of it but it seems to be a recent thing to ask for a guarantee from talking to others. Any bank I've asked says they don't do it so it's hard to see how anyone can actually get a personal card!

I did not think anyone issues AmEx In Ireland any more, BoI used to have the franchise, but they ended it a few years ago.

You can apply directly to Amex themselves:

http://www.americanexpress.com/ireland/personal_cards/american_express_cards_overview.shtml