Sorry folks, but I have to vent a little to day. I have been an American Express card holder since 2001. I have 2 personal cards and 3 business cards that I use regularly and pay on time. I will admit that I have been a day or two late here and there but, I always pay the bill in full (which is usually several thousand dollars). Over the past year, we have seen our balances incrementally decreased randomly by American Express for no discernible reason. About eight months ago, they did a “credit review” to make sure that I still had “good credit”. All of my calls were directed overseas only to deal with people who were rude, uncommunicative and unprofessional. And after all was said and done, Amex deemed my credit to be fine. Then they immediately started decreasing my limits. Today, they decreased it to the balance on the flexible spending part of my gold charge card leaving me with $116 credit left…and I just paid a $3000 bill on Saturday. I guess as I pay down the flexible balance (that they gave me and I pay on time), they’ll keep lowering my limit until there is nothing left.
I’ve done enough research to know that this is happening to everyone, but it doesn’t make it any less aggravating and is just plain rude. If I were a deadbeat, I would get it. But, I am a self-employed, bill paying, hard working U.S. citizen who needs Amex to get off my back. I guess that they just want me to go away and that’s what I plan to do. I used to sing the praises of American Express and couldn’t believe that my colleagues didn’t use them. I guess that now I know better.
At a time when consumers are desperately looking for trust in big business and brand names, it’s a shame that Amex has decided to treat their customers like garbage. Shame on you, Amex.
Stay far away from American Express, unless you want to get kicked in the butt for doing what’s right.
One note – if you decide to pay off your balance and Amex doesn’t immediately cancel your card, leave it open. Canceling your card decreases your open credit and can screw up your credit report. Just stop using your card. Cut it up and let Amex pick on other consumers and business folks who need credit to survive.
Thanks for lending a sympathetic ear this morning. It’s much appreciated. Feel free to tell me that I’m whiny or share your gripe.
Now, on to a busy week.
{ 3 comments… read them below or add one }
Hi Beth – This seems to be happening with other credit card companies too but AMEX seems to be especially bad about going after good customers and lying about credit ratings.
I had a card drop my balance by quite a bit after I paid it off in full
When I called to inquire I was told it was because of outstanding balances on other cards – ok, but I had the same balances when you gave me the credit card and the higher limit … They also had the nerve to try to charge me a finance charge after I had paid it off – they said the end of their billing cycle differs from when the payment is due – what? I insisted they waive it. As you advise, I didn’t close the account but I won’t be using it.
Jerks. I forgot to mention that they decreased my limit with no notification – no call, no letter, no email. I just happened to check my account this morning to see if my payment had posted and noticed that I had virtually no available credit after paying $3000. Huh?
Another Amex update….today they cut the “no limit” status of my business gold card to $1200. So, I checked my credit report just to be on the safe side and everything is fine. Ummm….hello? They also left me a generic, computerized message like a collection agency (yes, I received calls from collection agencies in my early years) that didn’t identify them as American Express. You would think that a gazillion dollar, established corporation like American Express wouldn’t stoop to the tactics of sleazy collection agencies. How about a little professionalism, American Express?