American Express fiasco update
I just got a letter from American Express in today’s mail letting me know that my credit limit is lowered to $18300 (which happens to be my current balance, otherwise they would probably make it even lower). I got this card strictly for business use based on AMEX propaganda I’ve seen on TV. Lowering the credit limit was like stabbing me in the back since all my accounting is linked to it and I wasn’t able to make some payments in time, losing additional discounts and making me look bad in front of my vendors. I will be labeled as “the guy who’s credit card bounced” forever. So much for “all your business needs” card. I will be canceling it tomorrow, they don’t deserve my business. I understand that in the times of credit crunch credit card companies are forced to limit spending, but it should’ve been done in more civilized manner instead of just disconnecting it with no warning at all. American Express sucks.
October 14th, 2008 at 11:34 pm
dude fuck amex. I had 5 cards with them, i got an email telling me that my limits had all bn dropped. Like from 40gs 2 like “$500″.i hope they go broke!
November 12th, 2008 at 6:26 pm
American Express Dont leave home WITH IT
They have done the same thing to me and apparently tons of other people.
December 18th, 2010 at 10:21 pm
This info may come in a bit too late but it’s worth a shot. Someone needs to teach them a lesson and the way to do this is by going to the FDIC and filling a complaint or submiting a complaint with your congressman. What that’ll do is create a request to review your account. Many times they have screwed up and they will cut your line of credit arbitrarily as many of you have mentioned and they’ll have no choice but to reinstate you previous line of credit. Now they are very cautious and have,for the most part, taken all the right steps to defend themselves against such a scenario so your line of credit may never be reinstated but at least you’ll make them work. It causes backlogs and they have a certain amount of time to respond to the FDIC, but the best thing to do is file a complaint with your congressman because they only have 3 business days to respond to a congressional inquiry and investigating accounts for such matters is a long and exhausting process but at least you’ll cause them to waste time, money and resources they could have used in another more profitable endeavour. It does work because the FDIC has gotten so inundated with complaints they have now forced companies such as American Express to create internal review departments that take up resources from other areas. This is a money losing proposition for them but it’s cheaper than the alternative which would be fines and legal action from the FDIC. As I mentioned a congressional inquiry would be the best option.