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.
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