Important Account Status!

Today I received an email about my new credit line reduction. I noticed that the language is different than the last email. They are using more emotional words such as: "we don't want you to have any surprises" or "we all have to make difficult decisions."

Here is a copy of the email:

Dear Cardholder:

We are contacting you to be sure you do not have any surprises when you use your card. In this difficult economic environment, we all need to make choices about how we spend and save. For us, that means carefully reviewing the spending and debt profiles of our Cardmembers - and making some difficult decisions. Unfortunately, we have had to make the decision to lower the credit limit on your account listed above.

Your revised credit limit for purchases is now $xx,xxx.xx. The new cash advance limit is $200.00. Please ensure that any additional Cardmembers on the account are also aware of this change so they do not have any negative experiences when they use the Card.

You will also receive this information by letter, but we wanted to be sure you were aware of this change as soon as possible. We strive to be a responsible lender during both prosperous times and more challenging ones, and we do remain committed to our relationship with you.

Sincerely,

American Express Account Services


Well, you know...I strive to be a responsible customer too.

Leave Home Without It!

The Reductions Continue!

I woke up this morning to a nice automated phone call from American Express. They conducted a "financial review" on my Platinum Business Credit card and took away the little available credit that was left. More evidence that they more you pay, the more they take away.

I think it's time that we as customers start doing our own "financial review" of American Express. I just completed mine a few minutes ago...and the results are in:

Leave Home Without It!

Update - Paying down the AMEX

Now it's common knowledge that American Express is hellbent on reducing credit lines regardless of credit worthiness. So in the last few months I decided to start paying down my balances at an accelerated rate.

You can guess what happened next...

Two more line reductions, another $7500 in available credit gone. In both cases, after making large payments, they reduced my lines to $275 above the balance. No call. No email. No letter yet. They are probably sitting at their headquarters laughing...just waiting for me to use the card so they can charge me an overlimit fee and raise my interest rate.

I called them and they gave me the same bullsh*t. ohhh...the last 6 months you haven't paid down you balance enough! COMPLETE LIE. ohhh... you have too many inquiries! Well that's because I had to open some new accounts after I shredded my AMEX!

So be warned...if you have a balance with AMEX at a low rate...DON'T PAY IT OFF. They will just suck away the available credit and then spit on you.

Leave home without it.