Bad idea, on Sunday morning I got an email from the Amex team letting me know they cut back my credit line down to $500.00! WHAT!? $500! What a joke! Never late, never missed a payment, never paid them any interest, my account was always in good standing. I don’t understand why they waited until I used the credit card to notify me of the changes? What if I was out of town and didn’t check my email? Maybe they wanted me to go over my new credit limit and charge fees?
I am completely disappointed with Amex, I am now forced to close this account, hopefully this is the last post you read about American Express.
ANGRY!
HS
11 comments:
I take it you did not go over the limit....which is good...because 500 would be easy to do on a single purchase.
It's not fair that they can do that to people like yourself with a good credit. They keep messing with the good people and they will see more and more of us close our accounts!
Kevin Johnson -- a 29-year-old entrepreneur living in Atlanta -- returned from a honeymoon in Jamaica to find American Express had slashed his limit by 65%, despite his excellent credit rating and established history with the company. Its argument was even more offensive than the act itself: AmEx just didn't approve of where he was using his card.
The mailed notice read, "Other customers who have used their card at establishments where you recently shopped have a poor repayment history with American Express."
This is so messed up! I've had a line of credit cut in half, from $3400 to $1700 (Juniper), and an interest rate raised by about 5% (Chase), all because I paid off my debt and they weren't making big bucks off of me anymore. I'm waiting for AmEx to do something similar when they see the drop in my Juniper line of credit. I hate to think about the ding in my credit score. Isn't paying down debt supposed to IMPROVE your score? So much for that nugget of wisdom.
The same thing happened to my brother here in the UK, I definitely think amex are trying to be sneaky crafty devils, shame on them
I'm sure when Unicef opens up a credit card company they won't try to restict loss exposure in the wake of the largets economic downturn in 80 years. But until then, you'll have to accept that these companies are looking at your total debt profil and trying to avoid further risk as peoples' ability to PAY BACK money that was loaned to them continues to deteriorate. I also love the whole "how you shop" thing being raised by people with way more consumer debt than they can possibly be expected to pay. Let's shift the blame.
Exactly why I just paid off my credit card. They get to change the rules whenever they want.
The credit card banks have been closing my inactive accounts, but so far I haven't been hit with a credit line decrease. This seems curious to me because I've had friends and family who make a lot more than I do tell me of credit line cuts, even though they have no debt and have never been late.
I have this card too and they just raised my limit. Hmmm. I never spend more than I can pay off, but in your case you could have easily done that and been completely blindsighted. Thanks for the heads up!
That's pretty strange. I have had my credit cards closed due to inactivity, but never had the limit lowered behind my back. The craziest comment is the one about the company disapproving of the customer's purchases!
i've had an american express blue card for a while. i don't use the card often but now i'm finding that if you don't use your card they will decrease your credit limit. i like the other person have an excellent credit rating and always pay my bills on time. the problem i'm having is i can't find alot of places that will accept this card for purchases. i wanted to use it three different times at three different places and none of them will accept this card why is that? i've never had that problem with good old visa and mastercard. i've also just discovered that if you don't use your walmart discover card frequently they will drop your credit limit. i didn't use it for two years but i always paid my bills on time my credit limit just recently went from 12,800$ to 124$ how do you like them apples in other words they are all messing with us if someone out there can tell me who accepts this card i would appreciate it.
I wanted to give consumers a heads up about how Chase credit card company treats long time and VERY GOOD customers. I would NOT recommend this company to anyone. Unlike other companies I have dealt with, when a problem occurs I have been able to handle it over the phone with a customers service rep. or online. Recently, Chase has told there phone reps they could not resolve issues over the phone and that a letter would have to be sent. When I requested a supervisor, I was told there wasn’t one. When I tried to go online to write an email (after a torturous sign up process just to send an email!) I wrote the letter 5 times and every time I got, server error, website logged me off and did NOT save my draft (as the message said it would!) or the email screen went completely blank! After 2 days of trying I decided to write this letter instead I know why companies, and Chase in particular, do this, if they can frustrate consumers enough they will give up and company will not have to deal with them, or do the right thing by customers. I for one will not have this card any longer!
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