A happy ending with American Express
Posted in Commentary on February 5, 2010
A while back when my business revenues began a downward cycle — along with thousands of other businesses I might add — I received a letter from American Express informing me they had lowered my corporate card’s credit limit.
They lowered it all right. They lowered it substantially below the balance that was due. And while my business cash flow was diminishing I was suddenly paying over-your-credit-limit and sometimes late fees with my payments.
I eventually paid down the balance due so it was no longer over the newly imposed lower credit limit.
But I have to admit, warranted or not, I felt betrayed, even taken advantage of, by American Express.
I vowed to continue to pay down the debt until it was paid-off, and to close my American Express accounts, both personal and corporate.
This month marks the first time in several years that I no longer have any American Express accounts.
It’s a happy day for Codella Marketing, and for me personally.
So long to dirty little tricks and the ruthlessly ridged creditor called American Express.
Related posts:
Oh my goodness!!! Mee tooo! Except that it was Barclay Card here in the UK.. cheeky buggers! I was so annoyed and they said that they’d posted me a letter to inform me (I received it a week after they’d already lowered the credit – they’d posted it after lowering the credit!) I was so mad. Why do card companies get away with this??
I had the SAME problem with my personal American Express – lowered the limit below the balance. They said my recent “habits” were troubling to them – what happened was that I was finished moving and no longer needed to spend, I started paying more each month and not spending. Never once have I been late. I had never even approached my limit.
I too had an American Express card. After I paid off a big balance they decided to cancel my card. I called them and asked them why and they said it was because I shopped at places that were the same as other people who weren’t making payments to their card so they assumed I would do the same, even after I paid it off completely. I will never have an American Express card again.