The complaint has been investigated and
resolved to the customer's satisfactionResolved American Express — boycott american express
resolved to the customer's satisfaction
American express caused me a lot of grief today. I can safely say that american express really hurt my business today. It has also hurt my relationship with my vendors. I have an american express card with "no pre-set spending limit". Now, I know that it is a trick. From $275, 000/ month, they have lowered my limit to $203, 000, then to $165, 000, then to almost nothing overnight. No notice, no nothing! They hide behind their terms and conditions that says, "we have the right to decrease your credit limit at any time". Their csr's are heartless. No sympathy on their part when I told them that by cutting my limit more than 50% with no warning whatsoever, that my cash flow is adversely impacted. This company is bad! I was very loyal to them for 7 years. I referred all my friends and business associates to them. Now that I need them, they say f — you! I asked for a 5-day extension to pay down the balance so I could use my card to pay off a vendor (Even if the payment was not even due another 30 days!!!). They said, "no! Pay $80, 000 and you can use $40, 000." I told them I will think about it. (I had no choice). The next day, I said, "fine, I will pay you the $80, 000 and make a $40, 000 charge." shockingly, they said, "no. Now, you have to pay $165, 000 to use the card". I told them that the payment is not even due until 30 days later and they want me to pay of $165, 000 in one hour? Where would I get the money from?" it would take me at least a week to collect that from my clients. They did not care. They said that is what it is. So, I told them that I will just use a company check to pay my $40, 000 bill and will not use the card. American express will not make another penny from me. I will also tell all my friends and business associates about this experience. American express need to remove the word american from its name. Change it to #, instead. I will now apply for a visa and with my excellent credit and $10 million/year in sales, I don't think that I will have any problem getting a high-limit card. Maybe, visa will be loyal like me!