American Express / newest shady practice
It's not new but American Express' new practice of lowering credit limits is very much in their favor. Since it is entirely possible that it will affect your credit score they are lowering credit limits and then turning around and using your new lower scores and debt/to credit ratios against you to hike rates and do some of the other things that they have been doing to their customers that they have had for years. I had a long conversation with a rep at AMX and the one big thing that they kept bringing up was my overall debt to available credit. They cut a $12, 200 AMX Blue limit to $3, 000. That will affect my credit rating I'm sure.
And then they turn around and use that against you.
What I came away with from my conversations with AMX is that they no longer want to be in the "credit" business. They are trying hard to get back to being a charge card company where everyone pays in full each month. Their main thing seems to be cards that have a balance for whatever reason. That want that money and they are actively asking for it. Every time I have talked with them they ask if I can make my payments "today", even if it is not due for 2 weeks. They asked me that for each card that I had with them the last time I spoke to them. They seem soooooo desparate it is pathetic.
They have absolutely no concern or consideration for their customers. Be warned.
What once was the mighty American Express is no more, and probably never will be.
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