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American Expressunethical credit line management

1
J Review updated:

Boycott American Express
American Express does not value customers.

American Express can and will cut your credit line at will! Additionally, they no longer move any of your available credit between cards!

Most importantly, thier revolving 'Plum' card is worst of all. They cut our credit line down around 80% on that card even though we had no outstanding balance. And no late payments on any cards.

Furthermore, American Express sends out requests for financials sometimes, and though they are optional, if you don't send them in American Express will cut your line down though they give you no warning of this either.

Boycott American Express. They have no regard for your history, how long you've been a card member, how dependable you are with payments, or how much you've spent with them in the past. They could care less.

The only way to show them that this total disregard for customers is unacceptable is to hit em where it hurts, their wallet. Boycott American Express. Stop using the American Express Card. It may have a few perks, but when you you think you can depend on them, they'll screw you in a heartbeat.

Check out this quote: "Tom Sclafani, a spokesman for American Express, said credit lines offered when the economy was booming might not be appropriate when growth contracts. The company has been cutting credit lines based in part on the overall debt level of the business.
“What we are trying to do is strike a balance between a customer’s spending needs and managing credit risk, ” he said.

American Express offered the first credit card tailored to small business 20 years ago. Other companies came onto the playing field over the last decade, when a healthy economy turned small businesses into a lucrative source of new accounts as the consumer market became saturated."

Source of quote: http://www.nytimes.com/2009/06/19/business/smallbusiness/19credit.html?ref=business

I recommend all small business owners to save more to self fund and boycott American Express. They won't be there when you need them. They don't deserve your business. They cannot be trusted or depended upon.

Responses

  • N
      Nov 16, 2009

    yeah well u can thank the new credit card laws and the greedy fat cats on Wall Street who stole all the money and gave us this recession. I had no hand in this recession, did you? Why are we suffering for it? It's very unfair, well this is the cost of living in a dog eat dog country where only the rich can survive.

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