AMEX targeting Wal-Mart customers to shut off their cards? on clarkhoward.com

Clark has a special warning concerning credit cards for those who travel. American Express -- which has reported lower earnings and a much higher rate of charge-offs -- is using new software that can unexpectedly harm some of its best customers.

According to The Wall Street Journal, AMEX now uses data-mining software to analyze where you use your card and shut off your credit line if they deem it necessary -- based on where you shop. This is even happening to elite customers who carry Platinum cards.

Customers who shop at Wal-Mart or Marshall's, plus those who have a mortgage through Countrywide, are suspect in AMEX's estimation. The company's software tells them that those customers are more likely to default on their accounts -- even if they've never been late in their lives!

This is really just a gross overreaction on AMEX's part. Clark shops at Wal-Mart, so he's expecting his Costco-branded AMEX to be shut off at some point! And furthermore, the logic just doesn't seem to work out here. Would shopping at overpriced high-end stores at the mall then mean you're more likely to pay your bills than shopping at a discount store?

The MBAs must have too much time on their hands, to take discrete pieces of info and make an ironclad determination about you. As always, the forum is open for an AMEX spokesperson to come on the show and refute The Wall Street Journal's report.

The takeaway here is that you should have more than 1 line of credit available at all times, especially if you travel. Who wants to be stuck somewhere and not be able to rent a car or get a hotel room?

Of course, you should only have multiple lines of credit if you know you won't spend yourself into oblivion!

What others are saying

I heard that Suzie Orman is recommending that people do NOT pay off their cards every month...b/c if you do then, the banks don't make any money off you...so you leave a balance so they won't cancel you account? Could this be true? I pride myself for not having credit card debt...for paying off my card every month...for not spending money that I don't have? What's the deal here? Janet
By Janet Lennon Dee @ 03/08/09 01:59:55 PMreport abuse
Just happened to me . . . .
I hadn't heard about the Wal-Mart issue, but we don't use our AMEX at Wal-Mart or any other discount store (use our debit card instead). We have only two credit cards after paying off and canceling all of our others a few years back. We used AMEX Blue almost exclusively and have been customers for years. We usually carry a balance (which is allowed with the blue card), but we also pay a large amount each month toward the balance (several times more than the minimum payment). We have never been late with a payment. Periodically we pay off the entire amount, which is what we did Feb. 13. On Feb. 14, we were checking into a hotel and our AMEX was declined. I called their customer no-service line, and after being placed on hold for several minutes, was told our card had been canceled- by them! AMEX said we were a bad credit risk based on the number of open revolving accounts we have (we have two) and the outstanding amount owed on all the accounts (at that point, $0). They said they based their decision on a credit report from Experian. When I argued saying their closing the account on incorrect information would hurt our credit score, they pretty much said "tough." They also said that even if it was wrong, nothing I could do would make them change their minds! We didn't realize that credit card companies would cancel accounts for being GOOD customers! We are going to try to get the card reinstated so that we can then close it ourselves. I am very disappointed with AMEX.
By Suzie @ 02/16/09 11:40:32 AMreport abuse
Card Closed
Just a few weeks after being approved and using my American Express card it was shockingly closed. I have a good credit score, always pay in full and on time. The reasons they gave for closing my card were inaccurate. I sent in paperwork (credit score and credit report)to prove the inaccuracies and believed my card would be reinstated, as I was told it would be. A letter sent a few weeks later said my card would not be reinstated based on the same information I just proved was wrong! I believe they didn't even look at the papers! I have never had a late payment in the last 12 months with them (or anyone), do not have a derogatory comment on my report, and my score is a good one! Then I read about Wal Mart. I hardly ever shop there but when I got the American Express card I did all my Christmas shopping on line and at Walmart. com because I found the best prices there for the toys I was going to buy! American Express must have thought I was their number one customer! I believe this might be the true reason why they closed my card. I am trying to get the card reinstated since it was closed on me based on wrong information (and I don't want this mistake to effect my credit score) and if and when I do fix this, I will promptly close the card. I want no part of American Express! They are terrible.
By Sandi @ 02/08/09 03:31:47 PMreport abuse
AMEX
GOOD TO KNOW SO I WILL PAY WITH CASH WITHDRAWN FROM CREDIT UNION ATM BEFORE SHOPING
By MARIN U @ 12/07/08 07:53:31 PMreport abuse
amex
We were in Lanzarote a week ago - went to make a purchase and they said my Costco Amex card had been shut down. Called Amex Monday when we gor back and asked about it - they said that there was never a shut down put on my account.
They could be telling the truth and the store just didn't want to honor a credit card.
By fran wells @ 11/27/08 12:16:19 PMreport abuse
Amex Saga Continues
I have now been on the phone weekly since my card was cancelled trying to have my Membership Fee refunded which was posted to my account in July and the card cancelled in September. As I said this has been a weekly call, I get agents names and id #'s and they all say that they will process the credit. I even had two issue credit for finance charges accrued in the last two months for the membership fee. Now, last week I am told I am not eligible for a reversal of the membership fee. Tough, too bad, no one here above me that you can talk to. Write a letter to the VP, here's the address. Anyone else try to get their memebership fees refunded?
By Mary @ 11/19/08 12:27:42 AMreport abuse
American Express
same thing happening here!! I've had an AMEX card for as long as I can remember. It "had" a $75,000.00 limit. I've always paid on time, never ever once late.

All of the sudden I get the letter "We are contacting you to let you know that after a thorough review of your credit profile we have lowered the credit limit on the account listed above."
What was the reason?? Something from Experian?? I get the Experian report and it's some unknown book club with the collection agency RJM ACQ LLC. I dispute this with Experian...Experian says it stays on the report just because RJM ACQ says it's valid.

Now I have to go through the whole hassle of dealing with this agency and to get them to remove this bogus item. Crazy how AMEX would treat a so called valued customer.

AMEX has lost me as a customer for sure!!
By dbx @ 11/18/08 08:11:25 PMreport abuse
AMEX Card
Wish I had seen this before my last trip. I was close to my limit so I sent a large payment to AMEX to cover the anticipated cost of my week's hotel bill. The payment arrived at AMEX on Friday and I arrived at the hotel on Sunday. Got to my room and there was an email from AMEX dated Saturday letting me know they had lowered my credit limit. So now instead of having $2000 available to pay for my room I now had $12 in available credit. The best the supervisor could do was authorize an emergency increase of $500 for a one time charge. I put what I could on their card and luckily had another line of credit available (and the card on me) to cover the rest. I don't plan on using their card anymore and will pay it off as soon as possible.
By Bill @ 11/18/08 10:29:17 AMreport abuse
Amx Changes
Starting Dec 2 there are many important changes being made to AMX accounts.
Late fees. Paying 10 days after close and finally increase in interest rates.
AMX has some nice people and some ugly people working for them. I hope everyone gets the nice ones when they call them.
By John David James @ 11/09/08 05:02:34 PMreport abuse
AMEX
Sarina, what you say is not correct. I have been an AMEX account holder for years and I have a Costco AMEX card. For every dollar I spend on it, I receive a 1% cash back from stores other than Costco, food and travel. So, whenever I shop, I try to use the AMEX card (even if the amount is $1). Every saving adds up. I have a near 800 credit score and I have not been late, nor do I carry a credit card balance. Still I use an AMEX where ever and when ever I can.
By Navin @ 11/07/08 02:20:40 AMreport abuse
it's a business, not your friend
I think a lot of you are quick to join the fear wagon.
All cc are in a business to make money, so of course with the economy in the situation it's in, of course all companies are pulling in the reigns.

Many of us are having to use are credit cards a lot more and a lot different from normal times. Yes, it is throwing a red flag up to a CC company when you usually pay in full or don't put a lot on the card and then all of the sudden you are revolving. it's putting triggers in the system there is an issue with this persons personal funds. Companies are evaluating this and instead of being out tens of thousands, they reduce your line so you can't charge and go into debt with their money.

Also, amex is only accepted at Costco, so that would be foolish to shut off cards.

Now, for the guy who said amex held his money during gas purchases. That is from the gas station. being costco, chevron, texaco, etc... all gas stations are responsible for cc purchases. so to cover for fraud and people stealing gas they put an attempt between 75-100 every time you swipe your card. this isn't related to your cc company or bank card. gas stations can write this amount off if they don't get paid by the customer. anything over that amount they have to take the loss. so to bypass that authorization attempt, walk yourself into the store and tell the clerk how much you want to put in your tank. takes away the convenience but keeps your funds on your card. ask the attendant if you don't believe me.

Another point, I saw someone who was complaining that visa wants to know his itinerary when travelling and had a problem with that. We are adults here and it's our card. Let's think protection though. Say you weren't travelling and you get a bill with charges from germany, wouldn't you be pissed and concerned someone was using your card fraudulently? I would hope so. Letting your CC companies know you will be traveling more than 100 miles from home is the best protection, they will know you are in travel status and won't shut your card down. THis happened to me before.. i was in germany for a 4 wk trip, the first 2 weeks I had no issue and then all of a sudden VIsa cut me off... I had to call them and let them know it was me. so lesson learned.

Last point, it's not your money. all credit cards are a loan. so if you aren't paying back in full, you are borrowing. pay your bill and stop griping or just use cash and not have the protection if situations arise, it's your call. but think about it before crying foul.
By Ms. Knowledge @ 11/05/08 12:41:05 PMreport abuse
AMEX is not supposed to be your friend
AMEX is not in the business of being your friend. It is a tool. If you are getting poor treatment, go somewhere else. Some of these posts appear to only tell half the story. If they are true, you should all leave AMEX just like you should leave any company that provides poor service. I don't have any issue (or love) toward AMEX - they provide good service to me and I stay with them. I also don't care if they lower my limit because I am not dependent on them either. Good luck to you all and make a good choice.
By Card User @ 11/04/08 08:19:35 AMreport abuse
AMEX
We have had AMEX cards since before our marriage in 1973. After upgrading me to a Gold card and then to a Platinum card they would not cancel the old accounts so am left with 3 accounts. I received letters stating that my credit history from Experian showed me as a risk they placed a $500. limit on the 2 cards I never use?? Then the sent a letter saying they were cancelling my sign and travel for the same reason. I received my report from Experian and there is one late payment in 2006 and not other problems. My credit score is 847. On calling Amex they were very rude and would not give me a valid answer. I pay off my charges every month and approx. half of the sign and travel so never have a large balance. I do not shop at Wal Mart or have a mortage so this is not a problem. I am now paying with a check at costco and will not use my AMEX account. They now have an enemy in me and I tell everyone I know about their treatment of a customer who has never been late on a payment with them in over 35 years.
By Kathy @ 11/03/08 09:58:08 PMreport abuse
Nice profits from those who pay in full
OK Dan, (and Rhonda), and what do you think, Clark?

Here’s the way I see it. Someone tell me if I’m wrong. With cardholders who pay in full each month, the average time it takes a charge to be paid is about 45 days. (Probably 40 days now that they’ve shortened the due date.)

A $100 charge gets the store an average of $98, the CC company (bank) discounting about 2% (perhaps less in high volume stores, more if low volume.) 45 days later the bank gets your $100 payment. They just made 2% (very slightly more, but let’s keep it simple.) They pay $98 of it to another merchant and 45 days later get another $100. This 45 day turnover happens 8 times a year – that’s 16% a year. Not a bad return from low risk cardholders. (40 day turnovers happen 9 times a year for an18% return.)

Oh, wait a minute! It’s not THEIR $100! It’s a savings account depositor’s or CD customer’s that they’re loaning to the bank at about 2% (ok, let’s make it a long term CD at 4%.) So the bank is borrowing $100 at 4% and lending it at 16%. That’s a 400% return on the conservative side. Raise the discount rate or lower the interest rate and the numbers REALLY get big.

I’m open to correction.
By Wade @ 11/03/08 09:24:37 PMreport abuse
AMEX
This very thing happened to me while on a two week cruise. My card was cancelled while in the middle of the Atlantic ocean without any warning. I had never been late or missed a payment on this card. I also did not have another form of payment for my shipboard account. Thank goodness I was traveling with someone and they were able to settle my account since I no longer had an AMEX account.
By Mary @ 11/03/08 06:56:13 PMreport abuse
American Express = no loyalty or service
My husband and I are very disappointed with American Express and not notifying you of any changes until you go to use the cards. I don't use the card anymore.
By April @ 11/03/08 05:30:32 PMreport abuse
An Open Letter to AMEX - Real Dumb Move Guys
My wife and myself put most of our daily and business purchases on our AMEX Gold cards for convenience. In the last 12 months, those purchases came to exactly $26,927.95. The last year our construction business was active, it was over $100,000. We have always paid off our balance each month. We also shop at Costco & Wal-Mart. So now we hear that you are shafting honest and consistent consumers such as ourselves for no better reason that that we appear to be frugal?

This is as brain-dead a policy that I’ve ever heard. So here’s the deal: Pull this stunt on us and we’ll shift 100% of the thousands we spend to the cards that choose not to shaft us. And I’ll suggest the same to everyone I know. I have a long memory.
By John with Short Hair @ 11/03/08 05:28:34 PMreport abuse
CCs get paid for each charge, not just interest
Dan, you're wrong. Every time you use a credit card, the cc company gets a percentage (I think it's 3%) of the purchase from the company you purchased from. My cc companies make plenty off my charges. They are happy to have me, even if I do pay off every cent of my bill each and every month. Sure, they'd be happier if I also paid them interest and annual fees, but they ARE making money off me without it.
By Rhonda @ 11/03/08 03:52:15 PMreport abuse
AMEX/BOA
To make things more interesting, BOA has recently been forcing its customers to involuntarily convert all existing VISA card accounts to new numbered accounts and in at least one of my accounts, transferred me from VISA to AMEX against my wishes. And no amount of complaining to the BOA 1-800 Customer No Service number had any affect. So now I decide to use the AMEX at Costco strictly for fuel purchases instead of my ATM. Instead of posting the exact amount of the transaction, Costco or AMEX place a $75.00 hold on each individual $15 - $30 transaction (6 transactions total). And it took 3 - 5 days to post correctly. Once I discovered that nonsensense, I stopped using the AMEX card, reverted back to my original ATM purchase process, and then paid off the entire AMEX balance this morning. I've had the card less than 30 days. After reading these posts, I do not plan to use the AMEX again and will probably cancel the account. (Maybe I won't have to, since it appears AMEX is no longer in the business of servicing the public unless you only buy from upscale merchants).
By R. H Lofts @ 11/03/08 03:24:48 PMreport abuse
Amex Lowers Credit Line on Business Account
Ditto to many of the stories above. We too received an email about lowering our limit on our OPEN Business account. We carry a fairly small balance, pay on time every month, always pay the new charges plus more.

As a result of this move by Amex, we've switched to using our Chase card for monthly, regular expenses. I worry that if I pay the planned $2500 payment as usual they'll just reduce my credit limit further. So this month, they're only getting $700 (still way above the ridiculous $65 min) and we're no longer using Amex cards for our monthly business expenses. I'm now shopping around for a good balance transfer deal (which I have several) to move from Amex even more.

I've always liked Amex and they were our favored credit company but now...not so sure that's a good thing for us. Sounds like we are not alone.
By Kim @ 11/03/08 03:00:58 PMreport abuse
I'm a little relieved
I thought I was the only one
By Jessica @ 11/03/08 02:19:34 PMreport abuse
Clark shops ar Wal-Mart?
I'm shocked. You're the guy who convinced us to boycott BoA because of their bad behavior. I never shop at Wal-Mart for the same reason. They treat their employees like dirt. They force American businesses to relocate manufacturing in China. They corrupt the American dream. Even Sam Walton would toll over in his grave.
By A Meyer @ 11/03/08 01:41:44 PMreport abuse
Hope THEY shut down!
Amex's service is horrible. I really don't feel bad for them or any company that just wants to do whatever they want to do. Sure, protect yourselves from risk, but maybe you should hire more intelligent bean counters to tell you how to do it, but still save your customer base. I always wondered why a lot of merchants don't take American Express, and now I am seeing it: not only do they not pay you as quickly as Visa or MasterCard, but the way they treat people is horrible, and maybe it takes a kick in the pants by way of customers fleeing in massive amounts for them to realize that they are not the only kid on the block.

Personally I believe that people will stop using credit as much as in the past, and re-convert to the "cash is king" mantra. Ownership will be the new "in" thing, i.e. telling people your house, car, boat, whatever is PAID FOR, versus people pretending that they can keep up w/ the Joneses and Smiths.
By cooliojones @ 11/03/08 01:40:19 PMreport abuse
"Good" customers
Most credit card companies want people who carry a balance so they can make money of the interest. If you don't carry a balance you're not making them any money especially since almost no one pays an annual fee anymore. Basically they would make more money by taking 50,000 from your line of credit and splitting it up among 10 people who carry a balance of $3000 or more.
By Dan @ 10/23/08 02:33:32 PMreport abuse
Oh my how they squeal
It's almost comical to read the laments of these credit card junkies who are now devastated when their drug of choice is suddenly taken away. Get used to it folks -- the days of easy money and credit are OVER. Rather than whining about the coming storms, you'd better start planning and preparing.
By Ed T @ 10/23/08 02:03:22 PMreport abuse
Amex
American Express will certaintly loss me as a customer if something doesn't change soon! I've been a loyal customer since 1998 and I have 4 Amex cards including the Platinum and Business Gold. Furthermore, I'm under review to get the Amex Centurion. Within the last year I've charged over $400K on my Platinum alone and last month I charge $70k. I go to use my card this morning and it declines. I call Amex and they tell me that they've capped my limit base of some software program. Can you believe this crap? I spend and pay off 75k last month and they cap me at 35k this month becase there software says I'm a risky cardholder. I've never been late on any bill period and I have a 790 becon score. This is reprehensible! Currently, I'm considering canceling my cards with Amex. If this is how they treat a cardholder who spends 400k in a year with them, then maybe I should spend my money with another company.
By Chris @ 10/23/08 12:58:58 PMreport abuse
Amex limit lowered from 10k to $600
My wife and I have had a blue card for nearly 5 years having never missed a payment and usually paying full balance every month. The cash rewards program was great allowing us to get $300 to $500 back each year. Considering we never paid interest, this was a good deal for us.
We received an email yesterday saying that our limit has been lowered from $10,000 to $600. Our loyalty is done with now, we're closing our account and taking our business elsewhere.
By Travis @ 10/23/08 12:27:17 PMreport abuse
Amex
Clark, FYI, I have an Amex Card, with a limit and due to some illness with my wife I rely on the card to defer debt from one month to the next. Thank god I am comming out of that debt and now having to stop deferving the debt to a credit card. However, the point being I have been late on this car for the last 4 month not over 30 days but useually about 5 to 10 days past the due date. I have always called them to let them know I would be late. In there defense, they have been wounderful to work with. Even through I am on a limit I still have the card. And I shop and use this card at Wal Mart weekly for food with no problems. I agree with one responder here, if Amex did not want you to use the card at Wal Mart why not just cut Wal Mart off? I think like most credit card companies they are detering what could happen with other companies, they may have way to much credit out there and would not be able to cover there loss if people could not pay. With the contry at an all time high of over 750,000 people being laid off this year alone, they are running scared and cutting credit so they would not end up bankruptcy like most.
By Running Bear @ 10/23/08 06:21:57 AMreport abuse
The Death of the AMEX that I once knew and loved....
I have been an Amex customer since 1994.Two accounts, including a Platinum Card.Several years ago, they had outstanding customer service.Now they are THE WORST!!! Last July I had some unplanned expenses that depleted my vacation fund. Unfortunately, the vacation was already planned and the non-refundable tickets were already purchased(cash). Rather than cancel the trip, I decided to just put the rest on AmEx and carry over $2k on my long-standing Sign and Travel account. AmEx didn't decline the purchases, but they shut down my Sign and Travel when I attempted to transfer the charges(without any type of warning! Not so much as an email, phone call or letter in advance). In the past I have carried much higher balances on S&T and not once in 14 years have I ever made a late payment. None of this made sense to me as I did not have escalating debt,I did not have a change of address or job, and my credit score was still going strong over 700...Shocked and dismayed, I had to immediately payoff $2k. It's NOT okay to do this to stable, loyal customers. Thanks to all of you for your great comments. Hearing similar stories reminds me to do what I should have done in July. I am now shredding both of my AmEx cards. They can go abuse someone else!!! I am done!
By HHS @ 10/22/08 09:07:53 PMreport abuse
Amex Limit Lowered
I, too, received e-mail from Amex last night telling me that my credit limit had already been slashed by over 25%. They state plans to send me a letter explaining why, but wanted to give me as much notice as possible by sending the e-mail. Note that they actually raised my credit limit over 35% only 2 months ago! At no time have I ever been late with a payement (on any credit card, EVER for that matter), though I do carry a bit of a balance but have always paid in excess of the minimum payment. I can't wait to see what this letter actually say to justify, what I consider, to be a case of typical "customer NO-service," to a loyal account holder. Signs of the times, I'm afraid, and I can't be surprised if other credit card companies do the same thing. Typical.
By RLM @ 10/22/08 07:26:05 PMreport abuse
AMEX
Clark...your show yesterday implied that AMEX would cancel credit card holders that charged at WalMart. Ridiculous on your part. If AMEX takes that position why don't they just terminate their relationship with WalMart? IMO, AMEX & USAA are two of the top customer service organizations. Risk Management is important, but I doubt that AMEX, as you implied, has a policy to cancel any customer that makes a charge at WalMart. Clark, we know you hate "big" companies, but come-on...get serious.
By Charlie @ 10/22/08 07:10:42 PMreport abuse
A Different Perspective
I'm no supporter of AMEX, but I think there is more to this than meets the eye. I think that AMEX is concerned about consumers paying for items like toilettries with credit cards rather than cash. Everyone shops at WalMart. Paying for those purchases with a credit card could be seen as a red flag that a consumer is having financial problems. AMEX should be more concerned with past payment history than what is being charged but with the number of people defaulting on their homes, can defaults on credit cards be far behind?
By Sarina @ 10/22/08 06:43:42 PMreport abuse
AMEX issue
How much longer will AMEX be allow to get away with these tatics? Is this legal?
By Sharon @ 10/22/08 02:37:56 PMreport abuse
This is a VISA Card Issue
I also have an AMEX Green Card which I seldom use except for travel. My issue is with VISA. My VISA wants me to file Itineries and travel schedules with them. As if it is their business. Any purchase I make with any card would be infrequent and unusual, therefore I run the risk of being embarrased or humiliated in front of family, friends and assorted clerks. I cannot handle this, therefore I cancelled my VISA and if AMEX hassles me, I will do the same. And I have been a member of AMEX since 1977 w/o ever missing a payment large or small. I can afford pre-paid VISA and this is what I am going to do. This way I control the amount and not some Computer Program that does not know me from Adam or his cat.
By Will Randolph @ 10/22/08 02:24:30 PMreport abuse
Amex Hysteria
Same story here.....I have three Amex cards....Platium, Personal,and Costco....during the summer they took the ability to delay paying travel and other larger expenditures. Then last month, I too got a email/letter telling me that they were reducing my Costco card limit from $24,000 to $12,000. Doesn't matter about the limit, too high anyway, but they did note the reasons why including who my mortgage company was..Wells Fargo..didn't think they were in trouble. Oh well, does change my opinion about them as a company though.
By Steve L. @ 10/22/08 02:08:36 PMreport abuse
Am Ex
Our company using Am Ex and my boss using them personally for everything. I keep the books and have a company card in my name. We always pay off the cards every month and never late. Out of the blue, we got an email from Am Ex saying our business cards limits are being lowered.
By Sylvia @ 10/22/08 01:43:48 PMreport abuse
AMEX Limit
AMEX gave me a limit of $1000.00 after I had paid them monthly on time. The letter said this was based on where I shopped. I closed both my Business and Personal accounts. They are just not "good" enough for me anymore. Special Note: It has taken me two months to get back the outstanding CR balance I had on the account.
By DeAnn @ 10/22/08 01:24:05 PMreport abuse
AMEX credit limit lowered...
I was listening to your show on the way home and I heard about AMEX cutting off its clients. Low and behold I get an e-mail tonight telling me that my limit has been lowered from 9400 to 4400. I have never made a late payment on any card, EVER. I do carry a balance with them but always pay more than the minimum. Basically all this does is show me that once I pay of this card I shouldn't consider AMEX for any major purchases. Se la vie.
By Alex @ 10/21/08 10:39:58 PMreport abuse
amex credit card
I am 21 years old and I have had an American express card since I was 18, and have never been late. In fact I pay it off every month. I buy most of my clothes at marshalls and TJ Max. 6 months ago I went to marshalls, and was about to make a big purchase when my no limit american express card gets rejected. When I called to find out what happened, american express said that I have been spending too much money in credit cards, and that they needed to establish a credit line for me. They asked for my 2007 tax return, and proof of income. At the time my American Express Credit card had no limit at all. I was not able to provide them with my tax returns right away. While waiting for me to provide them with my tax return and proof of income they decided to shut off my card. I was never late, and always paid my full balance every month. When I provided them with my tax returns, they established me with a credit line of 55 thousand dollars. I don't really need any more than about 15 thousand dollars of credit line since I pay it off every month. I don't get why they did that, all they did to me was get me mad for going through all that trouble, and not been able to purchase my clothes. Luckily I was not traveling or anything like that, since I never carry my check card on me, just credit cards. When I actually got my new cards,I paid off my balance, threw them in the garbage, and canceled it. I also felt very betrayed by them, and because of that they lost a good customer, and I will never get an American express card ever again.
By Claudia Pereira @ 10/21/08 09:47:25 PMreport abuse
AM EX
In 28 years (last 10 as a Platinum member – mainly to use select airline flyer clubs) we have never been late or had any issues with AM EX. In August they started calling asking us to make "early" payments to keep the account open for us to use the card. They cut in half a credit line associated with the card. In their letter they mentioned we had too much on credit cards (yes but no late payments) and that our mortgage company, Homecoming Financial had a high rate of customer’s defaulting. Our loan was sold to them shortly after we purchased our home. We had no say in it. We feel betrayed by AM EX.
By Rick @ 10/21/08 08:40:20 PMreport abuse

I heard that Suzie Orman is recommending that people do NOT pay off their cards every month...b/c if you do then, the banks don't make any money off you...so you leave a balance so they won't cancel you account? Could this be true? I pride myself for not having credit card debt...for paying off my card every month...for not spending money that I don't have? What's the deal here? Janet

By Janet Lennon Dee @ 03/08/09 01:59:55 PMreport abuse

Just happened to me . . . .

I hadn't heard about the Wal-Mart issue, but we don't use our AMEX at Wal-Mart or any other discount store (use our debit card instead). We have only two credit cards after paying off and canceling all of our others a few years back. We used AMEX Blue almost exclusively and have been customers for years. We usually carry a balance (which is allowed with the blue card), but we also pay a large amount each month toward the balance (several times more than the minimum payment). We have never been late with a payment. Periodically we pay off the entire amount, which is what we did Feb. 13. On Feb. 14, we were checking into a hotel and our AMEX was declined. I called their customer no-service line, and after being placed on hold for several minutes, was told our card had been canceled- by them! AMEX said we were a bad credit risk based on the number of open revolving accounts we have (we have two) and the outstanding amount owed on all the accounts (at that point, $0). They said they based their decision on a credit report from Experian. When I argued saying their closing the account on incorrect information would hurt our credit score, they pretty much said "tough." They also said that even if it was wrong, nothing I could do would make them change their minds! We didn't realize that credit card companies would cancel accounts for being GOOD customers! We are going to try to get the card reinstated so that we can then close it ourselves. I am very disappointed with AMEX.

By Suzie @ 02/16/09 11:40:32 AMreport abuse

Card Closed

Just a few weeks after being approved and using my American Express card it was shockingly closed. I have a good credit score, always pay in full and on time. The reasons they gave for closing my card were inaccurate. I sent in paperwork (credit score and credit report)to prove the inaccuracies and believed my card would be reinstated, as I was told it would be. A letter sent a few weeks later said my card would not be reinstated based on the same information I just proved was wrong! I believe they didn't even look at the papers! I have never had a late payment in the last 12 months with them (or anyone), do not have a derogatory comment on my report, and my score is a good one! Then I read about Wal Mart. I hardly ever shop there but when I got the American Express card I did all my Christmas shopping on line and at Walmart. com because I found the best prices there for the toys I was going to buy! American Express must have thought I was their number one customer! I believe this might be the true reason why they closed my card. I am trying to get the card reinstated since it was closed on me based on wrong information (and I don't want this mistake to effect my credit score) and if and when I do fix this, I will promptly close the card. I want no part of American Express! They are terrible.

By Sandi @ 02/08/09 03:31:47 PMreport abuse

AMEX

GOOD TO KNOW SO I WILL PAY WITH CASH WITHDRAWN FROM CREDIT UNION ATM BEFORE SHOPING

By MARIN U @ 12/07/08 07:53:31 PMreport abuse

amex

We were in Lanzarote a week ago - went to make a purchase and they said my Costco Amex card had been shut down. Called Amex Monday when we gor back and asked about it - they said that there was never a shut down put on my account.
They could be telling the truth and the store just didn't want to honor a credit card.

By fran wells @ 11/27/08 12:16:19 PMreport abuse

Amex Saga Continues

I have now been on the phone weekly since my card was cancelled trying to have my Membership Fee refunded which was posted to my account in July and the card cancelled in September. As I said this has been a weekly call, I get agents names and id #'s and they all say that they will process the credit. I even had two issue credit for finance charges accrued in the last two months for the membership fee. Now, last week I am told I am not eligible for a reversal of the membership fee. Tough, too bad, no one here above me that you can talk to. Write a letter to the VP, here's the address. Anyone else try to get their memebership fees refunded?

By Mary @ 11/19/08 12:27:42 AMreport abuse

American Express

same thing happening here!! I've had an AMEX card for as long as I can remember. It "had" a $75,000.00 limit. I've always paid on time, never ever once late.

All of the sudden I get the letter "We are contacting you to let you know that after a thorough review of your credit profile we have lowered the credit limit on the account listed above."
What was the reason?? Something from Experian?? I get the Experian report and it's some unknown book club with the collection agency RJM ACQ LLC. I dispute this with Experian...Experian says it stays on the report just because RJM ACQ says it's valid.

Now I have to go through the whole hassle of dealing with this agency and to get them to remove this bogus item. Crazy how AMEX would treat a so called valued customer.

AMEX has lost me as a customer for sure!!

By dbx @ 11/18/08 08:11:25 PMreport abuse

AMEX Card

Wish I had seen this before my last trip. I was close to my limit so I sent a large payment to AMEX to cover the anticipated cost of my week's hotel bill. The payment arrived at AMEX on Friday and I arrived at the hotel on Sunday. Got to my room and there was an email from AMEX dated Saturday letting me know they had lowered my credit limit. So now instead of having $2000 available to pay for my room I now had $12 in available credit. The best the supervisor could do was authorize an emergency increase of $500 for a one time charge. I put what I could on their card and luckily had another line of credit available (and the card on me) to cover the rest. I don't plan on using their card anymore and will pay it off as soon as possible.

By Bill @ 11/18/08 10:29:17 AMreport abuse

Amx Changes

Starting Dec 2 there are many important changes being made to AMX accounts.
Late fees. Paying 10 days after close and finally increase in interest rates.
AMX has some nice people and some ugly people working for them. I hope everyone gets the nice ones when they call them.

By John David James @ 11/09/08 05:02:34 PMreport abuse

Sarina, what you say is not correct. I have been an AMEX account holder for years and I have a Costco AMEX card. For every dollar I spend on it, I receive a 1% cash back from stores other than Costco, food and travel. So, whenever I shop, I try to use the AMEX card (even if the amount is $1). Every saving adds up. I have a near 800 credit score and I have not been late, nor do I carry a credit card balance. Still I use an AMEX where ever and when ever I can.

By Navin @ 11/07/08 02:20:40 AMreport abuse

it's a business, not your friend

I think a lot of you are quick to join the fear wagon.
All cc are in a business to make money, so of course with the economy in the situation it's in, of course all companies are pulling in the reigns.

Many of us are having to use are credit cards a lot more and a lot different from normal times. Yes, it is throwing a red flag up to a CC company when you usually pay in full or don't put a lot on the card and then all of the sudden you are revolving. it's putting triggers in the system there is an issue with this persons personal funds. Companies are evaluating this and instead of being out tens of thousands, they reduce your line so you can't charge and go into debt with their money.

Also, amex is only accepted at Costco, so that would be foolish to shut off cards.

Now, for the guy who said amex held his money during gas purchases. That is from the gas station. being costco, chevron, texaco, etc... all gas stations are responsible for cc purchases. so to cover for fraud and people stealing gas they put an attempt between 75-100 every time you swipe your card. this isn't related to your cc company or bank card. gas stations can write this amount off if they don't get paid by the customer. anything over that amount they have to take the loss. so to bypass that authorization attempt, walk yourself into the store and tell the clerk how much you want to put in your tank. takes away the convenience but keeps your funds on your card. ask the attendant if you don't believe me.

Another point, I saw someone who was complaining that visa wants to know his itinerary when travelling and had a problem with that. We are adults here and it's our card. Let's think protection though. Say you weren't travelling and you get a bill with charges from germany, wouldn't you be pissed and concerned someone was using your card fraudulently? I would hope so. Letting your CC companies know you will be traveling more than 100 miles from home is the best protection, they will know you are in travel status and won't shut your card down. THis happened to me before.. i was in germany for a 4 wk trip, the first 2 weeks I had no issue and then all of a sudden VIsa cut me off... I had to call them and let them know it was me. so lesson learned.

Last point, it's not your money. all credit cards are a loan. so if you aren't paying back in full, you are borrowing. pay your bill and stop griping or just use cash and not have the protection if situations arise, it's your call. but think about it before crying foul.

By Ms. Knowledge @ 11/05/08 12:41:05 PMreport abuse

AMEX is not supposed to be your friend

AMEX is not in the business of being your friend. It is a tool. If you are getting poor treatment, go somewhere else. Some of these posts appear to only tell half the story. If they are true, you should all leave AMEX just like you should leave any company that provides poor service. I don't have any issue (or love) toward AMEX - they provide good service to me and I stay with them. I also don't care if they lower my limit because I am not dependent on them either. Good luck to you all and make a good choice.

By Card User @ 11/04/08 08:19:35 AMreport abuse

We have had AMEX cards since before our marriage in 1973. After upgrading me to a Gold card and then to a Platinum card they would not cancel the old accounts so am left with 3 accounts. I received letters stating that my credit history from Experian showed me as a risk they placed a $500. limit on the 2 cards I never use?? Then the sent a letter saying they were cancelling my sign and travel for the same reason. I received my report from Experian and there is one late payment in 2006 and not other problems. My credit score is 847. On calling Amex they were very rude and would not give me a valid answer. I pay off my charges every month and approx. half of the sign and travel so never have a large balance. I do not shop at Wal Mart or have a mortage so this is not a problem. I am now paying with a check at costco and will not use my AMEX account. They now have an enemy in me and I tell everyone I know about their treatment of a customer who has never been late on a payment with them in over 35 years.

By Kathy @ 11/03/08 09:58:08 PMreport abuse

Nice profits from those who pay in full

OK Dan, (and Rhonda), and what do you think, Clark?

Here’s the way I see it. Someone tell me if I’m wrong. With cardholders who pay in full each month, the average time it takes a charge to be paid is about 45 days. (Probably 40 days now that they’ve shortened the due date.)

A $100 charge gets the store an average of $98, the CC company (bank) discounting about 2% (perhaps less in high volume stores, more if low volume.) 45 days later the bank gets your $100 payment. They just made 2% (very slightly more, but let’s keep it simple.) They pay $98 of it to another merchant and 45 days later get another $100. This 45 day turnover happens 8 times a year – that’s 16% a year. Not a bad return from low risk cardholders. (40 day turnovers happen 9 times a year for an18% return.)

Oh, wait a minute! It’s not THEIR $100! It’s a savings account depositor’s or CD customer’s that they’re loaning to the bank at about 2% (ok, let’s make it a long term CD at 4%.) So the bank is borrowing $100 at 4% and lending it at 16%. That’s a 400% return on the conservative side. Raise the discount rate or lower the interest rate and the numbers REALLY get big.

I’m open to correction.

By Wade @ 11/03/08 09:24:37 PMreport abuse

This very thing happened to me while on a two week cruise. My card was cancelled while in the middle of the Atlantic ocean without any warning. I had never been late or missed a payment on this card. I also did not have another form of payment for my shipboard account. Thank goodness I was traveling with someone and they were able to settle my account since I no longer had an AMEX account.

By Mary @ 11/03/08 06:56:13 PMreport abuse

American Express = no loyalty or service

My husband and I are very disappointed with American Express and not notifying you of any changes until you go to use the cards. I don't use the card anymore.

By April @ 11/03/08 05:30:32 PMreport abuse

An Open Letter to AMEX - Real Dumb Move Guys

My wife and myself put most of our daily and business purchases on our AMEX Gold cards for convenience. In the last 12 months, those purchases came to exactly $26,927.95. The last year our construction business was active, it was over $100,000. We have always paid off our balance each month. We also shop at Costco & Wal-Mart. So now we hear that you are shafting honest and consistent consumers such as ourselves for no better reason that that we appear to be frugal?

This is as brain-dead a policy that I’ve ever heard. So here’s the deal: Pull this stunt on us and we’ll shift 100% of the thousands we spend to the cards that choose not to shaft us. And I’ll suggest the same to everyone I know. I have a long memory.

By John with Short Hair @ 11/03/08 05:28:34 PMreport abuse

CCs get paid for each charge, not just interest

Dan, you're wrong. Every time you use a credit card, the cc company gets a percentage (I think it's 3%) of the purchase from the company you purchased from. My cc companies make plenty off my charges. They are happy to have me, even if I do pay off every cent of my bill each and every month. Sure, they'd be happier if I also paid them interest and annual fees, but they ARE making money off me without it.

By Rhonda @ 11/03/08 03:52:15 PMreport abuse

AMEX/BOA

To make things more interesting, BOA has recently been forcing its customers to involuntarily convert all existing VISA card accounts to new numbered accounts and in at least one of my accounts, transferred me from VISA to AMEX against my wishes. And no amount of complaining to the BOA 1-800 Customer No Service number had any affect. So now I decide to use the AMEX at Costco strictly for fuel purchases instead of my ATM. Instead of posting the exact amount of the transaction, Costco or AMEX place a $75.00 hold on each individual $15 - $30 transaction (6 transactions total). And it took 3 - 5 days to post correctly. Once I discovered that nonsensense, I stopped using the AMEX card, reverted back to my original ATM purchase process, and then paid off the entire AMEX balance this morning. I've had the card less than 30 days. After reading these posts, I do not plan to use the AMEX again and will probably cancel the account. (Maybe I won't have to, since it appears AMEX is no longer in the business of servicing the public unless you only buy from upscale merchants).

By R. H Lofts @ 11/03/08 03:24:48 PMreport abuse

Amex Lowers Credit Line on Business Account

Ditto to many of the stories above. We too received an email about lowering our limit on our OPEN Business account. We carry a fairly small balance, pay on time every month, always pay the new charges plus more.

As a result of this move by Amex, we've switched to using our Chase card for monthly, regular expenses. I worry that if I pay the planned $2500 payment as usual they'll just reduce my credit limit further. So this month, they're only getting $700 (still way above the ridiculous $65 min) and we're no longer using Amex cards for our monthly business expenses. I'm now shopping around for a good balance transfer deal (which I have several) to move from Amex even more.

I've always liked Amex and they were our favored credit company but now...not so sure that's a good thing for us. Sounds like we are not alone.

By Kim @ 11/03/08 03:00:58 PMreport abuse

I'm a little relieved

I thought I was the only one

By Jessica @ 11/03/08 02:19:34 PMreport abuse

Clark shops ar Wal-Mart?

I'm shocked. You're the guy who convinced us to boycott BoA because of their bad behavior. I never shop at Wal-Mart for the same reason. They treat their employees like dirt. They force American businesses to relocate manufacturing in China. They corrupt the American dream. Even Sam Walton would toll over in his grave.

By A Meyer @ 11/03/08 01:41:44 PMreport abuse

Hope THEY shut down!

Amex's service is horrible. I really don't feel bad for them or any company that just wants to do whatever they want to do. Sure, protect yourselves from risk, but maybe you should hire more intelligent bean counters to tell you how to do it, but still save your customer base. I always wondered why a lot of merchants don't take American Express, and now I am seeing it: not only do they not pay you as quickly as Visa or MasterCard, but the way they treat people is horrible, and maybe it takes a kick in the pants by way of customers fleeing in massive amounts for them to realize that they are not the only kid on the block.

Personally I believe that people will stop using credit as much as in the past, and re-convert to the "cash is king" mantra. Ownership will be the new "in" thing, i.e. telling people your house, car, boat, whatever is PAID FOR, versus people pretending that they can keep up w/ the Joneses and Smiths.

By cooliojones @ 11/03/08 01:40:19 PMreport abuse

"Good" customers

Most credit card companies want people who carry a balance so they can make money of the interest. If you don't carry a balance you're not making them any money especially since almost no one pays an annual fee anymore. Basically they would make more money by taking 50,000 from your line of credit and splitting it up among 10 people who carry a balance of $3000 or more.

By Dan @ 10/23/08 02:33:32 PMreport abuse

Oh my how they squeal

It's almost comical to read the laments of these credit card junkies who are now devastated when their drug of choice is suddenly taken away. Get used to it folks -- the days of easy money and credit are OVER. Rather than whining about the coming storms, you'd better start planning and preparing.

By Ed T @ 10/23/08 02:03:22 PMreport abuse

Amex

American Express will certaintly loss me as a customer if something doesn't change soon! I've been a loyal customer since 1998 and I have 4 Amex cards including the Platinum and Business Gold. Furthermore, I'm under review to get the Amex Centurion. Within the last year I've charged over $400K on my Platinum alone and last month I charge $70k. I go to use my card this morning and it declines. I call Amex and they tell me that they've capped my limit base of some software program. Can you believe this crap? I spend and pay off 75k last month and they cap me at 35k this month becase there software says I'm a risky cardholder. I've never been late on any bill period and I have a 790 becon score. This is reprehensible! Currently, I'm considering canceling my cards with Amex. If this is how they treat a cardholder who spends 400k in a year with them, then maybe I should spend my money with another company.

By Chris @ 10/23/08 12:58:58 PMreport abuse

Amex limit lowered from 10k to $600

My wife and I have had a blue card for nearly 5 years having never missed a payment and usually paying full balance every month. The cash rewards program was great allowing us to get $300 to $500 back each year. Considering we never paid interest, this was a good deal for us.
We received an email yesterday saying that our limit has been lowered from $10,000 to $600. Our loyalty is done with now, we're closing our account and taking our business elsewhere.

By Travis @ 10/23/08 12:27:17 PMreport abuse

Clark, FYI, I have an Amex Card, with a limit and due to some illness with my wife I rely on the card to defer debt from one month to the next. Thank god I am comming out of that debt and now having to stop deferving the debt to a credit card. However, the point being I have been late on this car for the last 4 month not over 30 days but useually about 5 to 10 days past the due date. I have always called them to let them know I would be late. In there defense, they have been wounderful to work with. Even through I am on a limit I still have the card. And I shop and use this card at Wal Mart weekly for food with no problems. I agree with one responder here, if Amex did not want you to use the card at Wal Mart why not just cut Wal Mart off? I think like most credit card companies they are detering what could happen with other companies, they may have way to much credit out there and would not be able to cover there loss if people could not pay. With the contry at an all time high of over 750,000 people being laid off this year alone, they are running scared and cutting credit so they would not end up bankruptcy like most.

By Running Bear @ 10/23/08 06:21:57 AMreport abuse

The Death of the AMEX that I once knew and loved....

I have been an Amex customer since 1994.Two accounts, including a Platinum Card.Several years ago, they had outstanding customer service.Now they are THE WORST!!! Last July I had some unplanned expenses that depleted my vacation fund. Unfortunately, the vacation was already planned and the non-refundable tickets were already purchased(cash). Rather than cancel the trip, I decided to just put the rest on AmEx and carry over $2k on my long-standing Sign and Travel account. AmEx didn't decline the purchases, but they shut down my Sign and Travel when I attempted to transfer the charges(without any type of warning! Not so much as an email, phone call or letter in advance). In the past I have carried much higher balances on S&T and not once in 14 years have I ever made a late payment. None of this made sense to me as I did not have escalating debt,I did not have a change of address or job, and my credit score was still going strong over 700...Shocked and dismayed, I had to immediately payoff $2k. It's NOT okay to do this to stable, loyal customers. Thanks to all of you for your great comments. Hearing similar stories reminds me to do what I should have done in July. I am now shredding both of my AmEx cards. They can go abuse someone else!!! I am done!

By HHS @ 10/22/08 09:07:53 PMreport abuse

Amex Limit Lowered

I, too, received e-mail from Amex last night telling me that my credit limit had already been slashed by over 25%. They state plans to send me a letter explaining why, but wanted to give me as much notice as possible by sending the e-mail. Note that they actually raised my credit limit over 35% only 2 months ago! At no time have I ever been late with a payement (on any credit card, EVER for that matter), though I do carry a bit of a balance but have always paid in excess of the minimum payment. I can't wait to see what this letter actually say to justify, what I consider, to be a case of typical "customer NO-service," to a loyal account holder. Signs of the times, I'm afraid, and I can't be surprised if other credit card companies do the same thing. Typical.

By RLM @ 10/22/08 07:26:05 PMreport abuse

Clark...your show yesterday implied that AMEX would cancel credit card holders that charged at WalMart. Ridiculous on your part. If AMEX takes that position why don't they just terminate their relationship with WalMart? IMO, AMEX & USAA are two of the top customer service organizations. Risk Management is important, but I doubt that AMEX, as you implied, has a policy to cancel any customer that makes a charge at WalMart. Clark, we know you hate "big" companies, but come-on...get serious.

By Charlie @ 10/22/08 07:10:42 PMreport abuse

A Different Perspective

I'm no supporter of AMEX, but I think there is more to this than meets the eye. I think that AMEX is concerned about consumers paying for items like toilettries with credit cards rather than cash. Everyone shops at WalMart. Paying for those purchases with a credit card could be seen as a red flag that a consumer is having financial problems. AMEX should be more concerned with past payment history than what is being charged but with the number of people defaulting on their homes, can defaults on credit cards be far behind?

By Sarina @ 10/22/08 06:43:42 PMreport abuse

AMEX issue

How much longer will AMEX be allow to get away with these tatics? Is this legal?

By Sharon @ 10/22/08 02:37:56 PMreport abuse

This is a VISA Card Issue

I also have an AMEX Green Card which I seldom use except for travel. My issue is with VISA. My VISA wants me to file Itineries and travel schedules with them. As if it is their business. Any purchase I make with any card would be infrequent and unusual, therefore I run the risk of being embarrased or humiliated in front of family, friends and assorted clerks. I cannot handle this, therefore I cancelled my VISA and if AMEX hassles me, I will do the same. And I have been a member of AMEX since 1977 w/o ever missing a payment large or small. I can afford pre-paid VISA and this is what I am going to do. This way I control the amount and not some Computer Program that does not know me from Adam or his cat.

By Will Randolph @ 10/22/08 02:24:30 PMreport abuse

Amex Hysteria

Same story here.....I have three Amex cards....Platium, Personal,and Costco....during the summer they took the ability to delay paying travel and other larger expenditures. Then last month, I too got a email/letter telling me that they were reducing my Costco card limit from $24,000 to $12,000. Doesn't matter about the limit, too high anyway, but they did note the reasons why including who my mortgage company was..Wells Fargo..didn't think they were in trouble. Oh well, does change my opinion about them as a company though.

By Steve L. @ 10/22/08 02:08:36 PMreport abuse

Am Ex

Our company using Am Ex and my boss using them personally for everything. I keep the books and have a company card in my name. We always pay off the cards every month and never late. Out of the blue, we got an email from Am Ex saying our business cards limits are being lowered.

By Sylvia @ 10/22/08 01:43:48 PMreport abuse

AMEX Limit

AMEX gave me a limit of $1000.00 after I had paid them monthly on time. The letter said this was based on where I shopped. I closed both my Business and Personal accounts. They are just not "good" enough for me anymore. Special Note: It has taken me two months to get back the outstanding CR balance I had on the account.

By DeAnn @ 10/22/08 01:24:05 PMreport abuse

AMEX credit limit lowered...

I was listening to your show on the way home and I heard about AMEX cutting off its clients. Low and behold I get an e-mail tonight telling me that my limit has been lowered from 9400 to 4400. I have never made a late payment on any card, EVER. I do carry a balance with them but always pay more than the minimum. Basically all this does is show me that once I pay of this card I shouldn't consider AMEX for any major purchases. Se la vie.

By Alex @ 10/21/08 10:39:58 PMreport abuse

amex credit card

I am 21 years old and I have had an American express card since I was 18, and have never been late. In fact I pay it off every month. I buy most of my clothes at marshalls and TJ Max. 6 months ago I went to marshalls, and was about to make a big purchase when my no limit american express card gets rejected. When I called to find out what happened, american express said that I have been spending too much money in credit cards, and that they needed to establish a credit line for me. They asked for my 2007 tax return, and proof of income. At the time my American Express Credit card had no limit at all. I was not able to provide them with my tax returns right away. While waiting for me to provide them with my tax return and proof of income they decided to shut off my card. I was never late, and always paid my full balance every month. When I provided them with my tax returns, they established me with a credit line of 55 thousand dollars. I don't really need any more than about 15 thousand dollars of credit line since I pay it off every month. I don't get why they did that, all they did to me was get me mad for going through all that trouble, and not been able to purchase my clothes. Luckily I was not traveling or anything like that, since I never carry my check card on me, just credit cards. When I actually got my new cards,I paid off my balance, threw them in the garbage, and canceled it. I also felt very betrayed by them, and because of that they lost a good customer, and I will never get an American express card ever again.

By Claudia Pereira @ 10/21/08 09:47:25 PMreport abuse

In 28 years (last 10 as a Platinum member – mainly to use select airline flyer clubs) we have never been late or had any issues with AM EX. In August they started calling asking us to make "early" payments to keep the account open for us to use the card. They cut in half a credit line associated with the card. In their letter they mentioned we had too much on credit cards (yes but no late payments) and that our mortgage company, Homecoming Financial had a high rate of customer’s defaulting. Our loan was sold to them shortly after we purchased our home. We had no say in it. We feel betrayed by AM EX.

By Rick @ 10/21/08 08:40:20 PMreport abuse

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Oct 21, 2008 -- AMEX targeting Wal-Mart customers to shut off their cards?

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