Why is Am Ex cutting all of the best customers they have?

Question

I have been a member for 23 years I now have 4 am ex acct. NEVER been late never carried a balance on any of them. Just paid the 450 for my Platinum card in May. I have never had a problem with Am Ex use my card every month but on July 27 2008 I got a letter from am ex telling me they were capping my platinum card to a lousy 1,300 a month! My one acct to 6400. 1000 above my current balance that was laying on my desk to be paid in full not over time. I just was in shock over this as I have been a very loyal customer and they have made a lot of money off of me in 23 years as you can imagine.

I have gone back and forth with them this week I get a different story each time I have communication with them. First it was ah well Experian contacted us and you were turned down for a credit card which was true I was. Like an idiot in this economy I fell for the apply and get a free airline ticket. first time in my credit history I have been turned down. I didn't think much of it until the fatal letters came from Am Ex. Then I hear from them after e mailing the company that my balances on other cards were too high for my salary ratio! None of their d**n business as long as they are paid and they were and are. Next round was something really stupid that made no sense to me at all. Something about me using other cards many times in the same Establishments??? My payments on my other cards were to low anything they could pull out of their $$$$$ it seems like to me.

They told me they did not credit report shop well I beg to differ with them how else are they coming up with all of this? Why are they doing this. I have always paid all of my bills on time and the ones that do

have a balance the min payments are paid 5 times more than the min.

So what have we all done to p**s Am Ex off so badly! Here's to the idiot kenneth Chenault with his 18.3 mil salary hope the same idiot he hired cuts his limits.

Answer 1

Because too many other people in your situation have left them high and dry and unable to repay.  They believe you have become a high risk.  It is their business since they want to insure that you have the means to repay all the money they have lent you.

If you feel this is unfair, you are always able to move your business elsewhere.

Answer 2

Since an AmEx card is issued with no set spending limit, your credit score is monitored very closely.  

As AmEx is accepted at fewer and fewer places, why put up with this stuff?  And pay a fee for it?  Why would you do that?  I cut up my AmEx over 15 years ago and I've never missed it and never looked back.

Answer 3

Customer loyalty doesn't mean much. It sounds like your credit score is dropping and they're adjusting the credit extended to you to reflect that.

Answer 4

It doesn't seem fair that they are doing this to you.  I also have an Am Ex card.  WIll i be receiving bad news myself. /