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Amex Offering Bonuses to Lower Credit Lines?
Wednesday, October 14th, 2009A while ago, it was publicized that Amex was offering to pay select customers to close their accounts. That program, dubbed “Simplify Your Finances,” was supposedly targeted towards cardholders who Amex felt were unlikely to meet their obligations.
Now, this thread on FT reports that Amex is taking the unusual step of offering statement credit to select individuals to lower their credit limit. From the sound of it, the OP is someone who keeps his line in use specifically to avoid a credit line reduction, and not because he is unable to pay their balance. If true, this news potentially represents an interesting trend, and highlights the drastic lengths to which Amex is willing to go to cut its credit exposure.
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October 14th, 2009 at 3:35 pm
You’d think they could just close the accounts or lower the limits without even asking the card holder. I know it’s happened to me from other card companies. I guess it’s decent of them to be asking first.
October 14th, 2009 at 3:42 pm
In this case, though, the poster was making use of his line precisely so they couldn’t lower his limit without notice.
October 16th, 2009 at 9:32 am
There was a thread very similar to this one at FW. I agree; it sounds like a phishing call. If the OP was a good customer, why would AMEX offer to pay him to go away?