Loyal Customer Gone Due to Unfair Practices

Posted Mon July 13, 2009 8:07 pm, by Vicki A. written to American Express Credit Cards

Write a Letter to this Company  |  Rate this Company

I have been a loyal American Express credit card holder for many years. I have been consistent paying monthly payments, even paying off my full balance of late. What happens next? I get a letter from them stating they are closing both of my accounts. I was floored! They state because I have other debt with some late payments, they decided I wasn't credit worthy any longer.

Excuse me? If I decided not to pay off my entire balance, I would still have my credit line. But because I paid it off in full, they took the opportunity to close my card. Wow! What customer service a loyal customer receives these days. Little do they know or care to ask that due to the current economic situation people have lost their jobs, including me, and find it difficult to keep up with all their obligations. However, American Express was one of the accounts that I consistently paid every month. Do they care? Apparently not.

This is just disgusting! And to make it worse, since they are closing the account, it affects negatively on my credit report! So, I ask myself again, why they heck did I even pay it off? If I had know that, I would have left a balance of $1 on my account.

Thank you American Express for your superior customer service! And thank you for ensuring that when things are rosy again and my credit report is glowing, and you send me one of those pre-approved letters for credit, I will be sure to send it back with my refusal for a sub-par credit card.

I think the future of credit cards are in jeoprady because people have learned their lesson to not live on credit and pay cash. Who needs credit cards, not me!! Lesson learned.

American Express should allow me to close the account so I can protect my credit rating.

Log In/Create an account | 3 comments

del.icio.us      Digg this

PlanetFeedback Comments are subject to strict terms and conditions. We reserve the right to deny site membership privileges to any individuals acting inappropriately.

Have you been listening to the news? AMEX... by Donno Posted Mon July 13, 2009 @ 11:21 PM has been doing this for several months. Basically, AMEX is experiencing the worst default rates (compared with VISA and MC), and it is getting worse and worse. So, to reduce their exposure to risk, they are looking for reasons to get rid of customers who may be riskier than others. They found a reason to get rid of you. And there you have it. We are all facing stark realities in this economy. This is one of the consequences. As you say, some people will likely not return to credit anytime soon. Reply Re: Loyal Customer Gone Due to Unfair Practices by Nate! Posted Mon July 13, 2009 @ 10:54 PM It sounds like they weren't going to make any more money off your current debt, and they didn't want to incur any new balances and potentially take a loss due to your payment history. Makes sense to me. CC companies have to protect themselves in the "economy". Reply Re: Loyal Customer Gone Due to Unfair Practices by RedheadwGlasses Posted Mon July 13, 2009 @ 8:23 PM "because I have other debt with some late payments," This has been happening for a couple of years now... credit card issuers check your credit report and use your present payment history with OTHER credit card issuers and base decisions on that information. Reply