Here's a copy of the email I just sent to the CEP of American Express, I think it says it all:
Mr. Chenault,

I understand that these tough financial times require the tightening of credit lending, however, I'd like to tell you my story.

I have depended on American Express for much over the years, I have 3 different cards. I was shocked when I received the first notice that my credit limit was reduced but took it in stride. For the past 6 months, I have carried a $48,000 balance on my primary credit card - the limit. Each month, I pay a portion down and then put the next month of my business expenses on it and would go right back to the limit. Your company enjoyed the $782 in interest each and every month. With my business improving, I was able this past month to pay the balance down to 0. Imagine my surprise when I got another notification that my credit limit has been reduced to $1000!!!!!!!!!!! $1000!!!!!!!!!!!!!!!!

How can you do this to your customers? American Express says it is the friend of the small business owner. With friends like this.........

Did I mention when I called your customer service department to inquire how this could happen they told me the decision was based on INCORRECT information from Experian about my credit? Did I mention my credit score is 760!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I am the Publisher of 2 Luxury Real Estate Magazines in Major Metro areas. Our readers are your customers.

To add insult to injury, not only am I a cardholder but my publishing company takes American Express as a form of payment from our customers! That will be ending, as soon as I finishing editing the piece I intend to run month in and month out about how American Express is the most corrupt disgusting company I have ever done business with, and all merchants who process using American Express and all current cardholders should BEWARE before doing business with you. I will also run ads for your competitors for free in order to entice people to open accounts with them and close them with you.

I feel this is my only recourse after being told there was nothing anyone at your company could do to help restore my credit limit.

I thank god that my other credit sources have kept intact and I will continue to be able to run my businesses, because if I were just depending on American Express, I would be out of business as of tonight.