We have three American Express Cards. The Costco card had a zero balance. All three of the cards have had the available credit limit lowered to just over the balance currently owed on the card. This happened even though we have always paid our bills on time or even early, and paid more than the minimum amount due.

Luckily I did not plan to use my Amex card on Black Friday because at 5:19 A.M. on Black Friday Amex sent me an email stating that my available credit was lowered by approximately $7000.00. I typically DO NOT read my email at 5:30 in the morning, so I did not know about this before leaving for shopping. I can imagine how many people found out their credit limits had been lowered by being denied credit or, worse yet, by being allowed to purchase over their available credit and having their interest rates raised to an astronomical amount.

I am furious because their actions have adversely impacted my credit score because it now looks like we have charged up all three cards (if the one with the zero balance also counts) almost to the max where we previously not even at 50% of our available credit limit. No wonder that they are blaming it on the credit bureaus. They are reporting to the credit bureaus that we have maxed out our credit on their cards!

I think that the Banking Industry or whoever oversees the credit card industry needs to investigate what American Express has done to their customers. Rather than try to spur the economy to recover, they are actually putting it into more of a recession. As soon as I pay off the two American Express cards with balances, they are GONE and I am never using American Express AGAIN!!!!!!

I think that their timing on this was just too "slick" to be a coincidence.