CHESSNOID

Back in February, I posted my personal experience with this credit card company. (I am still getting many hits from search engines on that post.) I looked on the internet to see if others had their credit lines cut for no apparent reason. At that time, I didn’t find anything. So I blogged about my dissatisfaction with them and their poor service. I work in the credit field so I couldn’t blame them for trying to minimize their potential losses, but the plan they executed to cut everyone who carried a balance was awful. They definitely alienated many customers including myself. I have had a few other customers’ comments on that post with similar stories.

What makes it offensive to customers like me is that we maintained the terms of the contract, never made a late payment, and value our credit profile. When they knocked down my credit lines indiscriminately, gave me false scripted answers when I inquired for the reasons why the sudden changes, and inadvertently lowered my FICO score by making it look like I maxed out all my American Express cards overnight, it made me realize they no longer follow through with their claims nor values its customers. To be fair, I did have some other credit cards lower my credit limits even though I had no balance with them. I suspect this triggered that. I still have plenty of credit and luckily cash on hand but think much less of this company. Not just because of my experience but because of all the other stories I have read in the comments section of that post. Click here to see the post and the comments detailing their American Express stories and how the company profiled them and targeted them for a credit limit decrease.

If you have an American Express make sure you carry a back up credit card because you don’t want to be embarrassed if they decline a purchase. Even though some of their credit cards say they have no “credit limit” because they are charge cards, they are actively declining transactions if they feel you can’t afford it or because you have never charged that amount before or just because. HA HA ;). At this point, my opinion is American Express is the company you can’t depend on.