CHESSNOID

Do American Express Cards really have no pre set limits? The idea that you can buy based on how much you spend sounds good, yet it my previous blog posts, I had all my limits reduced and my spending did not decrease until after they hammered me.  I don’t think it was an isolated incident, considering I have over 200 comments from my original American Express post with readers sharing the same experiences.

On their web page it says: “No Pre-Set Spending Limit–Get purchasing power that adjusts with your use of the Card” and shows 3 card levels. The basic green, the gold, and then the platinum. I personally had all three cards at one point.

The last comment I received on that post says:

AnotherAmexNightmare, January 15, 2010:

Hello – I have been with Amex blue card for 10 years. My limit was 25K I used the card, paid it off and used it again, always paying on time. Last year I got a letter stating they will be lowering my credit limit because of economic times. They ruined my credit score and dropped my limit down to 8K. I had a balance that I transfered on the card prior to them dropping the limit at a FIXED rate of 3.99 for lifetime payoff, and have been paying ontime for about a year now. Dont even use the card anymore. This month I got a letter saying they are raising my rate to 15%. I have all documentation of the transfer of fixed rate of 3.99 and have been faxing this documentation to them for 2wks now.. They keep telling me story about how its not a lifetime rate and it was promotional. I am so fed up with Amex I am at loss..I am still fighting them I have the documenation of the transfer.. Im going to try and get my rate lowered. Im just furious with this entire situation.

On a different post, Rich says, March 3, 2010:

Amex are real but-heads. Three years ago I spent $350,000 on my five cards. When the recession hit, they quickly cut me off and sent a couple of my accounts to NCO Financial which are managed by people in India. I had some real nasty discussions with an idiot who claimed his name was Richard … how many Indians are named Richard? I paid off three of the five accounts and bk’d two others. But they show all the amounts as owing and refuse to speak with me about the matter. One company they assigned an account to for collection has never even contacted me. These folks have ripped people off for years by charging high discount rates and proclaiming that they have a superior level of service. But when the chips are down, they come at you faster than a speeding bullet. Lousy company … I hope they sink in their own quicksand.

I am surprised that they still use that slogan of no pre set limits when actual experiences prove it to be false.