American Express is paying some of its members $300 to close their accounts. Amex has been know to cater to wealthy clients expanded their base to people outside of this sphere. The plan has backfired and they are losing millions. American Express is looking to manage credit risk based on customers credit scores and credit profiles. Accounts must be closed by the end of March.
Credit Card companies are cutting credit lines
Just like their competition Capital One, Chase, Discover and Citibank, American Express is selectively cutting credit limits to customers and not going after as many new clients. Keep an eye on your mailbox, that credit card in your walled may be finding a new home in the garbage can.
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Posted in Consumer Information
Credit card companies are hurting your credit score with the new rules that are coming out. Across the board credit card companies are cutting credit lines, lowering credit spending limits and closing credit card accounts. Well this may seem benign to some it is actually hurting your credit score. When your credit card is closed, all of your credit history goes with it. Continue Reading »
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