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
Is a credit card company allowed to lower your credit limit? A credit card company is allowed to lower your credit limit without warning if they see fit. The credit crisis has many credit card companies in a real bind. Many credit card companies just can’t pay their credit card bills and are defaulting on their credit cards. The credit card companies want to beat you to the punch and don’t want to extend themselves any further than is necessary.
My Credit Limit Has Been Lowered, Why? Continue Reading »
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Posted in Credit Card Articles
