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.