Complaint Review: American Express - Ft. Lauderdale Florida
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- Author Confirmed
- American Express PO Box 297879 Ft. Lauderdale, Florida U.S.A.
- Phone: 800-5216121
- Web:
- Category: Financial Services
American Express Cuts Credit Limit w/out warning Ft. Lauderdale Florida
*Consumer Comment: American Express did this to THOUSANDS
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I just received a letter from American Express stating that they were revising our corporate credit limit down to $8,000. Our current balance is around $7800. We've had credit as high as $25,000 on this account. We've had the account since 1996 and have never made a late payment. As a result of this decision, two of our 3 employees will not be payed today and will have to wait until next week.
My concern is not that they lowered the limit. My problem is that they did it without calling or warning or even offering a one week or so grace period. We could have made other arrangements. But obviously, They are not concerned with helping the small businesses they claim to care so much about. Shame on you American Express. We will be closing our account with you and will tell as many associates as we can about your treatment of our company.
Photophlorida
Ft. Lauderdale, Florida
U.S.A.
This report was posted on Ripoff Report on 10/10/2008 07:46 AM and is a permanent record located here: https://www.ripoffreport.com/reports/american-express/ft-lauderdale-florida-33329/american-express-cuts-credit-limit-wout-warning-ft-lauderdale-florida-379999. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
American Express did this to THOUSANDS
AUTHOR: Virginia - (U.S.A.)
SUBMITTED: Monday, October 20, 2008
American Express, apparently all on the same weekend, lowered what was estimated to be up to 90% of their customers credit limits. They did mine too. That same weekend. It was on the news a few weeks earlier that they announced they were going to do it because of the credit crisis.
What really got me about American Express, was that they lied to everyone they sent letters to. Instead of just saying the real reason on the letters why they were lowering credit limits, they made up phony reasons for lowering it; i.e., your payments were too low in relation to your balance. What kind of reason is that? If you are paying 3 times the "minimum payment" that is not too low. They set the minimum payment. If they want it to be more, than they should raise it.
I urge everyone to transfer their balances to another credit card, with a different company, and never use American Express again. That's the only way they will learn.
Interestingly, the same day I got a letter from Amex saying they had closed my account as I requested, I got a pre-approved offer for another of their cards. They are really STUPID.
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