Reply
Super Contributor
DI
Posts: 5,744
Registered: ‎01-28-2008
0

Re: AMEX can go to .....&(*&#$&#$@)

 


Wolf3 wrote:

American Expess is nototorius for closing accounts for almost no reason.   It is why I don't consider them a prime CC anymore.


I find that hard to believe.  How do we know if they don't close accounts if they see someone being late on their mortgage or car payment?

Regular Contributor
armywifey85
Posts: 246
Registered: ‎01-25-2008
0

Re: AMEX can go to .....&(*&#$&#$@)

[ Edited ]

Amex is picky like where you use their card at. They should only have charge cards that would save them a lot of trouble. The US Market is gonna get real tight the country is on the brink of bankruptcy. Hsbc is pulling out of the US, and I would bet the US will lose a lot of foreign investors. Lending is gonna get really tight, HSBC is getting out before they lose all that capital they have! Amex watches everything you do with their card, and they watch your reports like a hawk!

Contributor
Alcibiades
Posts: 114
Registered: ‎05-17-2011
0

sed on mRe: AMEX can go to .....&(*&#$&#$@)

Based on my reading, AMEX seems likely to close accounts, conduct strict Financial Review, etc

 

1) If you have a Amex charge card

2) If you keep an out of the ordinary balance on a seperate Amex revolving card

 

The only revolving AMEX that seems to be worth it is the SPG Amex and maybe the Delta ones. Otherwise, it seems better to stick with an Amex charge card and that's it. Get revolving lines from other creditors. With those cards, you can carry an occasional balance without fearing having all of your cards shut off for weeks

Valued Contributor
smc733
Posts: 1,262
Registered: ‎05-13-2010
0

Re: sed on mRe: AMEX can go to .....&(*&#$&#$@)

Exactly, that's what I intend to do with my Amex Zync.  I always PIF, so its great for that, plus the benefits.  If I really need to carry a balance, I have a low interest BankAmericard that is for places that don't take Amex, or if I think I might need to carry a balance.

 

Amex's CC interest rates are atrocious.  

Regular Contributor
networkguy
Posts: 217
Registered: ‎04-17-2007
0

Re: AMEX can go to .....&(*&#$&#$@)


drsmith wrote:

I've read on this forum and many others that AmEx hates when you carry a balance. It doesn't matter that they charge you interest on the balance it seems or how big it is. They seem to want all their cards treated like charge cards and PIF every month.


Sorry, thats not true for their credit cards. Theyre INTENDED to carry a balance. Otherwise they'd be CHARGE cards. To say Amex would take AA on you for carrying a balance on a card where a balance is intended to be carried would imply some sort of conspiracy and trickery on Amex's part to even offer a credit card.

Frequent Contributor
drsmith
Posts: 389
Registered: ‎11-27-2010
0

Re: AMEX can go to .....&(*&#$&#$@)

[ Edited ]

networkguy wrote:

drsmith wrote:

I've read on this forum and many others that AmEx hates when you carry a balance. It doesn't matter that they charge you interest on the balance it seems or how big it is. They seem to want all their cards treated like charge cards and PIF every month.


Sorry, thats not true for their credit cards. Theyre INTENDED to carry a balance. Otherwise they'd be CHARGE cards. To say Amex would take AA on you for carrying a balance on a card where a balance is intended to be carried would imply some sort of conspiracy and trickery on Amex's part to even offer a credit card.


Well like I said, I've read this in many different places. Amex is very conservative, and carrying a balance over from statement to statement suggests you're living above your means.

 


Starting Score: 703
Current Score: EQ 773 4/11/14
Goal Score: 800


Take the FICO Fitness Challenge
Frequent Contributor
TangMeister
Posts: 456
Registered: ‎07-09-2008
0

Re: AMEX can go to .....&(*&#$&#$@)

OP, sorry they closed your cards.  I wonder if the vet bill was somehow coded as a "medical" expense, without it showing as a vet bill, and that flagged your account?  I'm only thinking that because I know that paying a medical/hospital bill with an Amex has tripped up at least two others who've reported getting their limits slashed and/or cards closed after the charge hit. 

 

It seems Amex doesn't mind someone carrying a balance per se, but they want the balance to be paid off fairly quick (a few months), and large payments made toward it without additonal charges ratcheting the total balance back up.  Of course, that's very much a YMMV thing.  Some have reported doing the opposite and were fine. 

 

If you suddenly started revolving balances on other cards, that can trigger their scrutiny as well.  I've never seen any creditor monitor to the extent that Amex does.  They truly are hawkish. 

Valued Contributor
android01
Posts: 1,227
Registered: ‎09-22-2009
0

Re: AMEX can go to .....&(*&#$&#$@)


drsmith wrote:

networkguy wrote:

drsmith wrote:

I've read on this forum and many others that AmEx hates when you carry a balance. It doesn't matter that they charge you interest on the balance it seems or how big it is. They seem to want all their cards treated like charge cards and PIF every month.


Sorry, thats not true for their credit cards. Theyre INTENDED to carry a balance. Otherwise they'd be CHARGE cards. To say Amex would take AA on you for carrying a balance on a card where a balance is intended to be carried would imply some sort of conspiracy and trickery on Amex's part to even offer a credit card.


Well like I said, I've read this in many different places. Amex is very conservative, and carrying a balance over from statement to statement suggests you're living above your means.

 


I've read it too, but i think one needs to consider the source.  Most of the comments I've read come from credit building or credit repair forums, hardly an accurate slice of AMEX cardholders as a whole.  The fact that 14 of the 19 personal cards that Amex issues are credit cards, and the amount of interest they rake in from folks who carry a balance is likely substantial,  I find it hard to believe credit card users are somehow penalized for carrying a balance.    

EQ FICO - EQ08 - 850 -10/22/14
TU FICO - TU08 - 850 - 10/22/14
EX FICO - EX08 - 850 - 10/22/14
New Contributor
MrGoat
Posts: 158
Registered: ‎06-04-2011
0

Re: AMEX can go to .....&(*&#$&#$@)

[ Edited ]

I have seen more than one story about AMEX closing accounts/lowering limits that had too much activity at Walmart.

For instance... http://www.associatedcontent.com/article/1130855/dont_use_your_american_express_card.html

I use my at WM all the time....but I havent exactly had mine for a long time.

I hope they dont shut my AMEX down, but with 14 CC's between the wife and I Im not going to whine about it if they do.

EQ FICO 735 as of June 17, 2011
EX FAKO 767 as of April 3rd, 2012
Citibank($10,000@10.74%) Discover($5000) CapitolOne($4500)
USBank($3000) AMEX($2000) BOA($2000) NRAVISA($4000)
ChaseVisa($500)
Frequent Contributor
TangMeister
Posts: 456
Registered: ‎07-09-2008
0

Re: AMEX can go to .....&(*&#$&#$@)

 


android01 wrote:

drsmith wrote:

networkguy wrote:

drsmith wrote:

I've read on this forum and many others that AmEx hates when you carry a balance. It doesn't matter that they charge you interest on the balance it seems or how big it is. They seem to want all their cards treated like charge cards and PIF every month.


Sorry, thats not true for their credit cards. Theyre INTENDED to carry a balance. Otherwise they'd be CHARGE cards. To say Amex would take AA on you for carrying a balance on a card where a balance is intended to be carried would imply some sort of conspiracy and trickery on Amex's part to even offer a credit card.


Well like I said, I've read this in many different places. Amex is very conservative, and carrying a balance over from statement to statement suggests you're living above your means.

 


I've read it too, but i think one needs to consider the source.  Most of the comments I've read come from credit building or credit repair forums, hardly an accurate slice of AMEX cardholders as a whole.  The fact that 14 of the 19 personal cards that Amex issues are credit cards, and the amount of interest they rake in from folks who carry a balance is likely substantial,  I find it hard to believe credit card users are somehow penalized for carrying a balance.    


Amex's profit model is spend-centric.  They want people to charge A LOT, and that's where they are most interested in getting their profits.  They are not like normal banks, who rack up huge profits on late fees and finance charges.  That's not their bread and butter.  The avg Amex customer charges $12k per year on their card, per Amex's own annual report.  So yeah, they really don't want you carrying balances long term. 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}