AMEX... well shoot 'em.

[fused]

here is my plan. starting next month I will be charging less than 95% of what I have been per month on my Plat card. So, instead of 8 to 9K a month in business travel related charges, they will be lucky if I charge $400 to $500 a month. Amex hasn't taken AA against me, I'm just sick of babysitting them.

[Anonymous]

*applause* 

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@fused wrote:
here is my plan. starting next month I will be charging less than 95% of what I have been per month on my Plat card. So, instead of 8 to 9K a month in business travel related charges, they will be lucky if I charge $400 to $500 a month. Amex hasn't taken AA against me, I'm just sick of babysitting them.

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[wmarat]

Are Citi, BOA, Chase and others better?

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@Anonymous wrote:

We at MyFico need to get together and start a petition to block any more of our tax dollars becoming a cash infusion for AMEX!!

And BOYCOTT!!!!

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[fused]

JMHO, but I really believe most of the large CC issuers are not far behind Amex. We might see a ton of AA by BoA, CITI, Chase and etc., but it can't last forever. Banks can't make money unless they extend credit and loan money. 

[Anonymous]

I agree, I am betting America will soon have half the available credit it had a year ago.

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@fused wrote:
JMHO, but I really believe most of the large CC issuers are not far behind Amex. We might see a ton of AA by BoA, CITI, Chase and etc., but it can't last forever. Banks can't make money unless they extend credit and loan money. 

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[scramblingin2007]

But is it actually worth it to keep the card, everyone is still paying an annual membership fee... so basically amex wins the game!

[GregB]

I cancelled my Amex cards that had a fee. On one they had reduced my line from $82K to $11K. I wasn't going to pay $250 a year for that. I do have to give them credit that they refunded me $229 of the $250 for the balance of the year. I also have to say I was impressed with the CSR being pleasant and professional. I wonder if my previous experiences with their CSRs had something to do with me being pissed off and them responding to that.

I have my Business Optima Card left with Amex - CL reduced from $28K to $3100. I'm using it at Costco and only doing that because Costco only takes Amex. So Amex has gone from getting $10K to $20K per month in business and about $2,000 per year in interest to getting $400-500 per month in business and zero interest.

So Amex has lost an estimate of 90-99% of their profit on me as a customer and it was all caused by their actions. My big regret is that I should have shorted their stock in addition to selling the small amount I owned.

[marty56]

No Christmas card from me.  That will really piss them off.

[Anonymous]

8+ year credit card holder of AMEX Blue. Never a late payment. 37K credit line. Interest rate went up from 10.99 to 13.99 for January statement.

Called the company. Was informed that this had nothing to do with my credit history but that all card members with fixed rates were getting rate increases and those with variable rates were getting lowered. When asked why, they told me, quote, "we needed to do this in order to offer our customers the global customer service and services that they come to expec from us." Huh? Who needs their so-called rewards offers in lieu of higher interest rates? Who needs to have someone book travel arrangements? Etc...Apparently, basc loyalty is a dirty word as is paying your bills on time...I threatened to close my account within 60 days and intend on doing so

.

Anyone have a credit card company that they're happy with that offers low fixed rates? Simmons Bank advertises the lowest at 7.25. Has anyone used them?

Oh and the real laugher...I have a 798 score from Experian that went up from 788 just last week...ranking in the top .4 % in th country for credit worthiness. Whatever goes around comes around Amex...just like Citi, you're time will come and you'll need your own travel booking agents to book flights out of town faster than you can blink.

[marty56]

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@Anonymous wrote:

I threatened to close my account within 60 days and intend on doing so

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Dont close the account.  Just charge $1 every other month and PIF.  If you need to revolve a balance, 13.99% isnt so bad compaired to what most other CCCs are doing.  Unless you get a new card from say a CU, IMHO those lower rates are just teaser rates.

My plan is to never revolve a balance again.  I always PIF my CCs and if I wanted to make a major purchase, I would look for 0% financing.  For an emergency, since I only have a very small emergency fund, I would revolve a balance but I would contact my CCC to let them know why and when I would PIF.

LOL these days, threatening to close an account isnt very effective since many CCCs are doing that for you.