THEY GOT ME!!! (AMEX)

[MidnightVoice]

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@jmbfl wrote:

I hope AMEX has a plan for the future and a new source of business they haven't tapped. Right now they are doing their level best to alienate much of their exising cardholder base, many of who will never come back once free.

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I have a feeling that most of the ones they are upsetting (repeat - MOST - not all) are the newer CC holders that would not have been customers a few years ago.  In that sense they may well have a plan.  And don't forget, there are probably many thousands of happy Amex customers that are not posting on message boards!

[Uniqua]

You may very well have a point, Midnight; however, I know of people who have been long time good-standing customers of Amex who REFUSE to do business with them ever again. As a matter of fact, they have given me nothing but negative feedback on Amex. I've never app'd with them and don't think I ever will.

As far as new CC holders, doesn't matter if they would not have gotten the card a few years ago. What matters is today. My credit picture 5 years ago is nothing like my credit picture today. My relationship with any CCC should be based on how I handle my credit TODAY, not back then.

P.S., the same could be true for WaMu, CapOne, etc. Not every one is peeved with these companies and many who are happy are not posting on credit boards.

[Watchmann]

Balance transferring among different accounts without paying down the balance is destructive ..... but don't we all know that?  The way to play the game is slow down your new charge activity and pay down your balances.  If your utilization is low it won't make much difference if you are CLD'd.  Most of us have way too much credit available to us, and the credit extenders realize this is a time bomb and are reeling it in.  Can't blame them. "Turn out the lights, the party's over"

AMEX will go back to servicing the corporate travel industry, their bread and butter.  The foray into consumer credit did not work out in the end.  It is not their niche.  They will keep most long term individual cardholders, but newbies will, for the most part, be cut loose.  AMEX was a premium product, but sullied by overextending credit to almost anyone.  Just look at how many different cards they were offering, very narrow focussed cards in some examples.  The business is changing, and rapidly.  AMEX is probably ahead of the curve compared to the banks.  So if you think you are being abused by AMEX, just wait until the banks kick in.

[alicias]

Kino, AmEx is doing this to many people - even long time, on-time paying card holders.  There is another AmEx thread in this forum where others are telling their similar stories.

What bothers me about your post is that you don't seem to know what terms you agreed to when you requested this BT.  Everyone's BT offer is different and nobody here can answer your questions as well as an AmEx. Surely you have some paperwork or can call AmEx and confirm so you are not caught by surprise.    Make sure you have a lifetime BT rate and not just a 12 month introductory rate. 

There is no reason to close this account and then pay the remining balance off.  That will be a negative on your CR.  Don't make a single late payment, pay in full, request a CL increase and depending on the response then decide if they are worth your continued business or not.  Good luck!

[Anonymous]

Thanks, everyone.  I'll just pay it down as they balance chase me. 

[jmbfl]

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@MidnightVoice wrote:

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@jmbfl wrote:

I hope AMEX has a plan for the future and a new source of business they haven't tapped. Right now they are doing their level best to alienate much of their exising cardholder base, many of who will never come back once free.

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I have a feeling that most of the ones they are upsetting (repeat - MOST - not all) are the newer CC holders that would not have been customers a few years ago.  In that sense they may well have a plan.  And don't forget, there are probably many thousands of happy Amex customers that are not posting on message boards!

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You mean people like fused? 

[score_building]

@MidnightVoice wrote:

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I have a feeling that most of the ones they are upsetting (repeat - MOST - not all) are the newer CC holders that would not have been customers a few years ago.  In that sense they may well have a plan.  And don't forget, there are probably many thousands of happy Amex customers that are not posting on message boards!

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that would make sense out of nonsense, v. interesting.  of course there may be a few casualties along the way, but if they keep say around 70-80% of those they really want, that may just be good enough for them to press on hand over fist, as they prepare to sign on some more highly desirables  to replace the lost accounts (unless they're bagging this part of the business altogether).

 hmm.  let's see...i can just imagine the confidential  internal memo re:  lines "re-ubering our roster of card holders w/o losing our cache".

[Creditaddict]

just as long as you are not late, your 4.99 is fixed for life of balance.  amex will probably cut your cl every 3-6 months as long as there is a balance on the account, but whatever. if they didn't want people to carry a balance they shouldn't have offered a bt offer for life of balance!!

[notmyname]

This is part of the problem . THEY do care what happened seven years ago and it will impact you. Further, if

you convince them to give you their services in spite of your record; when and if something goes wrong they will use those old THINGS against you.

THEY being banks, and THINGS being all that stuff on your report that you want to forget.

You can live for today.........but they are looking behind you.

NMN

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@Uniqua wrote:
You may very well have a point, Midnight; however, I know of people who have been long time good-standing customers of Amex who REFUSE to do business with them ever again. As a matter of fact, they have given me nothing but negative feedback on Amex. I've never app'd with them and don't think I ever will.

As far as new CC holders, doesn't matter if they would not have gotten the card a few years ago. What matters is today. My credit picture 5 years ago is nothing like my credit picture today. My relationship with any CCC should be based on how I handle my credit TODAY, not back then.

P.S., the same could be true for WaMu, CapOne, etc. Not every one is peeved with these companies and many who are happy are not posting on credit boards.

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Message Edited by notmyname on 11-17-2008 05:24 PM

[score_building]

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@Uniqua wrote:

As far as new CC holders, doesn't matter if they would not have gotten the card a few years ago. What matters is today. My credit picture 5 years ago is nothing like my credit picture today. My relationship with any CCC should be based on how I handle my credit TODAY, not back then.

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unfortunately the statistical data that supports the fico scoring models predictive success doesn't support such wishful thinking.