Update to my reporting on how bad American Express's "Working Capital Terms" program is:
In the midst of this coronavirus crisis, with all the help the Federal Reserve has been giving them, American Express has dropped my credit available through the WCT program to..... ZERO.
So much for the stupid voodoo economics which preaches that helping banks helps small businesses.
@werthere wrote:
@SouthJamaica wrote:Update to my reporting on how bad American Express's "Working Capital Terms" program is:
In the midst of this coronavirus crisis, with all the help the Federal Reserve has been giving them, American Express has dropped my credit available through the WCT program to..... ZERO.
So much for the stupid voodoo economics which preaches that helping banks helps small businesses.
I don't know bud, I just logged in and I'm still seeing the same amount "able to borrow" at the same monthly fee as it was when I looked at this couple of months ago.
Well no doubt your stats are better than mine at the moment. My scores are a little on the weak side due to higher than usual utilization, but my payment history is perfect.
If the Fed gave all these trillions of dollars in gift horses to the financial giants, wasn't some ot that supposed to "trickle down" to prop up small businesses who are struggling?
I've used this program since its inception, always had $30,000 to $35,000 available, and always repaid each item ahead of schedule. Since October I haven't asked them for a nickel. Wouldn't you think some of that would count for something? They couldn't throw $5,000 in there for a good customer at a critical time like this when the rug's been pulled out from under people?
I'm sorry but this leaves a really bad taste in my mouth.
@werthere wrote:
@SouthJamaica wrote:
@werthere wrote:
@SouthJamaica wrote:Update to my reporting on how bad American Express's "Working Capital Terms" program is:
In the midst of this coronavirus crisis, with all the help the Federal Reserve has been giving them, American Express has dropped my credit available through the WCT program to..... ZERO.
So much for the stupid voodoo economics which preaches that helping banks helps small businesses.
I don't know bud, I just logged in and I'm still seeing the same amount "able to borrow" at the same monthly fee as it was when I looked at this couple of months ago.
Well no doubt your stats are better than mine at the moment. My scores are a little on the weak side due to higher than usual utilization, but my payment history is perfect.
If the Fed gave all these trillions of dollars in gift horses to the financial giants, wasn't some ot that supposed to "trickle down" to prop up small businesses who are struggling?
I've used this program since its inception, always had $30,000 to $35,000 available, and always repaid each item ahead of schedule. Since October I haven't asked them for a nickel. Wouldn't you think some of that would count for something? They couldn't throw $5,000 in there for a good customer at a critical time like this when the rug's been pulled out from under people?
I'm sorry but this leaves a really bad taste in my mouth.
Are you in a hard hit industry? I have a feeling they may be mitigating risks right now based on SIC or NAICS codes more than anything else.
Of course I am, but weren't the trillions of dollars funneled by the Fed to the banks supposed to encourage them to help those industries? What a scam. Those trillions should have been made directly available to the businesses, not to banks.
Hey I came on here seeing if anyone had more insight into Amex working Capital Terms going to ZERO for them too.
Mine went to zero at about the same time as for you and has been at zero ever since. I have called numerous times and never gotten any good info. My case was even "escalated" for manual review by the credit department since profile looked impeccable all around. Excellent credit and perfect history with Amex. Still nothing changed.
Are you still at zero? So strange and frustrating. I really liked this tool.
Frankly, I'd like to stick it to Amex and not use their stuff and tell them that I'm boycotting their cards til something is done about this but that makes things even more inconvenient. Between my 3 Amex business cards I have well over $120k in credit available and, unlike with Capital One Spark, they don't report to my personal credit. (I PIF evey month but that still means I have high balancces that report to my CR. So obnoxious that Capital One does that for Spark. But that's neither here nor there. And then Chase Ink, I have 2 of them, don't provide enough credit line to avoid using amex comffortably. So I am stuck.
Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
@SouthJamaica wrote:Of course I am, but weren't the trillions of dollars funneled by the Fed to the banks supposed to encourage them to help those industries? What a scam. Those trillions should have been made directly available to the businesses, not to banks.
Billions not trillions for small business, but the money is for specific uses and the money has been made available directly to the businesses. Amex Working Capital Terms is a short-term loan between you and Amex, it is not part of a government-sponsored and backed direct business lending program. American Express does not participate as a lender for those loans, and those loans were introduced after this thread began.
@K-in-Boston wrote:
@SouthJamaica wrote:Of course I am, but weren't the trillions of dollars funneled by the Fed to the banks supposed to encourage them to help those industries? What a scam. Those trillions should have been made directly available to the businesses, not to banks.
Billions not trillions for small business, but the money is for specific uses and the money has been made available directly to the businesses. Amex Working Capital Terms is a short-term loan between you and Amex, it is not part of a government-sponsored and backed direct business lending program. American Express does not participate as a lender for those loans, and those loans were introduced after this thread began.
You're talking about the laws authorizing SBA loans -- PPA and EIDL.
I'm talking about something completely different. The action the Fed took on its own at the start of the lockdown to restore liquidity in the financial markets. At the outset of the lockdown the Fed injected two giant infusions totalling around $3 trillion directly into the financial system. https://www.reuters.com/article/us-health-coronavirus-federalreserve-mar/federal-reserves-3-trillion...
Banks should have been making that money available to customers. Instead they tightened their lending standards.
@ztnjpv wrote:Hey I came on here seeing if anyone had more insight into Amex working Capital Terms going to ZERO for them too.
Mine went to zero at about the same time as for you and has been at zero ever since. I have called numerous times and never gotten any good info. My case was even "escalated" for manual review by the credit department since profile looked impeccable all around. Excellent credit and perfect history with Amex. Still nothing changed.
Are you still at zero? So strange and frustrating. I really liked this tool.
Frankly, I'd like to stick it to Amex and not use their stuff and tell them that I'm boycotting their cards til something is done about this but that makes things even more inconvenient. Between my 3 Amex business cards I have well over $120k in credit available and, unlike with Capital One Spark, they don't report to my personal credit. (I PIF evey month but that still means I have high balancces that report to my CR. So obnoxious that Capital One does that for Spark. But that's neither here nor there. And then Chase Ink, I have 2 of them, don't provide enough credit line to avoid using amex comffortably. So I am stuck.
Yeah, I'm still at zero.