Amex no longer a dream for you too??

[Bella1980]

After hearing all the hoopla about FR's and CLD's Amex has dropped into my I never need to have pile.

Has this happened to you as well. I mean I know that alot of banks are trying to make it through this "recession" and are giving CLD's but by far the worst and most numerous and random seem to be by Amex.

I have absolutely no desire to have this card anymore!

[Anonymous]

The so-called 'Best of Breed' is quickly turning into a mutt of a card. The only Amex I wanted was for Costco, but I've lost all desire for a card that I can't depend on. BTW, Bella, thanks for the HSBC card that just showed up in my email. Well, gotta go do some online shopping.

Message Edited by brisdad on 10-22-2008 06:20 AM

[thebostonredsox]

I agree about AMEX. They have a horrible reputation for treating their customers the way they do. If your bill is paid on time in accordance with the terms and agreement of your account, then there should be no need for CLD's and F/R's. They should only do this to customers that default, even if it is just a late payment.

I also wanted an AMEX card but refused to do business directly with AMEX, so I decided to get one through Bank of America. BOA takes care of it's customers and has the best reputation in the industry.

[laz98]

count me in.  i'll never get an amex.  if that's how they treat their customers, they can keep their cards! 

[MidnightVoice]

I got an Amex for specific reasons, and for the future, not for right now.  So it pays my utilities every month and gets piffed every month and earns a few rewards on the way!

Definitley keeping a low profile, but my zip code and mortgage holder are fine!

[Anonymous]

Everyone I know who carries an Amex has had great experiences with them.  That's why I recently applied for mine.  I havent heard any FR or CLD stories from them yet, but my zip code is doing ok with the whole foreclosure hoopla.

[score_building]

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@Anonymous wrote:
Everyone I know who carries an Amex has had great experiences with them.  That's why I recently applied for mine.  I havent heard any FR or CLD stories from them yet, but my zip code is doing ok with the whole foreclosure hoopla.

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it is v. good to hear that you and your friends have remained unscathed so far, and you'll hopefully continue to have great experiences with amex.  i don't doubt that what you say is true.  i too like my amexes and use one for credit secure and the other for my monthly gym membership and pif but i apped them for the long haul, not for crunch time.

the fact is that many thousands of their good customers who have very good payment histories have been affected by AA to a degree unmatched by other issuers who are also in the clutches of a credit crunch.  it is most interesting to note how quickly amex can sacrifice it's heretofor sterling rep for customer relations when times get tight versus other issuers also experiencing monetary difficulties.  i am not saying that they shouldn't cld etc.  the problem is in the indelicate way they handle it, much like their surprise F/R's it could simply be handled with more respect for customers who provide them with mind boggling profits throughout the years.

[elsijfdl]

I posted here about a good experience I had today with AmEx: http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=123103

It is not great that they had made some unsound lending decisions which are now being remedied to some extent at their customers' expense (through CLDs) however I still have had nothing but very positive experiences with them, and once the economy stabilizes I think we can expect solid future service from them, recent CLDs notwithstanding.

Also, while FRs are certainly a pain, if you were upfront about your finances to begin with, nothing should change. If not, it's actually the more responsible thing of AmEx to find out. A lot of the problems we are dealing with today are because of undocumented and low-documented mortgages.

[TangMeister]

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@score_building wrote:

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@Anonymous wrote:
Everyone I know who carries an Amex has had great experiences with them.  That's why I recently applied for mine.  I havent heard any FR or CLD stories from them yet, but my zip code is doing ok with the whole foreclosure hoopla.

---

it is v. good to hear that you and your friends have remained unscathed so far, and you'll hopefully continue to have great experiences with amex.  i don't doubt that what you say is true.  i too like my amexes and use one for credit secure and the other for my monthly gym membership and pif but i apped them for the long haul, not for crunch time.

the fact is that many thousands of their good customers who have very good payment histories have been affected by AA to a degree unmatched by other issuers who are also in the clutches of a credit crunch.  it is most interesting to note how quickly amex can sacrifice it's heretofor sterling rep for customer relations when times get tight versus other issuers also experiencing monetary difficulties.  i am not saying that they shouldn't cld etc.  the problem is in the indelicate way they handle it, much like their surprise F/R's it could simply be handled with more respect for customers who provide them with mind boggling profits throughout the years.

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Best post on this matter so far.  The only rational explanation for their irrational behavior in alienating their customers is, they must be in serious financial trouble.  Why else would you create a PR nightmare for yourself, then escalate it?

Either their access to lending has been slashed considerably, as some have inferred, or they're suffering far worse than they're revealing.  Either way, the truth will emerge in a year or so, and we'll look back and know exactly why Amex took these steps. Personally, with such drastic steps, I don't see this having a happy ending for them.