Amex shutting down accts en mass...

[Anonymous]

Credit card terms and conditions are long enough. If you don't have the common sense to know that a referral is not to be used for yourself, you have a much bigger problem than AMEX. I mean seriously, how hard is it to find someone online and refer each other? The only reason why that didn't happen is because people wanted to double dip and keep the referral fee. They got what they deserved and AMEX shouldn't have to go out of their way to make it clear that gaming the system won't be tolerated. That's like blaming Tide for idiots people eating Tide pods because there wasn't a large enough warning telling people not to eat them. We need less nannying in adult society, not more. 

[RickNATL]

POT is Pay Over Time, a benefit offered to Amex Charge cards. POT allows you to pay, a charge that is typically due in full, over time like a revolver card.

[K-in-Boston]

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@GApeachy wrote:

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@K-in-Boston wrote:

  Repeatedly turning off POT and adding it back for a bonus is an obvious abuse of the system. 

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(((cringe))) What is POT? What is it for please?  New acct. holder and don't want to make any mistakes. Can't quite follow this thread without understand the "POT" feature.

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Others have answered what Pay Over Time is, but just to alleviate your concerns, using it as intended is fine although the APR is often quite high for most people (some of us that have had our cards for ages have APRs in the mid-teens, but most I've seen here are into the 20s).  Where people are getting into trouble with it is getting a bonus for adding the feature to their account, having it removed, adding it back for another bonus, having it removed, adding it back for yet another bonus, etc.

[Anonymous]

Using "common sense" was never enough nowadays, unfortunately.

It would be nice if everyone use common sense and stick to the Golden rule, but, lol, reality is pretty harsh.

[Anonymous]

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@Anonymous wrote:
Using "common sense" was never enough nowadays, unfortunately.

It would be nice if everyone use common sense and stick to the Golden rule, but, lol, reality is pretty harsh.

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Then that's their problem. I fail to see how this becomes AMEX's responsibility. Life is full of hard lessons, guess these people will have to take their licks and move on. 

We aren't talking about the oblivious public here, we are talking about people who willingly engaged in gaming the system. AMEX isn't going around and cutting profitable customers who slipped up, they're going after the ones who have pushed it. Personally I would rather more companies be reactive like AMEX than proactive like US Bank with the AR and gift cards where someone who wasn't even trying to abuse the card could have it shut down. 

[CreditCuriosity]

[Anonymous]

Here is how I look at it, in a different way of presentation.

If amex's rule is clearer, if they implement it better.

There would not have been self referral. There would not have been repeated-pot.

Then they don't need to spend as much on RAT, they don't need to generate worries among card holder (rightly or wrongly). They don't need to deal with potential unwelcome limelight.

It's not that I don't think they have the right to remove abusers, I just don't think this whole approach of allowing now, catching later is working in amex's favor.

[Remedios]

This thread is exhausting

[CreditCuriosity]

Yes this thread is about done as my pics eludes it is turning into a round robbin

[PutThatMoneyOnTheTable]

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@CreditCuriosity wrote:

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beating a dead horse.........for $100 please.