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Amex mass closures for certain customers

SoCalGardener
Established Contributor

Amex mass closures for certain customers

Forbes has a very interesting article regarding Amex mass-closing certain customers' accounts. It attempts to explain or figure out what the commonalities are that make this happen, and it seems to boil down to people abusing--in Amex's eyes--certain SUBs. It also provides some information that may be new to you, as it was to me, like how Amex has a 'once per lifetime' rule (that isn't always followed) regarding SUBs. It's worth a read, especially if you're an Amex customer who's taken, or are thinking about taking, offers to 'expand your relationship' with Amex. I got one of those recently--and, luckily, didn't act on it!

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FinStar
Moderator

Re: Amex mass closures for certain customers

Just to clarify, the article appears to emphasize what's been recently making the rounds and reported via Reddit and other social media channels regarding these mass closures -- more or less "Most affected cardholders report signing up for a new Amex Business Platinum card through the same Amex representative who has been with American Express OPEN since 2011."  So, yes this is mostly tied to an AmEx insider who abused/circumvented the NLL rules in the small business sphere.

 

So, this isn't going to be an issue for *you* or any potential customer who has received or acted on a legitimate offer even with the NLL. Not sure if the AmEx employee is still employed with them but I would assume he's not.

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