moto-one

Ok guy/gals

My question to all is: Has your (if you have and use) American Express Corp account be down graded?

If so, are all accounts up to date (no late payments ect).
And do you know that if you have had your Corp account down graded, has it effected your credit rating.

I ask this because I was just notified by AMX that my Corporate and personnel accounts have been downrated. I have had both accounts since 1981, and over the years both have been used as safety nets when needed (revolving corporate account), and my normal AMX card (witch you pay as you go) has never been delinquent (meaning I have alway payed the full amount on time).
Over the past 2 months, twice when on business trips, when checking into a hotel, I have had my AMX card rejected. Upon calling AMX, I have been told that they think my balance is to high, or that " looking at the past three months you have not had your balance this high" (?), "maintenance but if you could make a good faith payment of 50% more then your current balance is, we'll open your account". In other words, they are asking for money up front on the account.

Now is it only me?

I have alway used my AMX card more like a cash card, paying for all fuel, maintenance (on the allroads), air travel, food at restaurants, and buying business supplies. There have been times were my balance was deep into 5 figures, but over the past few years I have slowed down my business (half retired), and I repeat, I have never been late or payed short on the account.

So is American Express Going out of Business, or now that they are a "Bank" are they after bail out funds (of witch we here in America will be paying for in Tax Increases over the coming years.

Kinda like my allegiance to my allroads, I have alway had an allegiance to AMX even if they were not excepted at the Olympics. But I'm loosing that love-in feeling with AMX.

To the moderators, I do believe that this has a direct relation to our allroads in that many (including my self) have relied on our AMX card for dealing with unexpected repair to our vehicles.

Mark.

SKIroad'r

because so many accounts were deliquent, they would go to the people that could pay...

Sounds to me like AMEX is facing a cash crunch and if they can't not live up to their end of the cardholder terms, I'd tell them to go paound sand.

My credit score is VERY high and I had a huge disagreement with them a long tme a ago. As a result, JP Morgan Chase gets all my credit card business.

silverfox3

enrollment to their card to just about everyone. They have been losing their butts over this move so they're now trying to reduce the number of cardholders. I would guess they're also trying to reduce risk other ways too so this may be a contrived way of doing just that where people become insulted and quit. I think they also were asking for a bailout too by the feds,

Audicted

Was an article on Good Morning America (ABC) bout 3 weeks ago. I Had same happen to a Corp Client.

ColoradoSpringsAR

Check out www.consumerist.com. There have been many posts on that topic.

paulroad

thanks for the warning.

jaxAR

because when your line is cut you are using more of your available credit in terms of percentage used.

There was a story on CNBC that Amex was giving $300 gift cards to certain cardholders if they paid off their accounts and closed them.

Amex has done this to me with both personal and business lines and nearly cause bankruptcy for my wife and me.

IL_Allroader

I have had those accounts since the mid 80', never carry a balance, never been late. etc.

allestraße

One corp, one personal. No sign of any issues yet, but thanks for raising this.

HR-ALL

...if you shop at places whose customers don't pay their bills on time or go bankrupt, you will be affected as well.
I guess AMEX looks at the figures and says, "Well, 50% of people shopping at store XYZ have not payed their accounts, therefore the odds are that others will default as well".

Herd mentality....

Haven't used AMEX for the last 2-3(?) years.