American Express Complaint - AMEX Setting Credit Limits - Alienating Customers
I am a 12 year customer of the gold card. I have a perfect payment history and have never had a problem…. until this year. AMEX has started a new policy of averaging your usage for the last 3 months, evaluating your credit score on a monthly basis (a score by the way you cannot obtain without a fee), and then setting limits on your spending. This is whether you have a perfect payment history or not. By doing this, they limit their exposure to risk in the declining economy (in their opinion), however they also alienate perfectly good customers that have been only sporadically using the card and may have recently incurred more debt (like a new car or new house).
This is a ridiculous policy and the idiot that came up with it should be fired. Not to mention, I hope someone in the Govt realizes the unfair practice of using a score to decline credit, a score which the consumer has to pay to see. I have seen my “no limits” spending feature dropped from “unlimited” to $21K, to $8K. This is because when they pissed me off the first time by changing from “no-limit” to a $21K limit, I stopped using the card for business travel. Then, as I did use it sporadically, they lowered the limit again because my “average” usage was low. How stupid is that?
My recommendation, pass the word along and have everyone you speak to complain. Call them and complain, write them and complain, email them and complain…and…stop using the card! If their usage drops and their complaints rise….someone in AMEX Corporate will get wind of it and hopefully fire the idiot that started the new policy.