American Express Complaint - Unfair Decrease In Credit
As a valued card member of American Express, I am very upset with the way they are treating their current paying customers. I have paid my bill every month on time, every time, and "due to economic times", they have just decreased my line of credit down to the current balance of my account. This now shows I am maxed out on a credit card and my other creditors will soon follow suit. After spending an hour on the phone with them, and being transferred 4 different times, I was told it was due to my available credit with other credit cards and "economic times."
I explained to the account representatives that I am not suffering financial difficulty and could not understand that just 4 months ago they increased my line by 25% only to lower it currently without any reason. Apparently since of my lines of credit, I only have 54.49% available to me, I am considered a high risk.
They stated numerous times that they could see I have paid nothing late on my credit nor had I paid them late, but explained to me that their company policy is anything below 30% availability is high risk. Is this the way they are treating all of their customers?