American Express Complaint - Reduction in Credit Limit
SAVANNAH, GEORGIA -- I've been a member since 2001. Just got off the phone with an Amex representative, who told me that due to new policy my $38k credit limit on my personal Platinum Delta Skymiles Account ($135 per year annual fee) and my $4k credit limit on my business Platinum Delta Skymiles Account ($135 per year annual fee) had been lowered to $9100 and $1800. No notice was sent, nor email. They said due to new account policy and past account activity, they had been dropped. I have paid my bill in full each month ($88k last year in charges) with the exception of one month in July when my car got broken into and had to change checking accounts numbers. I called the day it was due and the payement was taken over the phone. They called me a week later and said the representative had made a mistake and the payment did not go through. They took another payment by phone and credit me back the late fee and finance charges that had shown up on my next bill. They are using this "late" payment as a reason for lowering my credit limit. American expresses trend to treat their customers with disrespect and distrust regardless of their track history of being good clients is just bad business.
We are all in a time where the economy is tight, however, punishing persons with good credit and good payment history might be the downfall to American Express. I personally will be cancelling both cards unless something is done to correct this problem. I'm assuming nothing will because of the "NEW POLICY".
Oh yeah...just realized something very funny. My home depot credit card limit is now higher than my American Express. Strange world we live in.