American Express Complaint - Not Just Harassment, Let's Take Some Action!
CALIFORNIA -- Like everyone here, I experienced intensive harassment recently. I have good credit rating, never pay any payment late, and always pay in full.
I have been a member of Costco about 10 years, and a member of American Express for several years. Back to Oct. 2008, I was told by American Express my credit line has been dropped to $1,900 from $15,000. It is understandable that the company tried to reduce the risk of bad debt under current economic crisis. While all of the sudden, I received the letter on 1/27/2009 stated my American Express account has been canceled due to the same reasons (No-Good- Reason: too many accounts with balances, too many inquiries last 12 month, etc) as they dropped my credit line!
As lots of Costco members knew, the Cash Back reward to use at Costco should be redeemed in Feb. 2009, less than one month over 12 months, we will get our money! And all of money was we earned through our purchase in the past 12 months! But this would not happen, since our American Express Account has been canceled! For my case, I have at least $150 Cash back reward in my account as of end of 2008. I saw anther member has $250 cash back reward, and would not get it any more, since her/his account is canceled recently!
There is no doubt that what American Express’s doing is absolutely NO ETHICS at all! My concern is, in this way, American Express could SAVE TENS OF MILLIONS ($100/person * 100,000 national wide cardholders) just by canceling our accounts, and not redeeming our Cash Back Reward in Feb. 2009! Are they legal? Should we seek some kind of legal action as a class against American Express to fight for our rights?!