American Express Complaint - They Are Not Your Partner!
I have been a customer with AMEX for 5 years and have used the card very substantially to help run my business. Despite having NEVER been late on a payment (ANYWHERE), showing double digit growth for 5 straight years, and having a +PNL for 5 years, they shut off my account with 6 HOURS NOTICE. They shut us down the busiest week of the year and nearly brought our whole business to a standstill
They said after review of our account, there were too many inquiries and too much debt. Well duh, we use the AMEX card to run almost our whole business. So, yeah, if you check our DTI ratio just before we pay the AMEX card each month, then yeah, it looks like we had too much debt.
Not only did they shut us down, but they demanded payment in full immediately and started charging interest ($900/month) after only 30 days.
Amex says in their ads that they want to "Partner with you and your business". That is a bold faced lie as they have no interest in helping your business.
There are plenty of other trustworthy lenders and card companies out there, so my advice would be to never give AMEX the chance to weasel their way into your business.
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