American Express Complaint - American Express Just Decreased My Credit Limit
HUNTINGTON BEACH, CALIFORNIA -- I have been a American Express customer for 4 years now and I have never been late or not paid my bill. I have a limit rather I had a limit of $5000 and I have been leaning on it the last 6 months for gas and other things since my work hasn't given out raises in three years due to the recession. I have a credit score of 736 and have no delinquent or derogatory items on it.
I have a total of $6700 in revolving credit and I am paying it down as fast as I can.
I just made a $1000 payment to my blue card last month and they reduced my limit to $3900 which leaves me with an available balance of $130. This is the third time they have reduced my limit from the $5000 I opened it with and I have had to threaten to close my account to get them to put it back to what it was when I opened it.
I was told by their customer service that after reviewing my credit I have too much debit and they reduced my limit because of that fact. I have never made any payments late on any of my Car loans, Personal Loans, or credit cards and don't have anything negative on my credit.
I am completely disgusted with American Express for this and I am going to open a new account with another credit card company and transfer my balance and close my account even if it adversely affects my credit. I am tired of American Express punishing their good customers for no reason at all except they decided that I am over my extended which I am not.
I just am paying it down slowly so I always have cash on hand for emergency's.
I see this as a trend for all of their customers over the last 5 months. I hope they lose a lot of customers because of this practice and I hope that our government doesn't give them a dime of bailout money. I am just disgusted by them and I will be closing my account ASAP.
They charge merchants the highest fees out of all credit card companies for transactions and treat their customers like crap. I am done with them and I hope that everyone else who has an account with them does the same as it will happen to you too. Good luck to all of you and I hope that you don’t have the same experience with American Express that I have been having.
They are just terrible. Shame on you American Express.