American Express Complaint - American Express for Small Business - Are they kidding?
Have been an Amex card holder since 1997, holding numerous cards, currently a platinum and a (recently closed) blue used for small business.
During this timen payments have always been on-time. Spending is over $30k per year for all cards including a ton of travel. Last year, the cards were constantly getting declined for various reasons (never late payment) as the credit lines were repeatedly dropped without notice. Worse, I would occasionally receive phone calls from Amex demanding payment in between billing cycles? Why? Because they would randomly reduce the limit and suddenly I would be over limit!
My credit scores (3 agencies) are all over 750. It really got bad when, after changing a bank account that was attached to my AMEX online account, I inadvertently made a payment form this closed bank account. I realized my error within a day and notified AMEX before they even realized it. Ever since then, my credit limit reductions have accelerated because of this "returned payment". This "returned payment" was made good and paid by phone the moment I realized it, prior to the due date, and before AMEX even realized it.
The cards are so inconsistent that they are virtually useless. I can no longer travel using them because you just don't know when they will work. If a problem does occur, the account service reps are horrible, reading from a script about "changes in policy".
I just can't figure out what AMEX is doing. The irony is that they are running a massive ad campaign about the importance of small business. It is just remarkable to me that this continues.
So long AMEX. I have a business VISA as well in which none of these problems have ever occurred.
If you are a small business owner and considering AMEX, buyer beware. Investigate beyond their marketing hype.