Story Comments

Well, AMEX recently raised my APR. This has no practical effect on me because my wife and I don't carry balances on our credit cards, so the only interest we are paying at present is on our mortgage. But still I am peeved at AMEX: my FICO scores are consistently near or above 800, I've been an AMEX customer since 1982, and I have never defaulted on any financial obligations. If AMEX is raising my APR they must be raising rates on just about everybody.

Amex has told me in no uncertain terms they do NOT want my business. They dropped one Blue account from $29,500 to $500! They cut off my Gold's pay later feature, and my credit score has gone up since I opened them! Apparently they want me to give Discover a try.

Citibank canceled one of my VISA accounts. I have not used the card for over two years and have a zero balance since 2006. Never late and never had a problem with them. $12K credit limit.

I also just purchased a new home (August 2008) and perhaps they thought the temptation was too much. No problems with any credit or loans so I'm not sure the exact reason.

Oh well.

Hi:

I am also feeling the cruch too. I am also an AMEX card holder of 2 of their credit cards. I was able to transfer the balance from one to a 0% interest for 12 months and then the other card the limit was drasticly decreased by a HUGE amount and I think the Lord that I did not charge it my limit up as this will ruinj our FICO scores. I am a pay on time and lengthy card holder of about 3 years and never had any issues with these cards and now have cancelled one of the cards and will be paying off the other one the end of this year and will not be using credit cards for a LONG time. This is truly a reality check for me and my husband and we are now not using any credit cards and planning to pay them off by the end of 2009. I feel that the credit card compaines are trying to suck dry the homest paying persons to make up for people who are not paying on time, etc. and this is truly unfair and they will lose out on long time customers for doing this too. Thanks Karen

SmartMoney: kelligrant

I'm Kelli Grant, SmartMoney's senior consumer reporter. I'm thrilled to see so many readers sharing their experiences here. Your comments are great, but I'd love it if you also e-mailed me about them at kgrant@smartmoney.com. I'm still researching consumers' experiences regarding credit line cuts, and would appreciate the opportunity to ask you more questions about your situation.

Kelli B. Grant
Senior Consumer Reporter
SmartMoney.com
kgrant@smartmoney.com

I looked at this article again and disagree somewhat about issuers getting tough. If that were the case then why am I getting more offers daily (from various card companies) while AMEX lowers my limits. All these credit card issuers accessing my credit reports lowers my FICO score enough already.

I not only had 2 AMEX accounts, but was also marketing their products as an affiliate. No more, after they cut my credit limits on each card I paid them off and am in the process of promptly cancelling them both. I told the affiliate marketing director their cardholder 'priveledges' are useless to consumers as well as small business owners and don't be surprised at the consumer backlash heading their way.
Afterwards I received many calls from them trying to get me to sign up for a small business card. I still have some of Dave Ramsey's material for credit card offers and send one in each solicitation I receive (about 3 per week).
AMEX is TRASH

AMEX STOLE 193,000 FROM ME (CLD). 3 CARDS.

MEMBERSHIP HAS ITS REWARDS

CLD/FR. GOT YOUR 4506-T READY?

AMEX IS SUB-PRIME. FR/CLD/TOTAL ACCOUNT CLOSURE

I LOST 91% OF MY LIMITS.

NEVER LATE. ALWAYS PIF.

BEST OF BREED?

AMEX removed 90% of my available credit line some so ssmall as $100.00.
I cannot pay over time. All charges are due in full.
Many other perqs they removed.

I've always paid my bill on time. I've been a member since 1988.
I now LEAVE HOME WITHOUT IT ! ! !