Has your American Express account been down rated?

[Moto One]

Ok guy/gals

My question to all is: Has your (if you have and use) American Express Corp account be down graded?

If so, are all accounts up to date (no late payments ect).
And do you know that if you have had your Corp account down graded, has it effected your credit rating. (because it has on mine to my surprise)

I ask this because I was just notified by AMX that my Corporate and personnel accounts have been downrated. I have had both accounts since 1981, and over the years both have been used as safety nets when needed (revolving corporate account), and my normal AMX card (witch you pay as you go) has never been delinquent (meaning I have alway payed the full amount on time).
Over the past 2 months, twice when on business trips, when checking into a hotel, I have had my AMX card rejected. Upon calling AMX, I have been told that they think my balance is to high, or that " looking at the past three months you have not had your balance this high" (?), "maintenance but if you could make a good faith payment of 50% more then your current balance is, we'll open your account". In other words, they are asking for money up front on the account.

Now is it only me?

I have alway used my AMX card more like a cash card, paying for all fuel, maintenance (on my business car), air travel, food at restaurants, and buying business supplies. There have been times were my balance was deep into 5 figures, but over the past few years I have slowed down my business (half retired), and I repeat, I have never been late or payed short on the account.

So is American Express Going out of Business, or now that they are a "Bank" are they after bail out funds (of witch we here in America will be paying for in Tax Increases over the coming years.

Kinda like my allegiance to automotive brands, I have alway had an allegiance to AMX even if they were not excepted at the Olympics. But I'm loosing that love-in feeling with AMX.



Mark.

[joe g]

Have read about this in our Htfd Courant paper-- seems its happening to lots of people. AMX is also in trouble
joeg

[onefastmustang]

Annoying isn't it.. I have a rather high credit limit with them and they lowered me by about 10%. Which is ok.. I don't run out and spend that kind of money anyway. But I have never been late, my credit score is high and yet they do this. Its called CYA.

[767Jockey]

Citibank did this to me. Good payment history, paid my cards in full, my reward after 24 years with them was for them to cut the limit on both my cards from $18,000 to $1,200 each - without even the courtesy of a phone call. Citibank can jam their cards......

[Got the Bug]

I heard on the news that American Express was paying some customers $350 to close their accounts.

[joyridin']

AMEX did raise all their late fees again. By the time we file our expenses and the company pays the bill, it usually goes past their new deadline of 45 days. Many of us have started using our personal cards. Less hassle.

[427 S/O]

Chase tried to raise my interest rate from 5.2% to 9.25% for no reason, I've done all the right things and then some. Instead of tossing the 3-4 pre approved CC I receive monthly, I requested the same interest rate I had with chase. BOA won.

[Ron61]

I have never had an American Express Card. The company tried many years ago to get the employees to get one and use that so they didn't have to issue cash vouchers for when we traveled and about 90% of refused to get one. The people that did had nothing but one mess after another and many places that I travel to would not accept them. On top of that the company would screw around about reimbursing the few that did use them so long they would have to pay late fees and the company refused to pay those. So in a short time all of them cut the cards up and went back to making the company pay us in cash in advance for our travel..

Ron

[4RE KLR]

AMX is over rated.

They could care less about their long time customers.

They charge the merchants MUCH more fees than Visa or MC does just for the merchant to accept their cards.

They have piss poor customer service, and as far as I am concerned always have.

They change the due dates and send their customers notices in 2 font so they can't read it with a frigging microscope. Then they charge them the late fees.

They lower the customers credit limit on those types of cards AFTER the account is charged up and the customers have used it and carry a balance (one some cards you can carry a balance). Then they charge them an over limit fee.

They raise your interest rate and if you don't like it you can leave. This will lower your credit score for moving a balance from one CC to another.

They are paying some customers to move the account because it is cheaper than the collection expense.

They have agreed to forgive some balances in workout situations for some customers to """show good faith""". Then they send them a 1099 for the forgiven balance.

As far as I am concerned AMX is the bottom feeders of the industry. I don't mind if my friends have the cards at all. I just know there are better companies out their that provide a better service for less hassle. As long as I have been in business for myself I have NEVER and will NEVER accept an American Express card for any sale. It is too expensive and it is not worth the hassle of trying to get my money from them.

[twobjshelbys]

I've had an American Express card since 1977, Gold Card for 20 of those years. My company tries to get me to take one of the company cards (also Amex) but I refuse since our expense cycle always makes us late. Since I have to do out of pocket anyway I get the bonus points on my card.

I've put almost 80000 in charges over the past two years with Mustang(s) and Cobra purchases. (Yes, you can buy a car on Amex, I bought a Mercedes about 10 years ago too. This time I just used it for incidentals and the two superchargers.)

Now they want me to take a Platinum card but I don't get anything more from it than my Gold card.

[SP01715]

The only reason I keep my Amex card is because I have about 700,000 airline miles. I used to run business expenses through the card, now I just need to use the miles somehow.

BTW, I had Capital One cancel my card because I had never used it. I called to find out why, and they said they were getting rid of accounts.

[joe g]

My wife has gold amx card her credit score is 830 nd they tried to lower her limits so she cancelled the card, now there calling to try and get her back. she also paid full balance on time ALWAYS. Now she uses Marriott card and we travel free.
joeg

[Wayne Maybury]

I cancelled my AMX gold card 20 years ago because they kept raising the annual fee. I use MC for personal use and Visa for business. I also have another MC with a very small limit that I use when buying anything on the internet.

Wayne

[Moto One]

It's interesting, the comments here (Cobra Board) are almost the same as other boards I have posted this on. (and only two of them are auto related).

Mark.

[Jamo]

Originally Posted by twobjshelbys

I've had an American Express card since 1977, Gold Card for 20 of those years. My company tries to get me to take one of the company cards (also Amex) but I refuse since our expense cycle always makes us late. Since I have to do out of pocket anyway I get the bonus points on my card.

I've put almost 80000 in charges over the past two years with Mustang(s) and Cobra purchases. (Yes, you can buy a car on Amex, I bought a Mercedes about 10 years ago too. This time I just used it for incidentals and the two superchargers.)

Now they want me to take a Platinum card but I don't get anything more from it than my Gold card.

Sure you do! Higher membership fees and more freeking glossy colored travel brochures.

Been with AmX for 30 years...now a Plat. Azzhole for some stupid reason. We also have their corporate card for the firm. I like the fact that you pay it off every month (I rarely use the installment feature)...helps keep one from building up debt. I use their travel services heavily, and I've always been impressed with their service (everyone has different experiences)...I've had replacement cards delivered overnight when some front desk jockey zips my heavily used card too harshly in the reader and tears it apart...once to my hotel by currier in London. I use Diners for the same reason for travel.

They are not credit cards...they are charge cards (credit accounts are an available benefit).

If all cards were biased towards requiring full payoffs each month, consumer credit wouldn't be so screwed up in this country. JMHO

[Moto One]

Originally Posted by Jamo

Sure you do! Higher membership fees and more freeking glossy colored travel brochures.

Been with AmX for 30 years...now a Plat. Azzhole for some stupid reason. We also have their corporate card for the firm. I like the fact that you pay it off every month (I rarely use the installment feature)...helps keep one from building up debt. I use their travel services heavily, and I've always been impressed with their service (everyone has different experiences)...I've had replacement cards delivered overnight when some front desk jockey zips my heavily used card too harshly in the reader and tears it apart...once to my hotel by currier in London. I use Diners for the same reason for travel.

They are not credit cards...they are charge cards (credit accounts are an available benefit).

If all cards were biased towards requiring full payoffs each month, consumer credit wouldn't be so screwed up in this country. JMHO

JMHO, that is the reason that I have always had/and use an AMEX card, and in the past (charge and pay for it) I to have had great service in emergencies from them. Things like loss of luggage, car rental insurance back up, and other little thing. But all that seems to have changed. AMEX now seems to have become a" Smoke and Mirror" brand. At least that's now my take.

Mark.

[twobjshelbys]

Originally Posted by Jamo

Sure you do! Higher membership fees and more freeking glossy colored travel brochures.

Been with AmX for 30 years...now a Plat. Azzhole for some stupid reason. We also have their corporate card for the firm. I like the fact that you pay it off every month (I rarely use the installment feature)...helps keep one from building up debt. I use their travel services heavily, and I've always been impressed with their service (everyone has different experiences)...I've had replacement cards delivered overnight when some front desk jockey zips my heavily used card too harshly in the reader and tears it apart...once to my hotel by currier in London. I use Diners for the same reason for travel.

They are not credit cards...they are charge cards (credit accounts are an available benefit).

If all cards were biased towards requiring full payoffs each month, consumer credit wouldn't be so screwed up in this country. JMHO

I have two cards: AmEx and my credit union VISA. I pay both off every month. I have never used the "convert to installment" feature of AmEx. The credit union probably hates me. They raised the interest rate from 7% to whopping 8.5% but it won't matter to me.

I've always had good luck with AmEx too. With the Gold rewards card I get a second card for my wife and she uses it for airline and rentals (and occasional other things). She had an incident with her rental car and AmEx took care of everything - even changing them to the contact to work out details with the rental company. They even got the "loss of service" surcharge removed. My card takes a beating in my wallet and loses its mag stripe (although the new reflective ones have lasted) and I call them when anyone has trouble swiping it and they always send me a new card the next day.