A couple of weeks ago, AMEX slashed my AMEX-Costco credit limit from $24,000 to $8,000. They notified me of this via a robo-call on my home phone number commanding me in this steely male voice to call their toll free number by midnight of that day "about an URGENT BUSINESS MATTER." In a panic, I checked the last date of my payment, which had been made only a few days before. When I called, the customer service rep sheepishly admitted I had never made a single late payment, and could not tell me why my credit limit has been suddenly lowered. He urged me to call a different toll free number and ask that my limit be restored.instead I told him that that very night I was going to use online banking to pay off the outstanding balance, and then for the rest of my live continue to use my AMEX card to charge stuff, get the 1% rebate (or more, when I buy stuff at Costco) and pay off the balance immediately. AMEX will never make another dime on me.
The next day I went online and ordered a free credit report from Experian which revealed that my identity had not been hacked, there was a $0 balance on all my credit cards except my AMEX card, and that the number of late payments on ALL present and past credit cards was in fact zero.
I've since learned that it's not personal—AMEX is jerking around millions of customers. Check out this HuffPost link:
Http://www.creditmattersblog.com/02/american-express-wants-to-help-you.html
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