Something has to be done to stop the unethical business practices of American Express. We have had our Gold Business Card since 2007. We have used this card as a small business to help with "cash flow" the way the card was "pitched" to us. We have been EXCELLENT cardholders. Paying the balances in FULL every month.
In October AMEX sent several invitations to sign up for the "extended payment option" as another useful tool for small business! Their exact wording is: "YOU'LL HAVE THE FINANCIAL FLEXIBILITY YOU NEED TO MEET UNEXPECTED BUSINESS CHALLENGES WHILE STILL RECEIVING ALL THE BENEFITS OF YOUR BUSINESS CARD". Being a small business in these tough economical times it seemed like an answered prayer or maybe a reward finally for being a good customer! During Novemeber and December we used the extended payment option while also continuing to pay the minimum amount due in full on time and sending extra towards the "flexible payment" total. Suddenly, in January AMEX decided to change their minds. No longer were we credit worthy for the extended payment option. There was absolutlely NOTHING different with our credit, or our spending, or our payments from 2 years ago never mind 60 days ago! After endless phone calls and being informed about EXPERIAN and the "debt/credit ratio" script that they read from, they now want the ENTIRE BALANCE of the EXTENDED PAYMENT in FULL and since we couldn't do that because we were told in black and white proof "this was flexible and extended", they stopped our ability to use the card!
Without any Warning, without doing anything wrong they put this small home contractor business to a complete hault. We explained over and over, why this is so wrong to do to excellent customers. What would our country do if all of a sudden the banks that hold our "balances" on our mortgages and cars, all of a sudden changed their rules, and they called you and said, thanks for all those years of ontime payments BUT we want your FULL BALANCE now or else, (take your car, lose your home, etc). This has to be illegal. I know they cover themselves with microscopic legal jargon about they reserve the right to change. Blah blah blah, but c'mon, this is ridiculous. I made it perfectly clear that without the ability to use the card as our cash flow tool in this line of business (especially without any warning) it would cause us to not be able to purchase the materials to finish the jobs, which means there would be no income to pay them at all. Wouldn't it be better for everyone if you could allow your Excellent customer to continue to use their card (keep in mind they make interest on the balance carried in the flexible/extended pay option too) so they can continue to get their materials to do the work, get paid, and pay our bill? I don't think you need to have a MBA in finance to figure that out! I think AMEX is trying to default accounts. Purposely trying to have more deliquent customers so they can get a bigger chunk of the stimulus bailout! There has to be some criminal minded reason for this kind of logic, but it's beyond our comprehension in our honest, hard working minds! Because of their unethical business practices we will not be paying our AMEX on time this month. It kills me because we worked so hard for good credit and they changed the rules and brought this on themselves. Honestly, it will only hurt us because it is my belief AMEX is trying to establish more deliquent accounts and they certainly don't care about all the people and businesses they destroy in their deranged process. I too am a woman, if that is one of their targeted accounts to harass and close. This has been embarassing for my husband being declined in public while trying to purchase job related materials. This has caused a financial hardship for our business and our family. I am open to any legal actions or anything that can be done to STOP this. It's a disgrace. Isn't there someway congress or President Obama can be made aware of this? Let's make AMEX feel the pressure like the stooges from AIG!
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