Amex Slashed Credit Limits

netwalk

An update!

I have finally received notifications of the credit reductions in today's post and called the number quoted (01273 576393). They were absolutely no help quoting that the new limit is based on "payment history & past spending pattern". The operator stated I had an excellent payment history and agreed that my spending pattern regularly put me with a balance of over £3000 on my Platinum card but there was no scope to raise my limit from £1800 (reduced from £9000).

When I suggested that could they transfer my new limits on my Gold and Blue cards onto my Platinum card and cancel my Gold/Blue cards he stated "this is against American Express policy". So they are willing to lend me £3,700 across 3 cards but not £3,700 on one card! This is rediculous.

I then called the UK number (01273 576112) to complain only to be told exactly the same and that I was free to write and complain but no one in American Express would give me any other answer.

I was told though that if I use my card wisely and keep my excellent payment history they may review my accounts in 12 months and perhaps raise my limit. Well, I doubt Amex will have my business in 12 days, let alone 12 months, following this disgusting treatment of a long standing customer.

To top it all, I've had to make an immediate switch payment to bring my Amex Platinum card back under the credit limit just so I can use it.

On the plus side, letter received from Bank of Scotland on the same day advising of a credit limit increase from £12,000 to £14,800. Perverse.

AMILLIONDOLLARS

Absolute madness!!!!:mad: :mad:

billion25

I've had AMEX move limits between cards before...they said it was standard practice to do so. Push them on this...I'm sure they can do it.

eagle

Bisoy wrote:

Having read this thread a couple of days ago I become a bit paranoid that I keep on checking my Amex account regularly and so far it has not been changed. If it happenns to me I have no hesitation on closing my account.

I have already been contemplating of closing this account having reduced their cash backs offers this October but I was planning to wait till my anniversary.

I'll keep a close eye on it.;)

Indeed. Same situation here. I'm standing by. I have about 7k open between three cards and I've not got anywhere near past 2k before. I will be closing two of those cards this week anyway. If my limit(s) is/are dropped, I will either cancel or try and get a Platinum Charge Card at a reduced rate.

Miss_Penny_Pincher_2

This is disgusting when pay back in full each month! I just checked my Amex limit and it's £2,500. I can't remember what it was before though - I think it was £4,800.

GunJack

Mine has not been dropped - was anxious as I was waiting till statement date to do LOBT to the card. Thankfully I've been spared this grotty treatment and I'm still 98% happy with Amex.

Firsttimebuyer_4

My AMEX card was slashed from 5100 to 4000......with no reason.

These companies say that your "credit history" may be the reason for reducing your limit. How do they know my credit limit without searching my file?!?!

BASFORDLAD

because they *did search it!*

Firsttimebuyer_4

But can they search it without my consent? I have only consented to them searching it when opening the account, not whenever they feel like

CopperPlate_2

Perhaps they mean your credit history with them? If you pay off in full each month, don't go anywhere near your credit limit as far as spending is concerned, then perhaps they've 'reviewed' you limit? I had a Plat Amex credit card with a limit of £10200. I couldn't believe they were giving me that kind of limit - not because I don't think I should get it but because it was a ridiculously high one to set in the first place. I asked for it to be lowered to a more reasonable £4500 and closed it not long ago.