Amex Slashed Credit Limits

Paul_Herring

netwalk wrote:

Anyone know what the Mail on Sunday says today about Amex treating their customers so badly? Is there anything online?

Nothing on their website (at time of posting)
Money section 15-23 Oct:http://www.mailonsunday.co.uk/pages/dmsearch/overture.html?in_page_id=711&in_overture_ua=711&in_start_number=0&in_query=amex&in_channel=1552&in_pub=4&daylower=15&monthlower=10&yearlower=2006&dayupper=23&monthupper=10&yearupper=2006&in_order_by=date&in_start=15%2F10%2F2006&in_end=23%2F10%2F2006

Whole site: http://www.mailonsunday.co.uk/pages/dmsearch/overture.html?in_page_id=711&in_overture_ua=711&in_start_number=0&in_query=amex&in_channel=-1&in_pub=4&daylower=15&monthlower=10&yearlower=2006&dayupper=23&monthupper=10&yearupper=2006&in_order_by=date&in_start=15%2F10%2F2006&in_end=23%2F10%2F2006

(In fact a search on Google News for "reduced credit limit" and "reducing credit limits" is showing very few (literally one or two) results)

AQUA-IAN

netwalk wrote:

Anyone know what the Mail on Sunday says today about Amex treating their customers so badly? Is there anything online?

There is an article in today's financial supplement of the Mail on Sunday on page 20.

BASFORDLAD

could anyone scan this article and post it on here?

AQUA-IAN

BASFORDLAD wrote:

could anyone scan this article and post it on here?

American Express is slashing spending limits for thousands of customers, including at least one millionaire, without explanation or apology and, in some cases without warning.

Nor will the company, which has about 500,000 UK cardholders, explain its actions, with the Amex bosses behind the decision refusing to talk to Financial Mail.

The company's call centres, based in Brighton and India, are reported to be inundated with furious callers. Many of those whose limits have been cut are extremely wealthy.

Financial Mail has seen paperwork relating to two customers, both of whom have perfect credit records and no history of repayment problems, but whose spending limits have been cut by two-thirds or more.

In one case , the cardholder was a millionaire businessman with no mortgage and properties around the world.

Amex told Financial Mail that the decision to cut his card limits related to information stored on his credit files - though it refused to provide further details, despite being given the cardholder's signed consent.

His credit ratings with agencies Experian and Equifax, seen by Financial Mail, were "good" ( Experian ) and "excellent" ( Equifax ).

Amex inexplicably slashed his credit limit on one card from £17,500 to £10,000 and on another from £11,500 to £4,000, while he was abroad. Ironically, it had only just increased his spending limit.

The cardholder has cancelled his cards and instructed his businessses to refuse all Amex transactions.

Other cardholders reported cuts in their credit limits from £10,000 to £2,100 , £5000 reduced to £500 , £9000 slashed to £1,800 and £2,000 cut to £620.

Some outraged former customers are bombarding Amex's European boss, James Crotty, with letters of complaint and the remnants of the cards they have chopped up.

Others demand that the company hands over all the records it holds on them, as is their right under data protection laws.

A spokeswoman for Amex insisted the reductions were not an error and applied "to a minority of cardholders". All customers would be warned by letter before the reductions take effect, she added, contrary to reports from some cardholders to Financial Mail.

multimillionaire

Curious to see if I have survived the current spate of cutbacks - Anyone still experiencing recent changes to their accounts ?

Thanks in advance

MM

nezbrun

multimillionaire wrote:

Curious to see if I have survived the current spate of cutbacks - Anyone still experiencing recent changes to their accounts ?

Thanks in advance

MM

Well I got my cancelled accounts reinstated. I won't bore you with the details, but I have been an Amex cardholder for 17 years, and a Centurion cardholder (the black card) since its inception in 1999. All my cards were cancelled by Amex on 4/5 October while I was away at a conference in San Francisco. I had them reinstated last week, but I am no longer using them. I still have not received an acceptable explanation. As they did not return my calls or answer a written complaint within their own terms, I referred it directly to the Financial Ombudsman. Rather strange that they let me have a BA Amex card with a 25 grand limit on it in March and were more than happy to take GBP 650 from me only last month for my Centurion card. I put through about GBP 100,000 pa on the cards and I don't miss payments. One wonders what bright spark threw a spanner in the works. I must admit I just ended up laughing at one of the call centre staff. I thought it was all a joke, like being on candid camera or in the film Trading Places.

eslick

http://www.thisismoney.co.uk/credit-and-loans/article.html?in_article_id=413943&in_page_id=9

Saucepot

I got a card today off AMEX saying "Congrats on being a customer for 5 years". I'll expect the letter kicking me into touch shortly then!

multimillionaire

Saucepot wrote:

I got a card today off AMEX saying "Congrats on being a customer for 5 years". I'll expect the letter kicking me into touch shortly then!

....A letter saying congrats for 5 years !?

What else was that all about then ? Advertising, offers, free beer etc !?

Phoenix79_2

My Dad has just had his Platinum Credit Card come through.....with a paltry limit of £750! He rang up to complain and was told that as he was a new Amex customer that is all he was getting. He informed them that he wasn't a new customer and already had a Blue card with a £8500 limit on it. The CS rep said "oh".

They refused to increase the limit. Subsequently, he has cancelled both his Platinum and Blue cards. What is happening to Amex?