Monday, December 22, 2008
Where Do Deadbeats Shop?
I don't know, but apparently American Express thinks it does. According to this article from the Atlanta Journal-Constitution, AMEX has been reducing the credit limits of some of its customers based on the customers' shopping habits. The notice accompanying credit reductions states "Other customers who have used their card at establishments where you recently shopped have a poor repayment history with American Express."
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I must be a deadbeat. After 5 years of paying my balance in full each month (and on time). Amex cut our limit from $10,000 to $600 with no warning.
ReplyDeleteWe do shop at Walmart, TJ Maxx, Costco and other discounters but I don't see how that reflects our credit worthiness.
Our request for our credit limit to be restored was denied so we closed our account and promised to never do business with Amex again. It's funny that they spend so much money to lure customers away from other credit card companies only to waste that investment by dropping good customers like us.
--Travis
So if they keep increasing my limits, does that mean I have been shopping at the right or wrong stores?
ReplyDelete