Amex must being feeling credit woes - JustBlowMe.com Adult Webmaster Forum

#1 Post Number 1432558

Amex must being feeling credit woes

10-09-2008, 02:19 PM

Brad_JBM

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My credit card was not working today, so I call them. They want all new company financials, said my balance was too "high". Although my payment was not due for 2 weeks, they turned off my cards.

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#2 Post Number 1432565

10-09-2008, 02:23 PM

Brad Gosse

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Yeah AMEX has been up to no good lately, try cashing your points and see what happens

#3 Post Number 1432568

10-09-2008, 02:25 PM

Sami

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Amex is one of the companies with a strong possibility of going belly up!

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#4 Post Number 1432572

10-09-2008, 02:27 PM

Cyndalie

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They did that to me too, my no limit cards now have a limit which is now under what I have on there and they quadrupled the min payments. My accounts were in good standing to begin with.

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#5 Post Number 1432574

10-09-2008, 02:29 PM

Brad_JBM

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Quote:

Originally Posted by Brad Gosse

Yeah AMEX has been up to no good lately, try cashing your points and see what happens

Got $750 in gift cards today, took me 20+ mins on the phone to get them ordered.

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#6 Post Number 1432591

10-09-2008, 02:46 PM

jay23

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I need to cash out my AMEX points, I have been saving it for a rainy day (like how i have done with JBM ponts).

Its intersting that today i got a letter from Sears saying they want to cancel the card because i have not used it in one year (i only signed up because they gave you 10% off the day you signup at the store and buy some thing)

Jay

#7 Post Number 1432593

10-09-2008, 02:49 PM

Swordfish-QuickBuck

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Amex is doing more extensive customer profiling now, including looking at where you shop. Brad, you might want to drop less at the titty club for a bit so they don't flag you as a risky spender

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#8 Post Number 1432602

10-09-2008, 03:07 PM

Brad Gosse

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Used to be you could cash your amex points for travel now they want you to convert them to airline or starwood points at a horrible 4:1 or 5:1 ratio. I am going to stick with henrys gift cards so I can buy camera gear

#9 Post Number 1432618

10-09-2008, 03:26 PM

wyldblyss

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I heard that the card companies will be lowering limits even for customers in good standing so their risk factor is lower. I also heard that if you have a 10K limit and carry a 7K balance they may lower your limit to 5K, and then because you are "over the limit" they will penalize you and raise your interest rate. Not sure if that will really happen but it certainly feels everyone is feeling the crunch

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#10 Post Number 1432629

10-09-2008, 03:33 PM

Sly

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Quote:

Originally Posted by Sami

Amex is one of the companies with a strong possibility of going belly up!

Why is that? I thought I read somewhere that American Express operates on "cash" and not credit... maybe I have them confused with somebody else.

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#11 Post Number 1432638

10-09-2008, 03:44 PM

Relentless

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They are notoriously worse than any other creditor in terms of attacking people who go bankrupt. Charges have been filed for all kinds of harassment claims against AMEX by people who legitimately went belly-up... now when the shoe is on the other foot, good luck getting them to abide by their own card agreement TOS.

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#12 Post Number 1432639

10-09-2008, 03:47 PM

Nad

He called the shit, poop!

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me too! I filled up the SUV before the trip this weekend.. mind you ZERO balance on the card as it was just paid off.... and closed all cards becuase I spent almost 100 on gas..

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#13 Post Number 1432640

10-09-2008, 03:49 PM

SCORE-CASH

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Those of you who have Business cards.

Does anyone have a MasterCard Business Card? I just noticed all my Biz Cards are VISA.

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#14 Post Number 1432644

10-09-2008, 03:50 PM

noone1

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Quote:

Originally Posted by Sly

Why is that? I thought I read somewhere that American Express operates on "cash" and not credit... maybe I have them confused with somebody else.

Amex is not just a processor. When you get a Visa or Mastercard, you get it from Citi, BoA, or whomever and they are the ones loaning you money. Amex is the one loaning you money.

#15 Post Number 1432645

10-09-2008, 03:56 PM

noone1

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No issues here. Are you talking about credit cards or charge cards, Brad? I really only use the Plum these days, but I've had some big balances with no issues. However, I always pay it off entirely and on time. I also don't finance anything.

How many cards through them do you have and how much of your total credit was in use? I don't think I ever carry more than a quarter of my credit line.

#16 Post Number 1432646

10-09-2008, 03:57 PM

Sly

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Quote:

Originally Posted by noone1

Amex is not just a processor. When you get a Visa or Mastercard, you get it from Citi, BoA, or whomever and they are the ones loaning you money. Amex is the one loaning you money.

Right... which is why I am asking why they will suddenly go belly up.

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#17 Post Number 1432647

10-09-2008, 03:58 PM

noone1

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Quote:

Originally Posted by Brad Gosse

That's why you need to use the Starwood card. You get Starwood points instead, and those convert at almost always 1:1.

#18 Post Number 1432650

10-09-2008, 04:00 PM

noone1

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Quote:

Originally Posted by Sly

Right... which is why I am asking why they will suddenly go belly up.

They won't unless they have been investing as a business in risky securities. Unlike a bank though, they don't really deal with mortgages and such. Credit card defaults will no doubt rise, but a CC default isn't the same as a bank losing $100K on mortgage default

#19 Post Number 1432666

10-09-2008, 04:12 PM

Nad

He called the shit, poop!

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Quote:

Originally Posted by noone1

i don't have any debt on any cards and they still froze and called me.. really wierd shit.. i have had this card for a long time as well..

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#20 Post Number 1432668

10-09-2008, 04:16 PM

Brad Gosse

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Quote:

Originally Posted by noone1

That's why you need to use the Starwood card. You get Starwood points instead, and those convert at almost always 1:1.

I have that too LOL but Amex used to give me $100 in travel for every 10k in points but now they won't

#21 Post Number 1432694

10-09-2008, 04:47 PM

Drinkinhard

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Amex has always been a pain in the ass... Our unofficial limit is somewhere around $100,000 but they always start calling when you spend around $70k.

"uhhh yess hello sir, you have spent $70,000 on your amex this month"
"yep I know"
"uhhh how do you intend to pay for it?"
"write you a cheque like I always do..."
"uhhhh well we're going to have to put your card on hold until you do so"
"why? we always pay on time and we're not even near our top end of the limit"
"uhhh sorry make a payment than we will open your card back up again. Thanks for calling American Express!"

LOL! Gotta love Amex!

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#22 Post Number 1432698

10-09-2008, 04:50 PM

*KK*

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Quote:

Originally Posted by Sami

Amex is one of the companies with a strong possibility of going belly up!

Dude, I dunno where you get your stock advice, but Amex is actually in excellent shape. Their overall consumer default ratio is at an all time high, yes, but it's still just slightly under the 1% level, which is WAY better than most financial companies. They also have fixed income from settlement payments coming in from both Visa and Mastercard that bump up the cash on hand. Yes, they are consolidating a lot of jobs, but they are also hiring a few hundred people as they are letting go more than a thousand.
They are also no longer a closed loop system for some of their products, for instance B of A is now issuing Amex directly.
The odds of them going out of business are pretty much slim to none for the foreseeable future and you can guess who's in the lead.

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#23 Post Number 1432701

10-09-2008, 04:57 PM

noone1

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Quote:

Originally Posted by Drinkinhard

Just open more lines of credit with them. It's based on your overall credit line I believe.

#24 Post Number 1432725

10-09-2008, 05:29 PM

Sosa

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I must be lucky. Haven't got a call and have used my business card 3-4 times lately.

#25 Post Number 1433038

10-10-2008, 07:55 AM

BrettJ

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I understand the concern - especially when extending people 100k+ revolving monthly credit - but if they feel it's that risky - raise their interest / lower their limit or put them on a shorter cycle (2 weeks instead of 1 month).

Horrible time to deliberately piss off your top tier customers.

#26 Post Number 1433216

10-10-2008, 11:32 AM

[illnet]-Romeo

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What card the centurion?

I've had no problem with mine. or the other 3 cards I have with them..

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#27 Post Number 1433253

10-10-2008, 12:18 PM

Brad_JBM

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Quote:

Originally Posted by [illnet]-Romeo

What card the centurion?

I've had no problem with mine. or the other 3 cards I have with them..

Yep. Black card is not what it used to be.

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#28 Post Number 1433341

10-10-2008, 02:27 PM

sextoyking

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Amex has always been like this.

There just being a bit more agressive now. One vp said they go through about 20% of all thier accounts on a monthly basis, CB checks, out of line / different spending, etc. Now they are are checking accounts zip codes, etc too see if a customer is in a certain bad area / city, etc that has been hit with forclosures bad, etc.

Suspend accounts, fax in irs form 4506 or whatever # it is and let them check financials... I have never been "fr'd" yet but am ready when they call...

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