American Express paying card holders to close accounts

Discussion in 'Economics' started by forexinvestor, Feb 23, 2009.

  1. February 23, 2009

    NEW YORK (Reuters) - American Express Co (NYSE:AXP - News), battered by mounting credit card losses, is offering $300 to a limited number of U.S. card holders who pay off their balances and close their accounts, the company said on Monday.

    "We sent the offer out to a select number of card members," said Molly Faust, a company spokeswoman. "We are looking at different ways that we can manage credit risk based on the costumers overall credit profile."

    The company did not say how many card holders would receive the offer and did not disclose the total of their card balances.
  2. Tomorrow I'm going to max out my card and call them and tell them I can't pay it back, that I have to pay off other cards first. Maybe they'll offer me $300 to pay off my amex?

    P.S. Please don't ask me how I'm going to max it out ... everyone <i>needs</i> 5000 copies of Gigli.
  3. Gigli... LOL.. Good one!
  4. This is going to get very interesting.

    We might get to the point where joe sixpack can't charge an auto repair of 5 or 6 hundred dollars and he needs the car to get to work.

    If you shut off all middle class credit and people have to take money out of the market or wherever, this is going to go down hill pretty fast.
  5. dinoman


    Good insight and a very valid point.
  6. gangof4


    i don't blame them. i've yet to meet a costomer who is not a bad credit risk. last one i knew worked with a bunch of clowns...
  7. sprstpd


    There's always Capital One.
  8. AMEX must be getting really desperate these days. Has anyone else noticed an increase in AMEX telemarketing calls recently? They have these rude a'holes from India or where ever calling all the time now. I can't remember getting one before and the last few weeks it seems like they are calling every other night. I have no idea what service they are trying to market but they are pushing it rather hard lately. Not a confidence inspirer.
  9. bxptone


    What the fuck are you talking about? Did you even read the article?

    Jesus another one with 6000 posts, where the hell do you people find the time 6000 posts in less then 2 years. MY GOD!!!! PEOPLE IN THIS COUNTRY REALLY KNOW HOW TO WASTE THEIR TIME, THIS COUNTRY IS SAD AS FUCK,.
  10. Bob111


    maybe they trying to get rid of those free riders(like myself), who always pay on time,never paid interest,any fees, but using all benefits such as rebates,discounts,miles,extended insurance on goods, etc..
    #10     Feb 24, 2009