Hi All, It seems that some credit card companies, (in this case American Express Optima Platinum) are quietly implementing new policies that may have incredible consequences for the consumer. The excerpt below was printed on page two of the Sept. 2000 "For Your Information" leaflet included with the American Express Optima Platinum, September 2000 Bills. Verbatim Quote from the American Express, September 2000, F.Y.I. (page two): ---------------------------------------------------------------------------- Changes to Account Agreements... Default Under the Account Agreement, we reserve the right to determine the Account in default if we consider you to be not creditworthy. In our determination of your creditworthiness, in our discretion we may consider the amount of debt you are carrying compared to your resources or any other of your credit characteristics, regardless of your performance on the Account. In addition to other remedies we may pursue upon default, we reserve the right to reduce your credit line or require payment of a portion of your outstanding balance greater than the Minimum Payment. ------------------------------------------------------------------------------------------ What do other people think of this policy??? Is it OK for Credit Card companies to wield such control over a person's finances??? For Example, if you were to lose your job, and needed to use your hard-earned credit lines to buffer yourself until until you find work again... the Credit Card companies could simply decide to reduce or possibly eliminate your Credit!!! -- EVEN if you are making payments and your performance on the account is excellent!!! I won't comment further except to say that in my opinion this is an outrage! This self proclaimed policy allows the Credit Card Company to reduce or eliminate your Credit Line regardless of your performance on the Account!!! That's all folks, just my two cents worth... Derek
RE: The next C.C. Company Outr Another reason not to have an American Express card. "we reserve the right to reduce your credit line or require payment of a portion of your outstanding balance greater than the Minimum Payment"
RE: The next C.C. Company Outr Like I said in earlier post American Express is not like it use to be. I TOLD YOU SO!!!!! American Express la la la Yeah right!!!
RE: The next C.C. Company Outr So, they can jack up your rate if your score drops. Standard clause in today's CC agreements. They've got a legal amendment to cover their ass in case. But this still says little about how often and under what circumstances they'll exercise that right. (Sure, you can always switch to First USA. They'll jack up your rate without even pulling your current report.) Saar Saar
AMEX Outrage ? NOT HERE! Frankly, by using the no pre-set limit cards, this is of no concern. But I do agree with Saar with his comments. We have both had very excellent experiences with AMEX- as has my friend Jo. Maybe they are not the same old AMEX! This current AMEX knows my deal, is putting my credit on the fast track back to normal, and knows I will spend more money with their brokerage services, travel, bank, etc. They have already more than ever justified the $55 + $40 for Rewards - by the credit reporting alone. CHASE didn't accidentally send Jo and myself -who were both issued AMEX cards the same month (July), "random" offers for CHASE @ 2.99%! REMEMBER - all my cards are subprime or less sub. I wasn't on the 2.99% PLAT CHASE list a month B4!
