It looks like American Express is still in the throes of its “risk management” craziness and closing accounts without visible reason. Did Chris, who was just left stranded while on a business trip, shop at the wrong store? Did he fail an internal financial review that nobody told him about? Whatever the reason, it’s a good example of why you should have more than one credit account when traveling, so you don’t have to rely on the whims of any single faceless corporation.
After being an American Express cardholder for over a decade, American Express canceled by card today (Tuesday, January 20, 2009). My back story as a card holder is as follows:
* I have been a member for 13 years.
* I have never paid late, always early.
* I always pay my balance in full every month.
* My 20K limit was reduced several months ago to $1,900.00.
* As of Tuesday, January 20, 2009, American Express canceled my card.
To top it off, I am out of town traveling for work (I am self-employed and use the card for my business). I currently have only my Amex card physically in my possession – no others. I was to travel back home tomorrow (Wednesday), however, since American express canceled my card, I presently have no means to purchase an airline ticket to return home. I found out my Amex was canceled when I tried to make an Eleven dollar purchase at the Post Office. Prior to this, Amex did not contact me stating that my card was canceled.