Amex change of terms, getting back at them for fun and ??

I got a 'terms' change addendum to my current billing statement (AMEX simply cash) saying that they are changing terms and they can reduce my credit limit even if I didn't default or take any negative action. In a separate mailer which I received the SAME day, they said that they are reducing my credit limit to half (from 20k to 10k). Here is what I wrote to their customer service ..

"I recently got mail informing me that my credit line is being cut in half. It is not that I need that much but this card will probably go out of my wallet to my sock drawer. My other cards have much high limits.
I have stellar credit score (near 800) and not even single negative item. I will be perfectly be fine even if AMEX closes this card.

Just wanted to let you know that by doing these kind of antics you are just pissing off your best loyal customers who are LEAST likely to default. I am sure if I had racked up 19000 out of my 20000 limit you would not be able to reduce my credit limit."

Since I really don't need any 'credit' (a true FW'er) I really don't care if they even cancel the card. Just wanted to see if this message actually makes it anywhere.

That will teach them.

MeraNamJoker said: I am sure if I had racked up 19000 out of my 20000 limit you would not be able to reduce my credit limit."

Actually they can and they have. I remember reading it on Yahoo and then FW where AMEX customers specifically were getting credit limits reduced to UNDER amounts owed causing many fees before the customer even realized it. The customer in the Yahoo article actually could pay it off, and canceled his cards because the fees were not taken off. So they made their $50 to potentially lose thousands on one person a year. AMEX has become ridiculous and reminds me more and more of how I thought of them as a kid, a credit card no one had (except my dad), no one used, and no one accepted. Although they are still accepted, they won't be for long with this BS piling up.

Of course, he could cancel. Or put the card in his sock drawer, as he so audaciously threatened. So? Issuers don't get boo-boo feelings over cardholder actions like that, why should OP take such great offense? They can do this, they're not singling out OP for any fishy reason, and he agrees he has no practical need for what they've taken away.

We abuse card issuers and banks every day for fun and profit, Now you're going to cry?

I understand that AMEX and other credit issuers have a right to change the terms at any time per the original agreement with cardholders. However, I really wish the government would put in even tougher restrictions to issuers' power to whimsically change terms. Remember, our credit score determines terms we get on future transactions involving loans/credit issuance. If issuers change terms on me often then I can close an account and move on to another card. But this lowers my score by affecting % of credit used and length of time average account is open. so they're not just screwing with my terms for that one card. I have a mortgage and three credit cards, open for 4, 18 and 22 years. The two older cards seem to follow similar rules, as they might be the same company now. If they change the terms such that I don't want to keep either, my average account life will drop to 4 years. Additionally, it will cut my total limit by approx 2/3. Don't know how many points that those two changes would hurt me but it certainly isn't fair.

MeraNamJoker said:
I am kind of sick of people saying 'you signed a contract' when ALL contracts from big corps are one sided. As if people really have a choice and can negotiate the terms or take their business elsewhere. Elsewhere to where ? another corp ? that would have SAME one sided contract.

And the reason I am pissed off is, it could potentially lower my score (reduce total available credit).

Did American Express hold a gun to your head and force you to sign up for a credit card with them? By not having an American Express card, are you denied some fundamental quality of life that is expected for all members of society? If the answer to either or both of those question is "yes," then you may have a point in buying into hysterical populist hatred of corporations who dare abide by contracts that you agreed to.

You had a choice. You decided to sign up, and they exercised their rights within the terms of the contract. You can exercise you rights to not contract with American Express at any time by closing the card.

The hysterical "I hate corporations but refuse to deal with them through the contract that I consented to" crowd will red this post. I find it cute how many sock puppet new accounts are made just to red people who speak the truth

PorStaker said: I remember reading it on Yahoo and then FW where AMEX customers specifically were getting credit limits reduced to UNDER amounts owed causing many feesAnyone know where this post is?

aeiouy said: That will teach them.

Maybe that one idividual letter won't do anything, but I bet, if almost everyone who receives something similar from AMEX, were to do the same thing, the practice would stop in a heartbeat!

osaka75 said: However, I really wish the government would put in even tougher restrictions to issuers' power to whimsically change terms.

I agree. What is clearly needed is MORE government regulation.

MeraNamJoker said: magika said: How dare a corporation, in which you entered into a voluntary contract with for a credit card, exercise their right to lower your credit limit! Get the pitchforks!


I am kind of sick of people saying 'you signed a contract' when ALL contracts from big corps are one sided. As if people really have a choice and can negotiate the terms or take their business elsewhere. Elsewhere to where ? another corp ? that would have SAME one sided contract.

And the reason I am pissed off is, it could potentially lower my score (reduce total available credit).

Oh come on, is that the best you can come up with? Learn how to exploit those contracts, to your advantage, earn money on a bank's 0% loan, reap the benefits of mountains of credit card rewards, use those credit card platinum extended warranty and purchase protection benefits. Don't cry and say how they're one sided when you're too ignorant to profit from these banks.

Who cares about your ~800 score, anything higher than 760 and it's all waste anyways. No creditor has a higher tier so get over it.