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gdr_11

Paid off AMEX in Full - They Cancel Me!

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Well, after calculating how much interest I was paying on my three major credit cards, I decided to take $35,000 out of my savings and paid off my AMEX, Chase Visa, and my Credit Union Visa. When I paid off the Chase Visa, I asked them to close the account and they said the record would show it was closed at my request. I kept the AMEX and my Credit Union Visa with the intent of carrying no future balances and paying off monthly. Surprise - Surprise! I get a note from AMEX telling me that they have reviewed my account and have closed it! I called to inquire and the customer service rep said it was a policy decision. She then told me she was taking off her headset and told me quietly that my account status was exceptional in that during the 5 year term of the account, I had never missed a payment and usually made $1,000 montly payments rather than the minimum payment. She said is was not right but there was nothing she could do.

 

We have all read about people with outstanding credit getting their large balance cards closed, and here is yet another example. I will now have on my credit report the notation that AMEX closed my account on me. Lucky for me I have spent the past two years stockpiling cash and getting out of debt. It still ticks me off to no end, however. Next step will probably be watching the Feds give AMEX 100 billion to keep them afloat.

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Ugh!! Sorry this happened to you. AmEx is burning all their bridges. They must be in a world of hurt - like not enough money to pay the merchants when you make a purchase.

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Sorry about this but as you know you're not the only one. I'm glad you kept your CU account, they're a safe haven from the banks.

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bummer............it's a bloodbath out there......... :huh:

 

AMEX clearly penalizes folks who carry balances for extended periods even if they pay more than minimums. I'd recommend using ANY Amex card on a PIF basis ONLY.......

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Is today Friday? <_<

 

 

Of course, this is a joke. Nothing like this is happening anywhere, at all, to any consumers, by banks "in a world of hurt" (how can I sleep at night knowing how much they're hurting?...oh, the humanity, oh wait, it's AMEX we're talking about here...).

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Wow - that really sucks.... I would pretty peeved too. I know that there is a very thin layer of loyalty any more when it comes to money.... none the less its a good read for us cause it puts us on the defense... thanks for sharing this with us.

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Well, after calculating how much interest I was paying on my three major credit cards, I decided to take $35,000 out of my savings and paid off my AMEX, Chase Visa, and my Credit Union Visa. When I paid off the Chase Visa, I asked them to close the account and they said the record would show it was closed at my request. I kept the AMEX and my Credit Union Visa with the intent of carrying no future balances and paying off monthly. Surprise - Surprise! I get a note from AMEX telling me that they have reviewed my account and have closed it! I called to inquire and the customer service rep said it was a policy decision. She then told me she was taking off her headset and told me quietly that my account status was exceptional in that during the 5 year term of the account, I had never missed a payment and usually made $1,000 montly payments rather than the minimum payment. She said is was not right but there was nothing she could do.

 

We have all read about people with outstanding credit getting their large balance cards closed, and here is yet another example. I will now have on my credit report the notation that AMEX closed my account on me. Lucky for me I have spent the past two years stockpiling cash and getting out of debt. It still ticks me off to no end, however. Next step will probably be watching the Feds give AMEX 100 billion to keep them afloat.

YOU HAVE BEEN AMEXED

 

Welcome to the club...

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I know this is a small comfort, but congrats to you for having the diligence to save and pay. That gives me hope for the future.

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Is today Friday? B)

 

 

NO, go back under your bridge and relax til tomorrow. :(

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Is today Friday? :dance:

 

 

NO, go back under your bridge and relax til tomorrow. :P

:);):P

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Is today Friday? :dance:

 

 

NO, go back under your bridge and relax til tomorrow. :)

It is actually a cardboard box. Under the bridge is considered prime real-estate. ;)

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Is today Friday? :dance:

 

 

NO, go back under your bridge and relax til tomorrow. :)

It is actually a cardboard box. Under the bridge is considered prime real-estate. ;)

 

party under the bridge tomorrow night!

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Never ever pay in full a large balance...it seems to be a HUGE red flag.

 

Perhaps in THIS climate.

 

However, I paid off huge balances in the heyday of the 0% BT game with no AA from CITI, CHASE, or BofA.................

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Never ever pay in full a large balance...it seems to be a HUGE red flag.

 

Perhaps in THIS climate.

 

However, I paid off huge balances in the heyday of the 0% BT game with no AA from CITI, CHASE, or BofA.................

I paid off a BT over $40,000 from AMEX (but it was not one payment of $40,000+)

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Never ever pay in full a large balance...it seems to be a HUGE red flag.

 

 

Why on earth is this a red flag!

 

We should start a post to keep track of companies who do this in a continuous basis.

 

I mean I am about to do the same with one of my cc (not Amex though) ...so now I have to worry that going from $4K to $0 is a problem?

 

So any guesses as to what's the magic "number" at which wiping off debt becomes a negative?

 

It's just too much!

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AMEX clearly penalizes folks who carry balances for extended periods even if they pay more than minimums. I'd recommend using ANY Amex card on a PIF basis ONLY.......

So AMEX cardholders who PIF do not need to worry about being AMEXed... only those who carry balances?

 

RCJ

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Never ever pay in full a large balance...it seems to be a HUGE red flag.

 

 

Why on earth is this a red flag!

 

We should start a post to keep track of companies who do this in a continuous basis.

 

I mean I am about to do the same with one of my cc (not Amex though) ...so now I have to worry that going from $4K to $0 is a problem?

 

So any guesses as to what's the magic "number" at which wiping off debt becomes a negative?

 

It's just too much!

 

 

 

 

 

If you're carrying balances at regular interest rates for a long time then suddenly make a large payment that's out of character, it looks like a BT.

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Never ever pay in full a large balance...it seems to be a HUGE red flag.

 

 

Why on earth is this a red flag!

 

We should start a post to keep track of companies who do this in a continuous basis.

 

I mean I am about to do the same with one of my cc (not Amex though) ...so now I have to worry that going from $4K to $0 is a problem?

 

So any guesses as to what's the magic "number" at which wiping off debt becomes a negative?

 

It's just too much!

 

 

 

 

 

If you're carrying balances at regular interest rates for a long time then suddenly make a large payment that's out of character, it looks like a BT.

...AND WHAT IF IT IS???

 

AMEX is hurt how???

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Never ever pay in full a large balance...it seems to be a HUGE red flag.

 

 

Why on earth is this a red flag!

 

We should start a post to keep track of companies who do this in a continuous basis.

 

I mean I am about to do the same with one of my cc (not Amex though) ...so now I have to worry that going from $4K to $0 is a problem?

 

So any guesses as to what's the magic "number" at which wiping off debt becomes a negative?

 

It's just too much!

 

 

 

 

 

If you're carrying balances at regular interest rates for a long time then suddenly make a large payment that's out of character, it looks like a BT.

...AND WHAT IF IT IS???

 

AMEX is hurt how???

 

I guess they might be afraid that you're going to run your balance back up and not be able to afford it this time.

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