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American Express Chops My Limit in Half


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A got a letter from American Express, saying my Amex EveryDay card limit has been reduced to $12,500 from $25,000.  The reason given is I have not been utilizing my limit.  That's true, as basically it's one of my sock-drawer cards, where I whip it out once in a while to buy a pencil, or a meal at McDonald's, to keep it active.

 

Some here will go into a full-blown meltdown, yelling bloody murder while running nude down the street, throwing things, burning down company offices, overturning some police cars, rioting, etc., etc.   Nope, not worth it.  No biggie here.  Stuff happens.  We must control ourselves.

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Expecting to see more of this just as we did in 2008.  Banks have to have the funds to cover the outstanding lines.  If a line is not being used, they are going to restrict the exposure to risk even as the borrowing rate drops another 50 basis points.  This will not be something limited to AMEX.  All of the major banks will likely do some re-evaluation of lines across the next year as long as the media-induced market panics continue...and of course, the media will use actions like this to further ramp up their 'sky is falling' narratives...

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2 hours ago, hegemony said:

 

These necro threads will be popular to bring up when a new wave of members turn up at CB, thinking their situations are new, unique, and unfair.

Edited by TheVig
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