A "select" number of American Express customers are being offered $300 to close their accounts. The offer is being sent via direct mail to certain customers and comes with a unique promo code. That means, the vast majority of Amex holders will not be eligible. What a change from the days when the credit card companies would offer free airline tickets, compansion airline tickets, cash back bonuses, etc. to get you to open an account and start charging up a balance.
What changed? The awful economy and projected credit card defaults in the double digits. Amex, like other credit card companies is trying to limit its exposure before more of the money they lent out goes bad. So, who is likely to receive an offer?
- Card holders who haven't used their card in over a year.
- Card holders running a balance in excess of 50% of the card's limit.
- Card holders with a history of late payments, etc.
To Amex's credit, at least they are paying customers to leave instead of forcing customers out by jacking up their credit card rates.
If anyone has received a letter with the offer, let us know. I'd love to know if they are actually out there in the wild.
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