Amex in Trouble?

[banker_rhymes_with]

The highly aggressive way that Amex has been dealing with many Caggers may now be starting to make sense...here's a sample of Google located Articles from early 2008 to early 2009 that seem to confirm what many have suspected lies behind this aggression...they may need the money!

 

Now folks, don't snigger when you read this, no laughing like a drain, no hooting, and definitely no clapping, OK?

 

The Decline and Fall starts here:

 

11/01/2008 Charge Sparks Biggest One-Day Drop in Amex since 2001

 

25/01/2008 AMEX credit card trouble deepens bank worries

 

21/07/2008 BBC Amex hit by higher credit losses

 

04/08/2008 Amex fallout from IndyMac collapse

 

20/10/2008 AMERICAN EXPRESS IN TROUBLE

 

24/10/2008 AX Must be in Real Trouble

 

07/11/2008 American Express in Trouble?

 

12/11/2008 American Express seeking $3.5 billion as part of government bailout program

 

01/12/2008 Amex Misses Vendor Payment

 

02/01/2009 Amex Customer Complaints

 

26/01/2009 American Express Earnings Fall 79 Percent

 

27/01/2009 American Express suffers $659 million loss

 

30/01/2009 American Express Kept a (Very) Watchful Eye on Charges

 

23/02/2009 AmEx paying card holders to close their accounts

 

23/02/2009 American Express Closing Accounts

 

17/03/2009 American Express credit card figures dent confidence

 

03/08/2009 Amex Pension Suspension

 

27/08/2009 American Express to charge 'dormant' credit card holders

 

Quotation from the above link:

 

With its unstable credit lines, low merchant acceptance, and poor reward program, why have an American Express card?

 

It’s a shame that American Express has gone from being a high quality brand, damn near a status symbol, to being known by most as a pain in the ass card that is clearly in trouble. American Express has never been popular with merchants, and hearing that a restaurant or store doesn’t accept American Express is not a rare thing, but it seems like it’s become more and more the case, making an American Express card a bit useless. Adding the possibility that at any time your credit line may be decreased, or stopped all together, even when travelling, makes the card more of a liability than a benefit. It could be argued that there is really no place for American Express any more. With Barclays issuing the Black Card with Visa, and many other credit card having much more effective mileage and points programs, an area where American Express has really dried up in lately, there is little to no reason have one in your wallet. It’s unreliable, not widely accepted, offers little status, and no longer offers a good rewards program. So what’s the point?

 

By Ed Shull on February 23rd, 2009 at 4:13 pm

However, if Amex is looking for Sympathy, then they can find it between Sex and Syphilis in the Dictionary!

 

Cheers,

BRW

Edited November 10, 2009 by banker_rhymes_with
Tasty Updates!

[davey77]

I get the impression you don't like Amex BRW (call my psychic!)

 

After today neither do i!

 

(Going off to find a dictionary now.)

[the_shadow]

Now folks, don't snigger when you read this, no laughing like a drain, no hooting, and definitely no clapping, OK?

 

BRW

 

haha I had actually seen/read all of those as the links were highlighted in my browser already... just didnt realise it was that many/that bad:D

 

Thats cheered me up this afternoon.. Thanks:)

[Desperate Daniella]

Thanks, BRW, I hadn't seen that thread before.

 

Sympathy?

 

DD

[tinkerbell20]

Talk about chickens coming home to roost - aren't they linked up with Bank of America MBNA??

[banker_rhymes_with]

Talk about chickens coming home to roost - aren't they linked up with Bank of America MBNA??

Not that I am aware of! But, you never know!

 

However, Amex have always tried to stay independent, and even have their own Card Authorisation network that is independent of the Visa/Mastercard network.

 

Traditionally, Amex has earned its crust from two main sources: 50% from Merchant Fees from their Global Card Authorisation Network, and 50% from Securitisation of their Cards and Loans.

 

However, their piggy bank ran so dry late last year, that they changed their status in the USA to become a bank. Why? Because that then allowed them to accept deposits from savers, but also allowed them to thrust out their begging bowl to the US Government for around $3.5 Billion of bailout funds. Which was the more important I wonder?

 

A little bird told me that they are still having a few issues getting money from Securitisation, because that little ruse no longer works as well as it once did.

 

I wonder why? :grin:

 

Cheers,

BRW

[sandy18]

Today I went on line to pay my monthly Amex Gold Charge Card - As I have done paid on time every month since Dec 1989. I saw to my suprise a banner at the top of the account summary saying informing me that the Card Account had been cancelled. It would also not let me view the statement nor retrieve any rewards for the 15000 points still outstanding. I have tried to ring Amex but the phone queues are prohibitive at the moment. I use the card every month but as it is a charge card there are no debts and it is always paid off in full. My credit score is good. They have also cancelled the card before the yearly subscription is up. I am sure they can do this if they wish. My issue is they are asking me to pay the balance and the web site won't let me see the statement and they have taken the years subsciption up front and I cannot acess my rewards. Do I have anycome back on their actions.

[Desperate Daniella]

Hi Sandy, and welcome to CAG!

 

How strange. I can't see anything in the press today. I think you'll have to persevere with the call centre until you get an answer.

 

If you have not defaulted then I can't see why they have cancelled your card, and it's totally unreasonable for them not to let you see the statement, keep your points, and not refund the subscription you have paid. With regard to the statement, anything could be there and you have a right to see what you are supposed to be paying for. Why would you pay any bill without knowing what it was for?

 

Let us know what they say.

 

DD