How American Express’ shady practices are making the economy WORSE

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American Express Delta SkymilesI have been an American Express customer for many years. I have an AMEX card that gives me points, miles and is honored by Delta Airlines for free flights for Seryn when she flies with me.

My payment history on this card is what American Express themselves calls “stellar” in their own records. Every 3 months, I call American Express and ask them to either:

  1. Raise by credit limit (careful, a high credit limit can be harmful too), or
  2. Lower the APR on the card

So far, they’ve done both in every case, granting me a higher credit limit and a nice, low APR.

I also check my credit scores every month online using “My FICO” and they are clean and pristine. Everything that was ever a mark on my credit has been removed and/or resolved. My credit score is rated as “Excellent”, and there are no faults at all on my history at this point.

So as a result of me being a good borrower, American Express decided to slash my credit limit by 30% (!!), the exactly amount of credit limit I wasn’t using on the card.

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