Your scenario is what I believe is ticking off customers the most. Irresponsible customers should have little to complain about if their credit limits are dropped, their rates increased, etc. But when it happens to faithful and responsible customers, that’s what’s burning people up! A lot of readers on our blog are reeling about much of the same (interestingly enough it has had a lot to do with Chase).

Obama has a meeting scheduled for Thurs (4-23) with credit card execs at 14 major banks. O’s economic advisers said this weekend that the president has his sights set on CC reform. I also read there are several new bills going through Cap. Hill that are intended to compliment the Fed’s rules (due to begin July 2010).

I feel for you and hope your business can operate as usual with your lower credit limit. The CC companies say they have plenty of reasoning behind their rate increases and such. yet the co’s need to realize, just as Justin said, targeting their best customers will get them no where.

Nice post,
Tim

Actually, it has a lot to do with this post. When I first got the card, it wasn’t “unlimited”, as they kept the limit to just around $2,000 until I proved myself. Last year, my credit limit was around $10,000, or at least I had it that high, and paid it down. Then they instituted a revolving credit part where, if the purchase was over a certain amount, they’d move it there and, if you didn’t want to pay it totally off, you didn’t have to. So, I still have some of that on there, and because cash hasn’t been quite up to snuff lately, I haven’t taken any opportunity to pay it off. But I’ve still been paying off what I’ve been spending monthly.

Weasels; this should be interesting to see where it all goes over the next few months. I need my business card because I go on the road, but with that limit, it’s oging to hurt.

I sent them the form they required and it didn’t work because I had crossed out a number in the date and changed it. Ok… fair enough… so I typed everything into the IRS form (pdf from their website), signed it and sent it over. Much to my surprise, I got a call back saying they needed another copy because the type was “too small”. Apparently the 12 pt font I used was somehow too small!

That was the final straw for me and I told them where to shove it and cancelled all of my accounts with them. I realize that this really has nothing to do with your post, but I didn’t want to pass up the opportunity to vent about AMEX . Thanks for providing me the forum for my anger release today, haha.

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