Image courtesy of Andres Rueda
Each day that we are in this financial crisis, more and more companies are having to take extreme measures to limit themselves from losing more money. Fueled by rising levels of bad debt, American Express is one of the companies taking steps to manage the risk in their credit card portfolio.
In a move to reduce the number of customers who may be considered a risk, the company is offering select customers $300 to pay the balance owed and close the account. The customers that were selected will have until April 30, 2009 to pay the balance in full.
Unfortunately, the offer was not sent out to everyone. I am an American Express cardholder but the card has a zero balance and I haven't used it in months. It seems like I would be an unprofitable customer and they would want me to close my account. Since I pay my balance in full each month (when I do use the card) and don't pay any interest (anymore), I would be one of the people that they asked to close my account.
Customers who were chosen and pay off the balance before the due date will receive a $300 pre-paid American Express card.
Were you one of the customers given this option?