American Express has zero customer loyalty
Every day computer user, an moderate investor, an aggressive saver
| Cons |
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OCT
30
2008
American Express - Costco Credit Card —
I have been with A/X for over 10 years. I have never been late on a payment and have not had any changes in my credit history or job in recent years. I never carry debt with them to next month. Always pay the balance in full every month.I recieved a letter from A/X stating that they have dropped my limit from $12k to $500!
Fortunately for me I could care less, since I only used american express in coscto. But I can see how this could really dampen someone's mood.
I know times are tough and the credit crunch is on. But this type of credit yanking is an insult. If American express thinks this will help their buttom line they are in for a rude awakening when ticked off customers leave their cards at home when they go shopping.
I know some people say, well ameican express never made any money off of you because you pay in full every month. But thats not true. I spent an average of 2k a month with them. So they get the 3% merchant fee form the sellers. But guess what, now that they have lowered my limit by over 95%, I will not spend a dime with their card anymore.
I will only recommend these guys to you if you don't really need them.But don't actually count on your credit limit being there tomorrow.
American Express - Costco Credit Card is not recommended by schamalert
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