Partners - Stock market, economic and political commentary by Patricia Chadwick

American Express Cardholders Beware!

Some of you may have received an ‘invitation’ from American Express over the last week or so to pay off your entire account balance and to close your account, and in return you will receive a $300 prepaid gift card.

The deadline for responding is fast approaching – it is this Saturday, February 28. Please for your own benefit, do not respond to American Express without carefully reading both the attached article all the details in the material they send you (I am sure it will be very tiny print) and making sure you really want to close your account forever, losing all the cumulative points have earned (unless you spend them by this Saturday!!). Realize, too, that by closing your account you will also be damaging your credit score.

In this difficult time, you may actually need your American Express credit card for emergencies. This offer is for the benefit of American Express, NOT for you!! American Express has one of the lower interest rates of any card, making it one of the most valuable credit cards to own.

If you have more than one credit card with debt on it, pay off the most you can on the ones with the highest interest rates. Those are usually the store cards and your Visa or MasterCard. Hold on to your American Express card for all your life, because its rates are lower than almost any other card

The $300 lure from American Express may be the most expensive ‘gift’ you ever received. It is not a gift.

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3 Responses to “American Express Cardholders Beware!”

  1. Ann Says:

    I was a AX cardholder since 1983 with Green and a Gold card. Feb. 10th they cancelled my accounts without notification. In approximately 30 years I may have been late on 3 occasions due to vacation.

    I pay it off evey month as stated. No reason – just cancelled. I am sure the $300 does not apply to me or anyone else they did this to.

    I have good credit- one negetive (investment home), not only have I been a good cardmember, it will hit my credit score as well. When will banking institutions be stopped? Hitting solid Americans again, they should be ashamed of themselves.

  2. Patricia Says:


    Were you able to speak to anyone at AX? Did you have more than one account? (You mentioned accounts) Was it active? You should bring that to the attention of your local television station, or write a letter to your local newspaper. But for sure, write to your Congressman/woman and Senator. They need to know what is happening.
    Let me know if you do anything like that and the response.

    My best,

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