Another Round of Amex Shut Downs?
American Express is on a rampage. When it comes to Amex we have seen bad news followed by even more bad news. In the last few days the bank has been shutting down many people’s accounts. There’s already a huge thread on reddit about it.
It’s not clear yet what the exact reason is for these shut downs. It could be more than one. Any type of abuse could be a possible reason, since we have seen them getting really strict about enforcing everything. A list of data points has been collected in this spreadsheet, but from a quick look it doesn’t points to anything specific.
Some possible reasons could be:
- Buying gift cards for spending requirements
- Buying gift cards for Amex Offers or credits
- Self Referrals
- Previous financial review
- Doing multiple pay-over-time offers
We are also hearing some rumors of more fee clawbacks for Saks and possibly other credits. The name of the game with Amex it seems is to stay within their intended uses and be a profitable customer. Over time we’ll see how that all meshes out.
It Looks like a lot of people have been affected by this round of Amex shut downs. The reasons are just guesses for now. I strongly suggest that you do everything by the book when it comes to American Express credit cards.
Let us know if you have been shut down and if so, did you engage in any of the behaviors mentioned above? What do you think of this latest round of Amex shutdowns?
- Guide: Amex Program Rules: Application Strategy, Card Limits and Difference Between Credit and Charge Cards