Just got a message from American  Express. They have cancelled my accounts because ‘ the level of debt per month on the cards was not enough to make it profitable for American Express’.  In other words, I’m being punished for NOT running up thousands of dollars in debt and for paying the balance every month. No wonder the industry is in trouble.  I told them that I would be paying off the current balance at $1.00 per month. I was planning on canceling the accounts shortly before I retire anyway. I’m determined to go into retirement completely debt free.

It turns out that I’m not the only person dropped by American Express. Many people and businesses have been cancelled for the same reason, not enough charges. One person was told that American Express was not interested in accounts that charged less than $5,000.00 a month. American Express isn’t the only one either. Visa and MasterCard are doing the same thing. Speculation is that the credit card companies are panicking because of the ‘credit card users bill of rights’ that is about to pass the Congress. Sounds like a good business plan to me, dump your good small clients in favor of big , high risk borrowers. Oh well, I need them a lot less than they need me. It was really fun cutting the cards into little pieces.

by Randal (Randy) Holstine

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