On rare occasions, I follow up one of my posts due to reader comments. When a post is over a week old, the odds of comments on it being read by others declines markedly, absent the piece being found by direct searches.
Thus I found it interesting to draw attention back to this late January post concerning American Express' recent results and less-obvious actions regarding its customers.
Here are two comments on the anecdote concerning a colleague who was badly-treated by the credit card firm. The first comment contains an absolutely stunning account of credit management,
"Anonymous said...
Well they just did it to me. My credit line went from $13,000 to $1,800. It left one of my drivers stranded at a gas station out of town. Thank you Un-American Express."
And this one is on a par with the story in my post,
"Anonymous said...
My credit line was cut 40% for no reason. I haven't missed any payments and my business is growing. Bad leadership. Bad business."
Evidently, the credit limit shrinkage at AmEx is both real and widespread. Chances are good this will lead to even lower revenues and profits at the firm.
Anyone for shorting AmEx?
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