See my research, posts, and articles on American Express, including credit cards, rewards, fees, and consumer rights. Click the link to explore key insights!
American Express told the SEC it expects an enforcement action — possibly civil money penalties — in relation to its anti-money-laundering programs. Here’s what that does and doesn’t mean if you carry an Amex card.
Using a credit card to send money on Venmo triggers a cash advance at most major banks — stacking Venmo’s 3% fee on top of your bank’s cash advance fee and immediate interest at up to 29% APR. Here’s which banks do it, which don’t, and how to avoid it.
Nine major credit card issuers — including Credit One, Discover, Barclays, and Synchrony — are under investigation for allegedly illegal debt collection calling practices. Consumers in 10 states may have legal rights.
AmEx settled $17.5M antitrust lawsuit. Visa, MC, Discover non-rewards cardholders in Illinois 2015-2022 may file a claim by May 19, 2026.
Quick Answer: American Express can close longtime customer accounts without explanation, even for cardholders with perfect 30-year payment histories. The cardholder agreement allows AMEX to terminate accounts for any internal business reason, and the company has been systematically closing accounts for various cardholders recently.Question:Dear Steve,My friend has had an AMEX platinum since 2008 and a …
Quick Answer: American Express can suddenly close all customer accounts without explanation, even for high-spending customers with perfect payment histories. The closures appear to be business decisions that affect many cardholders, and the company typically provides no specific reasons beyond calling it “a business decision.Question:Dear Steve,I’ve been an Amex customer for ten years and have …
Quick Answer: American Express can legally cancel cards for customer rudeness, as their cardholder agreements allow account termination for any reason or no reason at all. While the customer feels wronged by the cancellation after being rude to support staff, challenging Amex’s contractual right to terminate accounts would likely be unsuccessful in court.Question:Dear Steve,Actually, for …
Quick Answer: American Express can cancel cards at any time for any reason per their cardholder agreement, and “abusive language” may be an excuse to remove unprofitable customers. The cardholder can request reconsideration, though Amex may charge a reopening fee and previously earned points/benefits are typically lost.Question:Dear Steve,There isn’t much background— I had an Amex …
Quick Answer: American Express card reinstatement after business account default is extremely difficult, as business cards typically require personal guarantees that link accounts together. The company has no legal obligation to reinstate personal cards closed due to business defaults, even after paying off the debt.Question:Dear Steve,A failed business deal caused me to lose my American …
Quick Answer: American Express can legally cancel accounts for alleged abusive language toward representatives, even for longtime cardholders with perfect payment history. The cancellation may impact credit scores if it’s the cardholder’s only open card, but appealing directly to the CEO offers the best chance for account reinstatement.Question:Dear Steve,Longtime cardholder with American Express who has …
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