Old Project Avalon Forum (ARCHIVE) - View Single Post - American Express pays some cardholders US$300 to close accounts

peaceandlove · 03-02-2009, 05:18 AM

Hi Steve,

Yes, it appears your radar is working perfectly.

Here's another newer article regarding credit card companies scrambling.

Card Issuers: How Can We Make You Go Away?

by Kelli B. Grant
Thursday, February 26, 2009

Consumers who carried a big balance and made the bare minimum payment each month used to be a credit-card issuer's dream. Now, they are their worst nightmare.

With defaults on the rise, credit-card issuers are employing all sorts of tactics to persuade consumers to reduce their balances and, ideally, close their accounts. Some issuers are using carrots: American Express is offering some cardholders a $300 gift certificate if they zero out their balance by April 30, and Citibank is offering to match a portion of the payments some cardholders make beyond the minimum amount due. Others are using sticks: Chase is tacking on a $10 monthly fee to the accounts of consumers who have carried a large balance for more than two years.

Article Continues: http://finance.yahoo.com/banking-bud...ke-You-Go-Away

03-02-2009, 05:18 AM	#4
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Card Issuers: How Can We Make You Go Away? Hi Steve, Yes, it appears your radar is working perfectly. Here's another newer article regarding credit card companies scrambling. Card Issuers: How Can We Make You Go Away? by Kelli B. Grant Thursday, February 26, 2009 Consumers who carried a big balance and made the bare minimum payment each month used to be a credit-card issuer's dream. Now, they are their worst nightmare. With defaults on the rise, credit-card issuers are employing all sorts of tactics to persuade consumers to reduce their balances and, ideally, close their accounts. Some issuers are using carrots: American Express is offering some cardholders a $300 gift certificate if they zero out their balance by April 30, and Citibank is offering to match a portion of the payments some cardholders make beyond the minimum amount due. Others are using sticks: Chase is tacking on a $10 monthly fee to the accounts of consumers who have carried a large balance for more than two years. Article Continues: http://finance.yahoo.com/banking-bud...ke-You-Go-Away