300$ to close Your AMEX card (ymmv)

[gwynethgh]

If you get a code from AMEX you can get a $300 gift card to CLOSE your account

"Well, this sure is a different kind of deal. Instead of paying you a bonus to join, New York-based American Express will give you a $300 American Express prepaid card if you agree to say goodbye. American Express says that it is making this "deal" so that customers can "simplify" their finances. Sure. The offer, which isn't available to everyone, requires a 14-digit RSVP code. Customers are receiving this offer via U.S. Postal and email.

Let's get something straight here. If you receive this offer, American Express is telling you something: please leave. Note also that in order to get the $300 prepaid card the customer MUST pay off his or her entire balance by April 30, 2009. If the balance is not paid off by April 30, then you will not receive the $300 card. But your card will still get closed. That's a heck of a deal."

<a target=_blank class=ftalternatingbarlinklarge href="https://www215.americanexpress.com/olet/enroll.do?campaignId=balp1q09&offerType=prepaidcardoffer">https://www215.americanexpr......e=prepaidcardoffer</a>

http://www.creditmattersblog.c...wants-to-help-you.html

 

[Glavinsolo]

I'd assume this is because they need a bigger pool of money to lend to people who are actually going to use their cards in the way that Amex would garner a profit.

 

[Scarpozzi]

lol....that's awesome. You know every credit card company out there has to deal with deadbeats and people who can't make their payments due to jobloss, etc. This is probably a decent solution if they can get any number of people to take them up on the offer. Chances are, not many people can pay off their accounts unless they write a transfer check from another card company.

I've always liked AMEX as a company. I used to have 4 credit cards and now only have 2... I only use my AMEX though. It's the safest way to buy anything because they will refund your money without thinking twice when companies try to scam you.

 

[RagingBITCH]

I'm pretty sure the bad debt/account holders they're trying to target with this won't be able to pay off their accounts in time.

 

[ChaoZ]

I wants. The only thing I use it for the the Amex Wishlist.

 

[SunnyD]

Aww crap. I just closed out my amex card last week.

 

[misle]

I haven't used my AMEX Blue Cash card forever. Hopefully they'll offer this to me!

 

[scootermaster]

I'd get an AMEX card just to do this, except something tells me it doesn't quite work that way.

Sigh.

 

[scootermaster]

I'd get an AMEX card just to do this, except something tells me it doesn't quite work that way.

Sigh.

 

[VirtualLarry]

Originally posted by: Scarpozzi
lol....that's awesome. You know every credit card company out there has to deal with deadbeats and people who can't make their payments due to jobloss, etc. This is probably a decent solution if they can get any number of people to take them up on the offer. Chances are, not many people can pay off their accounts unless they write a transfer check from another card company.

I've always liked AMEX as a company. I used to have 4 credit cards and now only have 2... I only use my AMEX though. It's the safest way to buy anything because they will refund your money without thinking twice when companies try to scam you.

You do realize that "deadbeats" is what CC companies internally refer to as people that always pay their bill on time, never late, and never miss a payment.

They call them "deadbeats", because they don't make a profit off of them.

 

[onza]

YAY i'm a deadbeat.

 

[JameyF]

Originally posted by: VirtualLarryYou do realize that "deadbeats" is what CC companies internally refer to as people that always pay their bill on time, never late, and never miss a payment.

They call them "deadbeats", because they don't make a profit off of them.

To be a deadbeat you must also pay your bill in full. In essence, a CC company only makes the original sales fee from the merchant form a deadbeat. You are no longer a deadbeat if you pay anything at all to the CC company besides the original charge.

 

[geldor1]

Yep, I'm a deadbeat.

Pay the full balance every month on both cards.

Guess if I had an AMEX card, I'd get the boot also.

 

[California Roll]

Honestly, if you get this offer I'd take it. If you read finance/credit card forums, AMEX is in really bad shape. They're either canceling lines outright and reducing limits to ridiculous levels like $300. This is for both people with bad credit histories and people with perfect ones.

 

[imported_smartadze]

Beware of one issue: closing credit-card accounts (that are in good standing) does NOT improve your credit rating. Quite the opposite: part of your FICO score involves the total amount of credit you have available (i.e., sum of credit limits) versus the amount that you actually owe.

The optimum score is achived by having massive credit limits, which you don't use. Sounds counter-productive, but is a fact (ask any credit counselor or mortgage broker).

 

[halik]

Is that only for one card, or would I have to get rid of both of my amex cards? I'd wouldn't mind axing off my old blue and keep the gold...

 

[sapiens74]

We spent 70k in the last year on our AMEX card, paid everything when it was due so I know they made money off us.

 

[MrChad]

Originally posted by: VirtualLarry

Originally posted by: Scarpozzi
lol....that's awesome. You know every credit card company out there has to deal with deadbeats and people who can't make their payments due to jobloss, etc. This is probably a decent solution if they can get any number of people to take them up on the offer. Chances are, not many people can pay off their accounts unless they write a transfer check from another card company.

I've always liked AMEX as a company. I used to have 4 credit cards and now only have 2... I only use my AMEX though. It's the safest way to buy anything because they will refund your money without thinking twice when companies try to scam you.

You do realize that "deadbeats" is what CC companies internally refer to as people that always pay their bill on time, never late, and never miss a payment.

They call them "deadbeats", because they don't make a profit off of them.

:roll:

Except the transaction fees they make off of every purchase.

 

[achiral]

The prepaid card will arrive within 4 weeks of the end of the promotion. The prepaid card can be used to help you with your day-to-day expenses including purchases at your pharmacy, grocery store, or virtually anywhere American Express® Cards are excepted.

so does this mean that they're handing out visa and mastercard $300 cards? or maybe they're saying we'll give you an amex card that you won't ever be able to use? this is too funny...someone failed a vocab lesson in grade school

 

[IlllI]

damn not eligible

 

[Muadib]

Originally posted by: misle
I haven't used my AMEX Blue Cash card forever. Hopefully they'll offer this to me!

I use mine for Costco gas, but for $300, I'll gladly kiss it goodbye.

 

[Caveman]

post deleted...

 

[Caveman]

Originally posted by: sapiens74
We spent 70k in the last year on our AMEX card, paid everything when it was due so I know they made money off us.

Actually, you probably made money on them... Especially if you had no annual fee...

You got to use their money for free... If you paid it off on time, they couldn't charge you late fees or interest... They "hope" people cannot pay balances in full... They count on it...

 

[jlee]

Originally posted by: Caveman

Originally posted by: sapiens74
We spent 70k in the last year on our AMEX card, paid everything when it was due so I know they made money off us.

Actually, you probably made money on them... Especially if you had no annual fee...

You got to use their money for free... If you paid it off on time, they couldn't charge you late fees or interest... They "hope" people cannot pay balances in full... They count on it...

Are you aware that merchants pay significant fees to Visa/MC/Amex?

 

[Jiggz]

Originally posted by: JLee

Originally posted by: Caveman

Originally posted by: sapiens74
We spent 70k in the last year on our AMEX card, paid everything when it was due so I know they made money off us.

Actually, you probably made money on them... Especially if you had no annual fee...

You got to use their money for free... If you paid it off on time, they couldn't charge you late fees or interest... They "hope" people cannot pay balances in full... They count on it...

Are you aware that merchants pay significant fees to Visa/MC/Amex?

Actually, it's 3% and 4% respectively of the charge amount.