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Amex decided to cancel all my cards

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  • Alex V

    They blocked both cards and set them to be cancelled in two months period.
    I called and asked my gold card to be cancelled immediately. The only reason I kept it open is that amex persuaded me by giving 20,000 points when I called to cancel. And I felt bad to cancel after that gesture, but now see no reason to pay for extra two months when I can’t even use it. Residual points on the card were moved to Nectar during the close. The only downturn is that I would have extra 10k points in summer when it’s time to renew the card, as I already hit annual spending target.
    With BAPP it’s much trickier, given I counted on the voucher, so not sure if I should complain to FOS. As per a similar case referenced in #306129, FOS does consider such cases, and as I haven’t abused the rules (at least I believe so), I should have better chances?

    Graham-Walsh

    How are you paying off the monthly bills? Via direct debit?

    Alex V

    I pay by a debit card, in full each month.

    Froggee

    Is there a chance that you made an error when you stated your income on the BAPP application so it was significantly lower than the prior number that Amex had? It’s possible that this would have been fine to get the BAPP but they then took a view that they didn’t like the fluctuation or your household credit was now higher than could (in their view) be supported by such income. It does seem weird as you sound like the sort of customer Amex should like having.

    Alex V

    I don’t think I made an error, my income is (unfortunately) quite stable year-on-year. The credit limit on both cards was unreasonably large, but from my understanding amex always set quite generous limits. The combined credit limit on both cards was half of my net annual income. I did spend big sums from time to time, but mainly related to work expenses (one oversee trip could be north of £6k easily), but always paid on time and never went into arrears.

    Youllnever

    I pay by a debit card, in full each month.

    Were you by any chance using Curve?

    AL

    Given the comments to date, this sounds odd. And is of concern. I hold a BAPP and a Gold (which I’m tempted to downgrade, if I can upgrade it again in future). I hit the CV target and the huge SUPP from late last year very quickly earlier this year and also pay off in full by debit card. None of this makes sense to me – concerning, though.

    • This reply was modified 4 days, 9 hours ago by AL.
    Alex V

    I pay by a debit card, in full each month.

    Were you by any chance using Curve?

    Nope, never paid by curve. I always pay by HSBC debit card. The only reason I don’t use direct debit is that I prefer paying on the last day, and direct debit is normally takes money a week or two earlier.

    Benilyn

    Is your employer (if employed) a recognised company in UK? Or is it a foreign employer / entity?

    Lady London

    Did they close your accounts immediately? May think to move my large amount of points out just in case anything happens.

    it sounds like proactive moving out of points is a good idea on one more card issuer now – Amex. Added to anyone still with an operational IHG card of either type, from Creation.

    This is quite worrying, about a further potential bvgg4ring of the UK credit and charge card market, if cardholders who’ve not done anything wrong are being sacked.

    Combined with the delays we’re hearing about on crediting of points to Amex cards, cardholders again and again being asked by Amex to “wait another 90 days” when points earned are not being credited, the continuing issues with lounge access… Amex is skating on thin ice if they think cardholders will keep paying £600 a year for the Plat.

    The UK market seems as though a new premium card could definitely do well. As an alternative to Amex in particular.

    Alex V

    Yes, it’s a recognised business headquartered in the UK. I’ve been with this employer for a very long time.
    At this moment I think the most likely reason is that I had to pay for a work related service from my card and reimburse it through my employer, but again I don’t see a big difference with the business trips, I always charged quite expensive flight and hotels on my personal card.

    Tariq

    Yes, it’s a recognised business headquartered in the UK. I’ve been with this employer for a very long time.
    At this moment I think the most likely reason is that I had to pay for a work related service from my card and reimburse it through my employer, but again I don’t see a big difference with the business trips, I always charged quite expensive flight and hotels on my personal card.

    Perhaps your spend as a proportion of your annual income is a red flag for them, if you are putting very large expenses (in comparison to your salary) via the cards.

    Entitled

    When you called to close the Gold, why did you not ask them for the basis of their decision? That seems more useful than strangers on the internet guessing.

    Until this is a pattern, and verified by others, I see no reason for people to start panicking.

    BuildBackBetter

    When you called to close the Gold, why did you not ask them for the basis of their decision? That seems more useful than strangers on the internet guessing.

    Until this is a pattern, and verified by others, I see no reason for people to start panicking.

    Credit card providers or banks usually avoid giving any reasons as this can come back to bite them in a legal case. They don’t have to. They just provide the legally required notice period and close the accounts. Why do you think the Creation thread is 25 pages long?

    Youllnever

    When you called to close the Gold, why did you not ask them for the basis of their decision? That seems more useful than strangers on the internet guessing.

    Until this is a pattern, and verified by others, I see no reason for people to start panicking.

    Too late – already panicking.

    Barraclough

    They blocked both cards and set them to be cancelled in two months period.
    I called and asked my gold card to be cancelled immediately. The only reason I kept it open is that amex persuaded me by giving 20,000 points when I called to cancel. And I felt bad to cancel after that gesture, but now see no reason to pay for extra two months when I can’t even use it. Residual points on the card were moved to Nectar during the close. The only downturn is that I would have extra 10k points in summer when it’s time to renew the card, as I already hit annual spending target.
    With BAPP it’s much trickier, given I counted on the voucher, so not sure if I should complain to FOS. As per a similar case referenced in #306129, FOS does consider such cases, and as I haven’t abused the rules (at least I believe so), I should have better chances?

    I have no reason to think I would have my two Amex cards closed but if that happened what happens to the MR points accumulated to date? I have about 70,0000 on an Amex Rewards card and 17,000, plus 10,000 to come for passing the 10k spend on a Gold card. I’m not going to panic move them out but would like to know whether there is a potential risk of losing those points earned to date.

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