A VC - Latest Comments in The American Express Blues

Re: The American Express Blues

currij — Tue, 18 Aug 2009 22:05:58 -0000

I had the same problems. 755 credit score charged 200k with amex the past year and without notice they dropped my credit line from 25k to 15k. Now every other charge they deny it and the merchant has to call in and I look like someone who doesn't have any credit left. It's absolutely ridiculous. Had the card since 92 and haven't had one item of fraud. Now every other charge amex calls me to make sure it is me making a $99 charge. Last month I charged 11k and I always pay it in full each month. I have moved all my employees to visa. Hate to change since I have all these automated charges every month, but I'm canceling the rest of my cards. My advice to AMEX...... get back to basics and appreciate your long time customers. Quit relying on algorithms to advice you which customer line to cut

Re: The American Express Blues

Jessica Hutfless — Mon, 06 Jul 2009 23:24:22 -0000

That isn't true. American Express does not care a wit about it's customers--at least not about retaining the customers they have already. There was nothing in my credit report that caused alarm for my other creditors--but American Express must be in trouble, as they are slashing customers left and right. I used my AmEx card as my primary card, so needless to say, it was a huge problem when AmEX cancelled my account unexpectedly and WITH NO PRIOR WARNING. How does that spell commitment to the relationship you have with your cardmembers?

Re: The American Express Blues

Jessica Hutfless — Mon, 06 Jul 2009 23:20:55 -0000

Wow, that is quite a story. AmEX unexpectedly closed my account, without any prior notice, despite the fact that I had been a loyal customer with no delinquencies. Even though I had been on the phone with them the day they closed the account, and paid my balance during that call in full, they didnt even mention that they were reviewing my account( and thinking of closing it)! I have been an AmEx customer for several years ( was enjoying their JetBlue flyer miles benefits) but I will think twice before I open an account with them again. I am a Visa customer for sure.

Re: The American Express Blues

Albert T. Kelley — Thu, 25 Jun 2009 18:11:35 -0000

I thought it was just me, but I guess there is some comfort in knowing that American Express is seemingly working very hard to drive away all of its best customers. I have had a personal Platinum American Express card since 1976. Never was a payment late and the balances were considerable since the card was used for extensive international travel for many years. Today, June 25 my personal American Express card was frozen, without warning. I called American Express and was told that a payment on my employer’s American Express card was due yesterday, June 24 and has not been received yet.

When asked about my perfect payment history and card membership for 33 years, as mentioned above, I was also told it does not matter. My employer was late one day with a payment therefore my personal American Express card is frozen. Then the American Express representative added insult to injury and went on to ask me if I wanted to pay my personal card right now. Perplexed, I queried “what are you talking about, the card is already paid”. Then he proceeds to tell me is not talking about my current bill but is asking about the bill for next month that is not due until the end of July.

Like the writer above and apparently many thousands more, I have had a long-standing relationship with American Express that was always outstanding until recently. They now come across as desperate, eager “loan sharks” and not the prestige company they used to be. Incidentally, the annual fee for all this “service” for a Platinum American Express is $350.

Re: The American Express Blues

Nigel Walsh — Thu, 14 May 2009 17:15:57 -0000

wow - there is a lot of anger and emotion here, from both sides of the fence. I have been an Amex user in the UK for many years, not quite 26 Fred - but close on double digit years. In that time I have seen my profile rise and fall. I was impressed by their service and statue - having an Amex card used to mean something. Today in a world of access to info and commodity, there proposition has to be very different.

I have paid anything from $600 currently to $2000 pa for the card I hold and some of the benefits were great, but over time I realised that with other free concierge, ticket and insurance services that actually the best deal for me was a card that rewarded me with the one thing that we all work hard for - hard cash. To that end, I have moved from charge to Credit cards and only ones that pay cash back. In the same experience as Fred, My wife got denied in NY a spend on her card - only to be told we had never registered it. I kindly asked the advisor to check our previous months bills, all of them to see that she has been using it fine for so long....

Its just not joined up anymore - there previous USP of Membership Rewards and Customer Service have gone. I’m not sure what value there is at all in MR, and their customer service has varying success depending on many factors. The problem here is no longer unique and most certainly repeatable.

The other thing that has changed is 'pace of change'. I talk a lot about Pace of change to my customers. As consumers our expectations change rapidly - as organisations we are unable to match this pace and over time we will grow apart unless something can be done.

Amex will lose old customers, but also gain new ones as they find new markets and ways to service them. It’s good for us as consumers to change to and experience the grass on the other side.

A swipe is just a swipe until something goes wrong or its someonelse swiping with your details!

Re: The American Express Blues

Living in the real world — Tue, 12 May 2009 23:20:43 -0000

you must be in defaut, cause you only get charged that much interest if you don't pay your bills on time more than three times in 12 months, and 4% transaction fees? you must be drawing cash off your card cause other than that there are not trans. fees, besides its 3& by they way. Quit complaining and pay your bills on time and bad things may not happen.

Re: The American Express Blues

Living in the real world — Tue, 12 May 2009 23:13:41 -0000

I love how everyone loves to gripe and complain about how american express screws them and blah blah blah. Has anyone stopped to think that you are not spending your own Money?? If someone calls in to American Express and says hey this charge is fraudlant, what happens? Amex foots the bill. Just imagine how much loss the company occurs with people saying that on the charges that were not stopped. And get over your card not "working" or being declined at an establishment. You can get off your high horse and call in if need be. Seriously AMEX has millions of customers and they do a damn good job of serving everyone as personably as possible. There is a reason why they are leaders of the industry because they take precautions to take care of THEIR MONEY!!! Remember you charge the card first, American Express foots the bill, and relies on you to pay your bill which does not always happen. If you do have five accounts and you "forget" to pay your bill what do you expect to happen? You just expect a company to keep allowing you to spend their money? Get real, your not entitled to anyone's money regardless of your credit score, those scores can change anytime and a lot of times unfortnately for the banks bills go unpaid and money is lost before they even realize your a risk. Kudos to American Express for guarding their money, but still having someone available to speak to around the clock everyday. You want a clear policy and procedures of how your card works? Why don't you check out the card member agreement (contract) that you signed your name to, it spells it all out for you, if your not to busy crying about someone else's money your spending, to read it. Oh yeah and for all of those people who have complaints about how much a "pain" AMEX is why don't you start up your own credit card company and lend money to people you don't really know anything about except for their fica or credit scores, and then we will see how much of a pain you would be as soon as you don't get your money back. You people are crazy to have such bad attitudes towards a company that is willing to loan you money to give you a chance to run a business a turn a profit. How about a little more gratitude and understanding on how hard it would be to manage millions of accounts while also providing tons of benefits and insurances that no other credit card company even bothers to offer their customers. I have American Express and yes things go wrong, but as long as your not to dumb to look outside of your little world and realize how things really work, and that this is a real company ran by real people (that yes may make mistakes, don't you?) but I am very thankful that they are willing to loan me money with no interest charged as longs as pay what I owe at the end of the month, hell not even my local bank will do that. If you cant do it your self, shut up and play the game, if you know the rules you won't get hurt. You might even benefit a little. It's disgusting how spoiled some people are.

Re: The American Express Blues

toxic brit — Sun, 10 May 2009 15:32:36 -0000

That's great that Amex came back to you so quickly. I have been offered a credit extension by them, I applied for it then they turned me down. Things at that place are screwy right now. Im surprised the US Treasury says they are a-okay, but then again when you charge 30% interest on your credit cards and 4% transaction fees, you really should be!

Re: The American Express Blues

Tomtom — Fri, 08 May 2009 20:48:22 -0000

In this age of billpay and multiple other technologies to make payments how are individuals/businesses not making their payments on time? The minute i get a credit card bill or periodically check my accounts online I make arrangements to make a payment that will be on time and at least cover the minimum.

I think the more telling thing that one should take from this thread is not the issue of AMEX frustration but rather all lenders are being restrictive with credit. Smart businesses and individuals need to adjust to this new credit environment and find alternative measures that will allow them to function properly.

Re: The American Express Blues

fredwilson — Wed, 06 May 2009 12:02:05 -0000

Maybe for credit cards, but I've got really good insurance providers

Re: The American Express Blues

JLM — Wed, 06 May 2009 11:13:39 -0000

Huh? I think the gal you came with --- AmEx --- is in the coat closet banging the parking valets! She's a no good ho! LOL

Come on now, you gotta try USAA. You know you want to. Do it for Dad!

Just joshing ya, Fred!

Re: The American Express Blues

fredwilson — Wed, 06 May 2009 07:07:12 -0000

Its too late for them. I dance with the girl who I came with

Re: The American Express Blues

fredwilson — Wed, 06 May 2009 06:42:17 -0000

Excellent point matt. I think you've nailed it

Re: The American Express Blues

fredwilson — Wed, 06 May 2009 06:41:11 -0000

Exactly charles. Its not so much any one of these incidents. Its the aggregate of them and the absolute lack of interest or care by senior management in them

Re: The American Express Blues

Kristian Andersen — Tue, 05 May 2009 23:24:10 -0000

I can remember growing up, my father instilling in me an almost religious reverence for Amex. As soon as I graduated from college, I bought a car, a home, a real suit – but I didn't really feel like a grown-up until I got my first green card. They were a truly differentiated brand.

They are no longer a truly differentiated brand. I've been deeply disappointed by the treatment, low-level harassment, and level of service that I've received over the past few months. I don't have to hit the net to find people to commiserate with, I had this conversation last night with a friend, who initiated the conversation by griping, about how he had been treated by AMEX recently.

Big Ups to Marcy for figuring out how to effectively engage her customers via social media. But its going to take a fundamental reversal in their current modus operandi to fix this.

Re: The American Express Blues

Michael A. Davis — Tue, 05 May 2009 18:46:27 -0000

So maybe I shouldn't have been so quick to say AMEX is good.

Monday morning at 10AM, a day aftter my comment, my senior accountant notifies me that even though we have been on our "business credit" with AMEX for about a month. We were notified by a Senior Risk Manager at Amex that our credit line was being reduced from over 100k to 5k for one of my companies. Yes, 5K and it is effective within 15 days. This was because an automated risk analysis scan detected our new business account had a decrease in "gross profit".

We are current contesting this and the Risk Manager my senior accountant spoke with didn't have any details on why other than "your gross profit decreased last year". I responded with, how can you deduce Gross Profit from a tax return? Furthermore, our gross profit has increased year over year for the past 3 years!

Hopefully this story will turn out better :(

Re: The American Express Blues

Roy Fuchs — Tue, 05 May 2009 18:30:36 -0000

The problem is larger than a complaint with American Express. It is that when you call a company you get a first level agent, a person empowered to follow a simple set of business rules, and to say "NO." You have to get one or two levels higher, someone with whom you can negotiate and who can say "YES."

We've all had the same problem with a lousy hotel room and probably a dozen similar attempts to give our money to a variety of merchants.

Re: The American Express Blues

Rachel — Tue, 05 May 2009 18:06:47 -0000

As always - I'm in agreement with Gotham Gal.

Hopefully we've riled them up at AmEx...these are the people who CAN pay their bills, who aren't over leveraged, who value customer service and just want to be able to buy things when they need without hassle. They are all bad. Bottom line. Amex is my favorite but clearly they need to change their tune. Fast.

Re: The American Express Blues

markslater — Tue, 05 May 2009 16:57:16 -0000

good point - they are one step away from another industry that ended up suuing its customers - the music industry.

Re: The American Express Blues

markslater — Tue, 05 May 2009 16:52:44 -0000

i use it as a service - not as a bank. when that service fails and i have come to somewhat rely on it when i travel, then that is painful. my situation has nothing whatsoever to do with your rant.

Re: The American Express Blues

markslater — Tue, 05 May 2009 16:46:29 -0000

ok - the programs and incentives are de-coupled from the 'best possible service' - this is the core of the issue.

Over here (look at left hand) i have attractive programs and incentives (loyatly points, unlimited spending, fraud protection - anything else?) - and over here (look at right hand) i have 'best possible service'. (concierge for plat user) - the problem is - they have lost the hinge that connects the two.

its nothing to do with bespoke - they are way beyond the 'learning and discovering' phase of this product - we are customers not evangelists.If they are still in the discovery phase then they should stop selling and start listening - but they are not - and we are paying a price for the uncoupling of a cohesive product and customer delivery strategy.

they would do good to go and study this type of thing:

http://www.slideshare.net/v...

but you and i both know they wont.

to steve kane's point, i did pay late - i certainly learned my lesson. I fail to understand how they could rationalize that punishement for the crime - that is the issue that has my ticklers in a bunch.

Re: The American Express Blues

Erik Giles — Tue, 05 May 2009 16:32:02 -0000

Since you seem to have their attention I recommend a different tactic. I recommend that we send letters to ellen degeneres, martin, martin scorsese, wes anderson telling them directly that their support of American Express quite frankly sullies our perceptions of them (which given AmEx's recent behavior is true). Maybe if their cavalcade of celebrities starts dropping them, they'll get the hint.

I mean chances are they have access to the LA Times right?

Re: The American Express Blues

JLM — Tue, 05 May 2009 12:39:10 -0000

Obviously, they cannot define what a "customer" is. Anybody with a brain would make a valuation assessment based upon the length of the relationship and the annual income from that relationship tempered by any short term change in the payment pattern.

It takes years to create a "loyal" customer and only 5 seconds to lose a loyal customer!

Am Ex is giving the post grad course in how to destroy loyal customer relationships.

Re: The American Express Blues

JLM — Tue, 05 May 2009 12:35:47 -0000

Fred, you are now eligible!

https://www.usaa.com/inet/e...

As an adult child of a USAA member, you are now eligible!

Re: The American Express Blues

Austin Bryan — Tue, 05 May 2009 12:31:14 -0000

So what would show up in your tweet ("RE: @fredwilson I saw Marcy...") if Fred didn't have his Twitter account registered?