- Platinum Member
- Posts: 93
- Joined: Wed Aug 17, 2011 10:53 pm
- Location: USA
Did a customer service representative really just say, "Oh well, that's how we do business," and hang up the phone and that was the end-all, be-all?
If they really did do that, then you need to call in again and ask to speak to a supervisor/Account Manager and tell them the situation and express your dissatisfaction with it because that is horrible customer service and the supervisor definitely needs to know about it!
On the other hand, if that was your summary of the conversation, then please actually post -what- it was that the person said and not your own truncated summary of it because otherwise, it isn't fair and I would say the same thing regardless of which credit card company (or even just customer service in general) this was applied to.
That said, I have seen many of the major credit card issuers decrease credit limits for a variety of reasons including having too-high credit utilization. In which case, American Express would not and is not alone in doing this and they do this owing to risk and needing to lower the risk.
I know money can definitely be really really tight in this day and age and I've done high utilization before during some really bad days in the past, so I'm definitely not trying to make you feel even more poorly than you might already feel, but if you look at it this way from a business (the credit card companies') perspective:
Just for some numbers' sake, a $12,000 out of a $18,000 utilization is 66.67%. If the dental appointment was added to make an even $15,000 out of a $18,000, then the utilization jumps up to a whopping 83.33%.
This isn't a matter of $800 out of a $1000 credit line, either. This is a matter of a potential $15,000 out of a $18,000 and it does make a difference and I am willing to consider the fact that your BofA card is either linked to your banking account or its utilization isn't quite so high as your AMEX.
I agree that it doesn't seem fair that a company may suddenly cut back your credit line when you could really use it and even need it, but business is business and in these harder times, American Express is NOT alone in doing something like this to help minimize the risk they are taking in lending out credit lines.
AMEX: Everyday (MR), Macy's (cobranded)
MASTER: Citibank Dividend Platinum Select (non-World version)
VISA: Chase Amazon Signature, Chase (bank issued)
GE: Care Credit (medical expenses), Macy's (store), JCP (store)
AMEX: Costco True Earnings
VISA: Chase Ink Cash