I carry about 10 different credit cards, some with balances, some with not. Most of the balances I carry are on fixed for life 2.99 or 4.99 fixed for life balances, back when they were giving out money like candy. I have been watching the mortgage bubble deflate dragging down the economy with it and have been waiting for the credit card bubble to suddenly take us all on the long trip down...
So, throughout the last 6 months, everytime I've made a payment to certain cards, they lower my limit to within 200.00 of my current balance. Which is fine, because with a 2.99 APR I can pay on with no issues for quite a long time. American Express particularly is on top of their game when it comes to lowering my credit limit. I started out at a 12,000.00 limit last year, and now I'm down to about 6000.00, going down about 200.00 a month (following my payments of course...)
So today, I received a letter from American Express that said:
Take advantage of this offer to receive a $300 value prepaid card.
Dear Sucker Customer:
At American Express, we understand how challenging managing finances can be. That's why we'd like to offer you the opportunity to simplify your finances. Take advantage of this offer to reduce the number of cards in your wallet while earning a $300 value prepaid card to help with day-to-day expenses.
It's as easy as 1-2-3
- Simply enroll in this prompotion by logging on to americanexpress.com/prepaidcardoofer and using your RSVP code PLZ SHUTE ME N0W before February 28, 2009. Enrolling in this promotion will automatically cancel your account.
- Pay off your entire balance between March 1, 2009 and April 30, 2009 and we will send you a $300 value prepaid card to thank you.
- Your prepaid card will arrive within 4 weeks, blah blah blah.
Take advantage of this offer today and start rewarding yourself for taking care of your finances.
Sincerely,
Jud Linville
President & CEO, Consumer Services
Member since 1989
P.S. - Remember to act fast, as all payments needs to be received and processed by April 30, 2009 to qualify for the prepaid card.
Wow! Thanks Jud! I too have been a member since about 1990!! And you don't want me anymore? Okay, I've never been late, I've been a customer since forever, so my big question is WHY?! And more importantly, after watching you basically screw with my account for the last year, you want ME to trust YOU to close out my account, send you every dime I owe you on a current 2.99% for life balance so that you can pay your TAXES (must be, because of April 30th, right, haha?) and then HOPEFULLY I'll get a card from you for 300.00??
So far, every single credit card I own, except Barclays and US Bank, has lowered my limit or raised my APR. It's like musical chairs every day when I open my mail. I just think something bigger is happening here, and especially after watching the Money Pundits on Bloomberg today, which shows that they obviously have no clue as to what's going on, and at least the smart ones acknowledge we are in uncharted territory, makes me wonder what's going to happen exactly when the next implosion happens.
My daughter, who carries no balance on any of her cards so far has not been approached by any of the card companies yet.