In common with most of the rest of the parasitic “financial services” industry they don’t deserve to remain in business.
Their latest bullshit is to inform me that the “membership rewards” I earned by charging over $100,000 in business travel are now worth less than half what they were when I accrued them. They’ve created some kind of second tier “rewards” program which requires more than twice the number of points to actually be able to redeem them for travel. And they’ve also taken away the ability to transfer points from this program to airline miles. I’m sure they informed me of this on one of this 3 point type newsprint mailers with 75 pages they love to send out, but I notice that they don’t have this anywhere on their web sites. They are ashamed of this ripoff as they should be.
This is on top of what they did to me and tens of thousands of other people last year when they halved my credit line, then raised my interest rates to usurious levels because of the hit to my credit score that their unilateral actions caused. Of course, when I paid my account off in full and my credit score went right back where it had been, the enormous interest rates stayed where they were.
Why do companies seem to think that screwing their loyal and bill-paying customers is a good and sustainable business plan? I often charge thousands of dollars a month to my credit cards for business travel and I’ll be damned if any of that business goes to AmEx. Our company even started a new program for company AmEx cards and I told them I wasn’t interested – I’d rather stick with my United Airlines visa. Chase are crooks too, but not quite as outrageous as AmEx. If I could buy air tickets, rent cars, and reserve hotels without a credit card I would.
And can someone explain why credit card interest rates are still at 20-30% when savings interest rates are <1%? Could it have anything to do with the fact that they gave credit cards to college students with no income, dogs and dead people, and now they expect the rest of us to bail them out from their stupidity and greed?