# American Express



## JPARIZ (Feb 25, 2013)

I've had an American Express card since the Dead Sea first got sick. I've NEVER missed or been late on a payment, my credit is fine and don't owe anyone, yet they recently put a hold on my account and asked for my tax records for the past few years. After a few weeks they reinstated my account but now I have a monthly spending limit!
According to Google this is happening to many people regardless of their standing with AE. Looks like they know what is to come and they don't want much money floating around out there.
They just screwed themselves. I don't need the card, it was just more convenient than using cash. That and I liked all my expenses on one statement. No biggie, Visa or MC can serve the same purpose without pissing me off. I'll keep it but won't use it until the day before the world ends.


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## Ripon (Dec 22, 2012)

I have a small stock fund still in a self directed IRA, and doing it this way enables me to place it in a non retirement account at Schwab. Hence I get a visa to access it and they even let me borrow 55% on demand (of the value of my stocks). I've always considered it a lost cause but once in a while my IRA needs ammo. ( I have to put it right back or I face the rath of uncle Sammy but its nice being there. )


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## joec (Nov 12, 2012)

We stopped taking AMEx and Discover cards with now only Visa and Master Card. Both AMEx and Discover charge extreme percentages to people taking payment with them about double what the others do. I gave up all my credit cards years ago and now only have a Debit card.


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## Montana Rancher (Mar 4, 2013)

I have a AE Costco executive member card, the rebates really add up, this year over $500 which more than offsets the fees to own it. I keep the limit at $4000 even though they keep trying to raise it, $4000 is about triple what we have on it at any given time and we pay it off each month. I figure if it ever gets stolen the $4k limit will limit the damages, last I checked they wouldn't go below 4k or I would move it lower still.

If you use a debit card, keep your bank balance low for the same reasons. You have the Visa protection but there are horror stories out there.


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## scramble4a5 (Nov 1, 2012)

Interesting. Wondering what their logic is not that I doubt your conclusion.


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## joec (Nov 12, 2012)

Montana Rancher said:


> I have a AE Costco executive member card, the rebates really add up, this year over $500 which more than offsets the fees to own it. I keep the limit at $4000 even though they keep trying to raise it, $4000 is about triple what we have on it at any given time and we pay it off each month. I figure if it ever gets stolen the $4k limit will limit the damages, last I checked they wouldn't go below 4k or I would move it lower still.
> 
> If you use a debit card, keep your bank balance low for the same reasons. You have the Visa protection but there are horror stories out there.


I have the Visa protection on mine as well as most of the money in savings that I can move to checking when needed from my computer. I use it strictly for paying personal bills nothing more. Besides the will call if they see kind of charge on it out of the ordinary, I know they have on a couple of occasions over the years. I keep my business in a different account all together.


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