AmEx Encourages Cardholders to Leave - WSJ

[Hugh]

Today's WSJ is reporting that American Express is offering certain cardholders a $300 gift card if they will pay off their balance and close their account.

AmEx is one of those companies that converted itself into a bank holding company in order to be eligible for certain types of government loans. They also received $3.4B from the TARP program.

This has got to be a first, a credit card company paying it's cardholders to leave, at least I've never heard of it before.

 

[Hugh]

Crimony. I meant to stick this in the newspaper/magazine sub-forum.

 

[sparkchaser]

And I moved it here since it seemed more appropriate to General Discussion.

 

[Revised]

Would closing out a credit card lower a person's credit score?

 

[sparkchaser]

Would closing out a credit card lower a person's credit score?

It depends. Then again, the vasy majority of AMEX cardholders have pretty stellar scores anyway so a few points isn't likely to prevent them from getting a loan.