Consumer complaint received 2023-12-11
Company: AMERICAN EXPRESS COMPANY
State: PA
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Getting a credit card
Sub-issue: Application denied

Complaint:
This Letter was also sent to the president of American Express References : XXXX ( XXXX XXXX XXXX XXXXXXXX ) and XXXX ( XXXX XXXX ) American Express XXXX XXXX XXXX XXXX XXXX XXXX XXXX UT XXXX XXXX XXXX ) XXXX XX/XX/XXXX Dear American Express, I XXXX XXXX XXXX, recently became aware of an issue related to my application for a Platinum Card submitted to AMERICAN EXPRESS on XX/XX/XXXX, under my business entity, XXXX XXXX XXXX XXXX XXXX To my surprise, I received a notice indicating that my application was denied. Upon discovering this information, I took the time to review AMERICAN EXPRESS 's Indenture agreement and found myself feeling overwhelmed by the complexity of the situation. 

Upon careful examination of the Indenture agreement, I noted the statement " The Security Interest in the Collateral is granted to secure the Notes. '' The definition of Collateral includes " All accounts, instruments, documents, etc., '' and it dawned on me that my application, bearing my signature, constitutes the Collateral. Further, the Note is represented by my Application, effectively transforming it into a Promissory note ( Security ). This realization leads me to believe that I hold an account/credit with American Express automatically . 

After researching the most recent XXXX XXXX XXXX XXXX XXXX, I came across the description of Collateral as " proof of receivables generated by designated consumer American Express credit card accounts and pay-over-time revolving credit card accounts. '' These accounts, initially owned by the ( Sponsor and Originator ) American Express National Bank, undergo a complex transaction process involving the ( Depositor and Transferor ) American Express XXXX XXXX XXXX XXXX XXXX XXXX the ( Servicer ) American Express XXXX XXXX XXXX XXXX XXXX, and ultimately the ( Trustee ) XXXX XXXX XXXX XXXX XXXX XXXX , followed by issuance to the ( Underwriters ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX and XXXX XXXX XXXX XXXX XXXX This intricate transaction structure sheds light on how my Application ( Note, Collateral ) was traded. 

Pursuant to the ELECTRONIC TRANSFER ACT, specifically the " Electronic Signatures in Global and National Commerce Act ( the E-Sign Act ), 15 USC 7001 et seq., '' which became effective on XX/XX/XXXX, I understand that electronic documents and signatures carry the same validity as paper documents and handwritten signatures. 

Referring to XXXX5 U.S. Code 7001- General Rule of Validity : A signature, contract, or other record relating to such a transaction may not be denied legal effect, validity, or enforceability solely because it is in electronic form. 2. A contract relating to such a transaction may not be denied legal effect, validity, or enforceability solely because an electronic signature and electronic record were used in its formation. 
Given this information, I am respectfully and urgently requesting that American Express promptly review and approve my credit card account under XXXX XXXX XXXX XXXX ( Ref : XXXX ). Denying access to my securities, as outlined in the Collateral, could be perceived as securities fraud. In the event that my application continues to be denied, I kindly request immediate revocation and clear proof of this retraction. Failure to address this matter satisfactorily will leave me with no choice but to report American Express and any related holders to the ( SEC ) U.S. Securities and Exchange Commission and ( FRNA ). 

Furthermore, I came across a crucial detail in your PROSPECTUS on page 46 under the section " PLAN OF DISTRIBUTION. '' It outlines the various methods by which securities may be sold, including through underwriters or dealers, directly to purchasers, through agents, or through a combination of these methods. The prospectus supplement will provide specific details, such as the names of underwriters or agents, purchase price, underwriting discounts, commissions, initial public offering price, discounts or concessions to dealers, and securities exchanges where the securities may be listed. 

Additionally, I would like to inform you that on XX/XX/XXXX, I applied for a personal credit card with American Express under my name, XXXX XXXX. The reference for this application is XXXX. I kindly request that this application also be considered for review and approval. 

I trust you will give prompt attention to this matter, and I am hopeful for a swift resolution. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX PA XXXX

Company response to consumer: Closed with explanation