Consumer complaint received 2018-04-23
Company: AMERICAN EXPRESS COMPANY
State: NY
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Credit card company forcing arbitration

Complaint:
For a year we did over {$55000.00} worth of purchasing, and prompt full-balance payment, through our American Express gold card. Throughout that time, AmEx repeatedly and consistently raised and lowered our allotted credit limit. The assurance was made that once we proved ourselves throughout that year, the limit would be stabilized in accordance with our spending habits and credit score. In XXXX, we were offered an AmEx Platinum card. Our maximum allotted limit was {$50000.00}, with a {$25000.00} 'layaway ' for certain qualified purchases ( air fare, travel, etc. ). 

While still completing the credit application, XXXX XXXX, the main cardholder on the account asked several questions. 

MA : Am I able to take out a cash advance on the card? 

AmEx employee : No, you can't. 

MA : Ok, well can I make a payment to my own business? 

AmEx employee : No, that's not permissible either. 

MA : What about XXXX? 

AmEx employee ( excitedly ) : Yes! Yes you can! 

We went ahead and did that transaction, which we've since found out was not permissible after all. We were flagged for a financial review, and submitted all paperwork they asked for with the reassurance that it was simply a formality because of the error regarding the XXXX transaction. We even offered to return the money to the card. 

The culmination of the investigation was that our limit would be reduced to {$12000.00}, when we had already spent {$17000.00} on the card. We are in the middle of closing on a home. XXXX 's XXXX XXXX has suffered, and he has suffered multiple XXXX XXXX and XXXX XXXX as a result of the stress being caused. Where we were previously at less than 20 % usage on that card, we are now at 150 % usage, and it has artificially tanked XXXX 's previously pristine credit rating. 

We have dealt with AmEx loyally and in good faith over the past almost three years. We've had several different cards with the company. They have never been consistent. We have requested the recording of our conversation when the aforementioned employee incorrectly told us we were allowed to commit an act that we've since learned was not permissible. The company has responded that they will only release the recording with a subpoena. 

At this point, we are hesitant to pay AmEx anything, as we are concerned they will immediately terminate our account, or lower our credit limit to something worse. With the upcoming home purchase, we can not properly plan our available finances due to the instability with this company. Additionally, we have tried to reach out on multiple occasions and have been forwarded on to employees overseas ( who have lied and said they are based in Florida ; we have caught them mid-lie ). We have been a willing party in the resolution of this matter, in a way that is fair and respectful to all parties, particularly us, considering the amount of business we have done with the company. We are stunned and appalled, and are unsure of where to turn at this point.

Company response to consumer: Closed with explanation