Consumer complaint received 2024-06-10 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Closing your account — Company closed your account
Company: AMERICAN EXPRESS COMPANY
State: CO

Complaint narrative:
Dear CFPB, I am writing to formally complain American Express regarding the unwarranted changes to the credit limits on my business credit card accounts, culminating in the unjust closure of these accounts. The details of my complaint are as follows : XXXX. Background : I have been a loyal customer of American Express for over seven years, holding several business credit card accounts in good standing. Throughout my tenure as a customer, I have consistently paid my balances on time and managed my accounts responsibly. 

XXXX. Series of Non-Warranted Credit Limit Changes : Over the past few years, American Express has repeatedly and inexplicably altered the credit limits on my business credit cards without proper explanation or notification, causing significant disruptions to my business operations. Despite contacting customer service multiple times, I was not provided with a satisfactory reason for these abrupt changes. 

XXXX. Account Closures : Most recently, American Express took the drastic step of closing my business credit card accounts. This action was taken without prior warning or justification. The closure of these accounts has severely impacted my business, affecting cash flow and damaging my credit score. I believe this action to be both unjust and discriminatory. 

XXXX. Impact on My Business : The arbitrary changes to my credit limits and the subsequent account closures have caused undue stress and financial strain on my business. I have faced difficulties in managing day-to-day expenses and have had to scramble to find alternative financing options to keep my business afloat. 

XXXX. Attempts to Resolve the Issue : I have made several attempts to resolve this issue directly with American Express. Despite my efforts, including multiple phone calls and written correspondence, I have not received a satisfactory resolution. The customer service representatives have been unhelpful and unwilling to provide a clear explanation or rectify the situation. 

In light of the above, I am requesting the CFPB to investigate American Expresss practices regarding credit limit changes and account closures. I believe their actions to be unfair and detrimental to small business owners like myself. I seek the following resolutions : - A detailed explanation from American Express regarding the reasons for the changes to my credit limits and the closure of my accounts. 
- Reinstatement of my business credit card accounts with appropriate credit limits. 
- Assurance that such arbitrary actions will not occur in the future. 

I have attached copies of relevant documents, including correspondence with American Express and account statements, for your reference. I hope the CFPB will take immediate action to address this issue and help protect small business owners from unfair practices by financial institutions. 

Thank you for your attention to this matter. I look forward to your prompt response. 

Sincerely, XXXX

Company response to consumer: Closed with explanation