Consumer complaint received 2024-01-28 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: AMERICAN EXPRESS COMPANY
State: CA

Complaint narrative:
On XX/XX/XXXX I applied for an American Express Gold Card and got denied. I called American Express a few days later trying to speak with an underwriter to review my application and got denied, they told me they will be able to submit my application for review. I received a letter dated XX/XX/XXXX from American Express stating my denial for the credit card. I then sent a letter on XX/XX/XXXX to them via Registered Mail stating that American Express should resort to reasonable procedures to rectify the affair and compensate me for the use of my securities. I received a letter from American Express dated XX/XX/XXXX following up with the review of my application and decided to abide by their original decision. A letter dated XX/XX/XXXX in response to my initial letter stating that they were unable to associate it with my application and requested documentation with correct reference number. I had included the requested information to my initial letter but was overlooked by American Express. I then sent the letter bellow to American Express via Registered Mail on XX/XX/XXXX including copies of the denial letters sent to me and highlighted statements from American Express ' SEC fillings, their Indenture agreement as well as their Prospectus where they state what American Express does with such securities as far as offering and selling them for their benefit and how they issue series of notes every month so I can then use those notes to settle my obligation monthly, for once American decides to provide me with the American Express Gold Card as an open ended card. 

I provided American Express with a securities interest and credit is only extended with securities as collateral, which is an obligation of the U.S. Government. American Express has accepted and retained my collateral for their benefit and I am not receiving valuable consideration for that security but I did receive an adverse action without any benefit. The consideration can not be minuscule consideration effectively masking a gift as a contract. I became an investor into American Express where they then deposit that security/ application into a trust, American Express Credit Account Master Trust , thus gaining interest once transferred into the primary market until maturity. The principal and interest dividend payments are owed to me and should be deposited into my XXXX where it will become a savings bond, so how and why was I denied? If American Express decides to follow through with this adverse action, I will seek legal remedy, I will run a credit card XXXX XXXX Audit and contact everyone deemed necessary including the Securities Exchange Commission to make them aware of the securities fraud American Express is committing. 

" XX/XX/XXXX American Express XXXX : XXXX XXXX as Senior Vice President, Head of Investor Relations XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXXXXXX ( XXXX ) XXXXXXXX XXXX XXXX XXXX XXXX XXXX On XX/XX/XXXX in good faith I,, applied and was denied for an American Express Gold Card , reference number. Despite of the reason for denial, I became an investor the moment I signed and turned in the application/ benefit request, I provided American Express with an instrument, my signature and an application. You can not deny me of my full faith in credit that is pledged and extended to American Express, I have given something of value, security collateral, and I received nothing in return but an adverse action. 

According to your Prospectus filled and dated XX/XX/XXXX, American Express offers and sells these securities to underwriters, dealers, and agents, or directly to purchasers and use the proceeds for general corporate purposes. American Express is using the instrument I provided for their own benefit not allowing me to have any benefit whatsoever in return. 

American Express should resort to reasonable procedures to rectify this affair and compensate me for the use of my securities. I am requesting access to my right to credit with the American Express Gold Card as an open-ended credit card. Regardless of whatever I charge on my card, it will be taken care of per American Express process, your SEC filling forms, the Senior Indenture with XXXX XXXX XXXX XXXX XXXX XXXX  as Trustee dated XX/XX/XXXX states, all money, U.S. Government Obligations deposited or received by the Trustee for the Securities of any series shall be held in trust for the benefit of the Holder that is entitled to the sum sufficient to pay the principal, premium, if any, and the interest, and will then be paid to the Holder. The Security Exchange Act of 1934 clearly states that credit is only extended with securities as the collateral, American Express saw fit to accept and retain my collateral for their own benefit. I am the issuer of this security, and fair exchange has never been robbery. 

If compliance with American Express SEC fillings is not honored and continues with this adverse action I will have to contact the Securities Exchange Commission for violation of said agreement and American Express is asked to revoke my security and application immediately. If any financial gains are made from the time of the application being submitted, I will expect the proceeds to be paid out to me via direct deposit to my Treasury Direct Account that will be provided. 

I hope we can come into a favorable agreement. Any response to this letter please send via mail and email. I look forward to hearing back from you and expectantly doing business with American Express. Thank you for your time. 

IF YOU DECIDE NOT TO PERFORM YOUR DUTIES, THEN AT THIS POINT I WILL BE FORCED TO OBTAIN A FORENSIC FINANCIAL AUDIT, CONTACT THE SECURITIES EXCHANGE, COMPTROLLER AND OTHER AGENCIES DEEMED NECESSARY FOR NON-COMPLIANCE AND SECURITIES FRAUD. ''

Company response to consumer: Closed with explanation