Consumer complaint received 2024-03-09 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: FL

Complaint narrative:
A letter was mailed out to the American Express XXXX at XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX on XX/XX/XXXX and was delivered on XX/XX/XXXX Tracking number XXXX Please read below : I would like to bring to your attention the matter discussed in the aforementioned correspondence, which pertains to a recent application for an American Express Credit  Card XXXX XXXX XXXX  : XXXX ). Regrettably, my application was wrongfully denied, which led me to pull the company 's SEC filings, more specifically the prospectus, XXXX, Indenture forms and charter reports. 
Upon signing and submitting the application, I assumed the role of an investor in American Express. The application, also denoted as a note in accordance with the company 's prospectus, is slated for transfer by American Express Receivables Financing Corporation. Following this transfer, the funds will be deposited into the American Express Credit Account Master Trust, in accordance with the specifications outlined in the American Express Prospectus, dated XX/XX/XXXX, specifically on Page 104, Section Sale of Receivables.

I am cognizant of American Express engaging in the securitization of receivables and their subsequent exchange on the secondary market, which is contrary to your prospectus because you guys stated that you will not trade on the secondary market. As an investor who has provided a promissory note, I am aware of my entitlement to claim the credits owed to me. It is my understanding that on a monthly basis, notes will be issued, affording me, as an investor, the opportunity to redeem them and claim the associated interest. Furthermore, I am apprised that American Express has transferred all rights, titles, and interests of these accounts into the American Express Credit Account Master Trust.

I am aware that American Express has divested the beneficial interest ownership of these accounts. In relinquishing beneficial ownership, the corresponding right to pursue legal action in the event of default by obligors has been forfeited. It is within my understanding that I, as the provider of something of monetary value, have contributed to the trading activities conducted on my behalf by your organization. Fair trade has never been robbery. I request the interest payments on the security I tendered to you. 
I bartered American Express a security with the following XXXX  number and I will report American Express to the IRS for not bartering with me. 
What factors did you guys use to determine to deny my application? According to American Express filings you guys explicitly state you guys dont even use credit scores for consideration, and you guys cant really verify that a credit score really is accurate. So the credit score cant be a factor. So again what factors did you guys use to determine this. What factors did the American Express Treasury Underwriting Department use? All I know is that I have given you guys a security that you guys have turned into a receivable, because I gave you guys my social security number, by me giving you guys my social security number I not only gave you guys power of attorney, you guys have also taken the role as fiduciary. Therefore it is in your best interest to do your job as Fiduciary, or I will remove your fiduciary duties and alert the proper officials, like the IRS.

However, should the decision be made to deny my application for an American Express Rose Gold Card, I request the IMMEDIATE retraction of my application and the prompt return of my security. Specifically, I am seeking the return

of my original security, bearing my original signature, within three ( 3 ) days from the date of this correspondence. This security encompasses all non-public information associated with my application. Conversely, in the event that you proceed with the issuance of my American
Express Rose Gold Card, I wish to communicate my commitment to utilizing the monthly certificates you provide to fulfill my obligations to your institution. I request you guys mail me my charge card three ( 3 ) days from the date of this letter, preferably an overnight delivery.

FAILURE TO DO SO WILL RESULT IN ME NOTIFYING THE SECURITIES COMMISSION EXCHANGE, AS WELL AS OTHER RELEVANT AGENCIES AND THE PROPER AUTHORITIES ABOUT AMERICAN EXPRESSS SECURITIES FRAUD AND DISHONOR OF THE SECURITIES ACT OF 1933, AND TRUST INDENTURE ACT OF 1939.

I trust that you comprehend the gravity of my concerns, and I have confidence in your expertise to diligently orchestrate the flawless fulfillment of my requests.

Company response to consumer: Closed with explanation