According to recent reports, American Express is offering select customers a $300 pre-paid gift card to voluntarily pay off their balance close their credit card account. There’s no word yet on how many people have received this offer. Those that receive this offer have until the end of February to accept the terms and then must close their account in either March or April.
Given that they’re willing to reduce credit limits based on perceived risk levels, I must say that I’m a bit surprised that they’re doing this. Even if they’re preferentially targeting people who are at risk of default, what are the odds that such customers can pay off their balances in short order?
Given that they recently raised our credit limit, I don’t expect to hear from them. Have any of you received such an offer? Would you take it if they offered it?