They’re now offering personal savings accounts that pay 1.30% APY.

In this rough and tumble economy, that’s a pretty good deal.

Emigrant Direct is currently offering just 1.00%, while Dollar Savings Direct is paying 1.10%.

With PERSONAL SAVINGS FROM AMERICAN EXPRESS, you can have the same peace of
mind with your savings account that you have with your Card account. Whether you
choose an FDIC-insured High-Yield Savings account or CD, you’ll not only have a
savings account you can rely on, you’ll have something just as important: competitive
interest rates to help build a stronger foundation.

I do find it amusing that they use the tagline “Whatever your reason, you can count on American Express,” because I’m still holding a grudge against American Express for lowering my credit limit without notice. That’s right – they tell you that your credit limit is $20,000, but if you charge just quarter of that amount, they’ll drop your credit limit faster than the Minnesota Vikings dropped Randy Moss.

Needless to say, I’m not going to run out and jump on this offer. I’d rather stick with a company I can trust, like Emigrant bank.

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But all of that changed today – as of today, American Express and I are no more. We’re done, we’re over, we’re through. I wish them the best, but I just can’t continue in this relationship.

I currently have two AMEX cards – an AMEX Blue and a Costco TrueEarnings Business Card, with limits of $10,000 and $25,000, respectively. I spend about $2,000 per month on my AMEX, and I’ve always paid my bills in-full and on-time. As of 10 minutes ago, my FICO (FAKO?) scores were all around 740 or higher. (Credit scores courtesy of the $11.99/month American Express “Credit Secure” service that I subscribed to until about 10 minutes ago.) I have very little non-student loan debt. A pretty good credit profile, right? I thought so.

So imagine my surprise when I received the call telling me that American Express had “reviewed my account” and decided to slash the credit limit on my Costco TrueEarnings card by 75%. The stated reason: Over the last 3 months, I ran up a balance of $4,500, and made only the minimum payment on the card. They also noticed a few new “inquiries” from other creditors. I explained that I had recently purchased a house, and that was the source of both the inquiries and the minimum payments – my mortgage company chose to pull my credit report several times, and I chose to stay cash-heavy during the process so I could make a larger down payment. Rest assured, I told them, I’ll be paying off the card in full this month.

“Thanks!” multiple levels of customer support told me, “but we’re still cutting your credit limit.” As I pushed each for reconsideration, they told me that my only option was to send in a copy of my credit score and “file an appeal” with their “review department.”

Really? You want me to BEG for the privilege of using your card? Sorry, AMEX, but I have another option – I can cut up my American Express cards, use a different card (Visa, Mastercard, Discover, anyone?) for my daily spending, and stop accepting American Express at my business. I think I’ll go that route instead. You know, I think I’m going to cancel my Costco membership as well. Sam’s Club has better prices anyway.

“But it’s not personal, sir.” Isn’t it? You’ve spent millions of dollars marketing yourself as my “trusted partner,” telling me that we’re friends and that you’re looking out for me. But you’ve been lying through your teeth. What a fool I’ve been. Your credit limits and minimum payment amounts mean nothing. Sorry, AMEX, but I need a partner I can rely on. And after this incident, I just can’t trust you.

Superior customer service used to set American Express apart. Now that that’s gone, the only things distinguishing them are a yearly fee and the shrinking number of merchants who accept AMEX.

Good luck with that, guys.

I’m not the only one affected by this practice.

Planet Feedback has tons of complaints

Consumerist is full of American Express complaints.

Compaints Board – Full of complaints.

Complaints at Yahoo

Got more stories? Post ‘em in the comments.

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