American Express made this
announcement today and has sent emails and letters to its customers.
The terms are as follows: If you close your account and pay your entire balance by April 30, 2009, then American Express will send you a $300 prepaid card. If you do not pay the balance in full then you won’t get the $300 gift card but your account will be closed (balances should be paid and regular interest rates will be charged for balances owed).
Pay off your entire balance between March 1, 2009 and April 30, 2009, and we will send you a $300 value prepaid card to thank you. Enrolling in this promotion will automatically cancel your account.
Each customer will received a special 14-digit RSVP code, which they can use and enter it at the
AMEX site to close their accounts.
As soon as you enroll, American Express will close your account and send bills until you pay all the balances.
American Express says it wants to make it easy for the customers and
simplify their finances.
Is American Express trying to get rid of bad customers with this plan?
It seems getting rid of customers is a new marketing strategy for the businesses.
