American Express Company (AXP)

[TechWhiz]

That really stinks about your Saturday afternoon purchase.

Similar thing happened with me about 15 years ago with MasterCard. I hadn't used it in about 4 months and was more concerned about paying down my $2,000 balance. Low and behold, I got a letter saying they were reducing my credit limit from $10 k down to $5 k. I never used that card again, cut it up, paid off my balance and called them up to officially close my account.

I think with the ongoing COVID, Unemployment, Increased Margin Levels, etc., they are trying to rein in spending to make their books look better.

Doesn't matter how long you are a cardholder and instead all they want is you to spend, spend, spend so they can reap the benefits of high interest rates. If you don't spend they typically will try to lower your limit and push you out the door and focus on someone else.

Don't you just love Corporate America....