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AmEx paying card holders to close their accounts
NEW YORK – American Express Co, battered by mounting credit card losses, is offering $300 to a limited number of U.S. card holders who pay off their balances and close their accounts, the company said on Monday.
“We sent the offer out to a select number of card members,” said Molly Faust, a company spokeswoman. “We are looking at different ways that we can manage credit risk based on the costumers overall credit profile.”
The company did not say how many card holders would receive the offer and did not disclose the total of their card balances.
Card holders have until the end of February to accept the offer and must close their accounts in March or April. Each card holder will receive a $300 pre-paid American Express card.
American Express, often seen as catering to relatively wealthy customers and companies, has been expanding its credit card business in recent years by reaching out to a wider range of clients.
But that strategy has backfired. The company’s earnings tumbled in the fourth quarter as credit losses jumped and debt-burdened consumers slashed spending. (Read more at: Reuters.com)
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{Photography by Cole 24}
Never heard of Reservation Rewards? Check your credit card
Connecticut Attorney General Richard Blumenthal told WalletPop his office has launched an investigation into controversial Webloyalty.com — a company you might not have heard of, but might find charges for on your credit card statements.
The company operates Reservation Rewards and other programs that thousands of people have complained lands unwanted charges on their credit cards after they’ve used sites including Fandango.com and Priceline.com. Somewhere in a series of windows following your order to buy tickets, users end up clicking a box that gets them subscribed to Reservation Rewards and signed up with a negative option — meaning that you will keep being charged until you cancel. Your credit card information was retained from the previous transaction.
The problem is, many of those complaining don’t realize for some time, or at all, that they’ve signed up because the charges — usually just a bit more than $10 — don’t jump out on their credit card bills.
Webloyalty disputes the charges and says that its policies are clear and legal.
“Webloyalty.com provides its two million members with valuable, easy to use reward, discount and protection services. We make every effort to be straightforward with our offers, allowing consumers to make educated choices regarding the products and services they purchase. We would like all of our members to derive value from our services and remain members for a long time. However, if someone wants to cancel, we make it easy for them to do so by contacting our Customer Service Centers,” said Rick Fernandes, CEO, Webloyalty.But this is how a typical consumer complaint goes: Lori Peters-Merkel, who lives outside Spokane, Wash., said she purchased something online last year only to discover later that from July through February she received three separate charges of $11.99 a month on her credit card. She said she remembers clicking through some windows after her transaction, but knows she never agreed to subscribe to any of those programs.
Blumenthal said his office has been looking into the Norwalk, Conn., based company for a while and can’t project when the probe will be complete. He said he wasn’t sure how many consumers had complained to his office, but the Connecticut office of the Better Business Bureau reports fielding 1,627 in the past three years. (Read more at: WalletPop.com)
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