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Managing cash flow in today's economy

I am new on this forum, and actually on any online forum. I am just compelled to write because I need some feedback from fellow American Express business card holders out there. I guess this would be the best place to go.

I am very disappointed with the way American Express has been handling my account so far. I have been a very loyal client for almost 10 years through good times and bad. Now my business is in a bind and I am asking them to extend my credit to a limit where I can handle one large transaction for one day and turn around and pay them immediately.

Bottom line: the senior supervisor with whom I spoke said she can't help me. When I asked her if there is anybody at Amex who can help a small business like me with this real life business problem, she basically said sorry, no one can help.

Can you believe nobody in the whole American Express organization would "try to help solve a real small business problem" in today's situation?

Is that customer service you expect from Amex? Should I continue to support Amex or just use my bank's visa/mastercard accounts?

Let me know what you think.

Thanks,

Joy Blackwell
Owner / Consultant
Softima Strategies

9 Responses

  • Oct 20, 2009

    Vice President

    Well, I've also found that Amex can be pretty inflexible. However, I would first try and speak with a supervisor -- ask for one specifically rather than asking if there isn't anyone within the Amex corporation who could help you. I just used this tactic with Paypal last week (albeit with a different issue) and the supervisor was able to take care of me right away whereas the customer service rep I was talking to was completely out of her element when asked to take care of my question/issue. I would love to hear if/when you make any progress on this. Of course, go ahead and use your Visa/Mastercard if you don't get anywhere. Good luck!

  • Dec 01, 2009

    Owner

    My credit line was cut in half recently because I haven't been using the credit limit that I had. I pay my bill in full every month. It was nice knowing that if an opportunity came along I had the credit line to take advantage of it. I find it amazing that in the current economic climate credit is being cut and it certainly isn't going to help stimulate growth. I'm also concerned about the impact this will have on my credit rating. Will the credit reporting companines know that the decrease was not due to a financial problem I was having

  • Dec 07, 2009

    CEO

    I love their new commercials. We help out businesses. Yeah, right.

    They first closed down the Business Lines of Credit right during the Banking Meltdown. Next they kept cutting my Business American Express limits down. (There isn't supposed to be a limit!) Yes, I was late twice on payments, but not more than a few weeks (Some of my vendors have been paying a little late and left cash flow a little tight). Didn't seem to matter to them.

    Maybe if enough of us complain here, they'll start to get the picture.

  • Dec 08, 2009

    Small Business Growth Mentor

    Yes, the same thing happened to me. I had a bookkeeper who paid my bill late one month and all of a sudden my entire credit line was gone. They told me that if I paid my bill on time for 6 months that my credit line would be reinstated but that did not happen.

    AmExp in my research is one of the most conservative institutions to work with. Apparently they are not very tuned in to the small businesses they target. We are all in the same boat..

    Our clients start paying us late (or not at all) and that flows down to our vendors.

    We've decided to focus on NOT using credit cards but establishing our own reserves so we are not left vulnerable to their whims. Best of luck to all as you negotiate through these new "lending" times.

  • Dec 13, 2009

    President

    Makes me feel better to see other people also in same situation.
    I am using their cards for last 10 yrs with no late payments. I put almost 10k/month on the gold cards.
    Still they have reduced my credit line and rejected all my new applications.

What do you think?

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