American Express Membership Rewards - Do you think AMEX will soon start canceling cards?

In the local news here in Atlanta, Fox 5 I believe, they stated that Chase and Citi will soon be closing accounts of at least 20% of cardholders. Do you think Amex will soon follow the same path?

No. They are reducing credit exposure (lowering limits) where they want to and increasing it elsewhere. But I doubt that wholesale closure of accounts is coming.

Plus, I don't see any reports that claim Citi/Chase are going to do so either, even on the Fox 5 Atlanta site.

Just Amex, and only reductions (not closures) for now...

http://www.creditmattersblog.com/2008/10/american-express-appears-to-be-stepping.html

Just Amex, and only reductions (not closures) for now...

http://www.creditmattersblog.com/2008/10/american-express-appears-to-be-stepping.html

As discussed here (http://www.flyertalk.com/forum/showthread.php?t=867740), the "slashing" is not only going down. Many people are reporting limits increasing. Nothing is black and white. ;)

I agree with Cramer. I think Amex is largely getting out of the credit card business, except for its best customers. They can't afford it.

http://seekingalpha.com/article/98346-american-express-to-the-sell-block-cramer-s-mad-money-10-2-08

Charge cards are a different story.