Originally Posted by sdsearch

The only thing new is warning you about it. A very similar policy (except it only mentions losing points rather than not being approved for a card) is almost a year old!!! Read the first post in this thread:

Amex USA terms now penalize:abuse,misuse,gaming;1st yr downgrade/close;leaked offers.

and look at the date it was posted.

"If we in our sole discretion determine that you have engaged in abuse, misuse, or gaming in connection with the welcome bonus offer in any way or that you intend to do so (for example, if you applied for one or more cards to obtain a welcome bonus offer (s) that we did not intend for you; if you cancel or downgrade your account within 12 months after acquiring it; or if you cancel or return purchases you made to meet the Threshold Amount), we may not credit Membership Rewards to, we may freeze Membership Rewards credited to, or we may take away Membership Rewards from your account."

As I pointed out in that thread, you always have at least 13 months before you have to pay the annual fee for a second year, so why in the world keep cancelling cards before 12 months if this danger has been documented?!?