American Express...bah humbug

I checked my credit report this week.  I try to do it about once a year.  Yeah, I could go the free route, the one you're entitled to each year, but I've found it to be so difficult that I just go ahead and pay a fee and get all three reports at once.

The reason I checked it is because I'd received a new, replacement American Express Optima card in the mail and I needed to activate it.  I've been a customer of American Express since 1989.  I've never missed a payment in nearly 20 years.  I had a small balance on the Optima card because I'd purchased some - surprise - ham equipment recently and was waiting to put some older equipment on eBay.  Once it sold, I planned on putting the proceeds towards the balance.

After I activated the card, it dawned on me that I probably ought to go ahead and pay on the bill, since it was due in a couple of days.  So, I logged on to their website, entered my username and password, paid my bill, and then sat there slackjawed for about 5 minutes.

After I came to, I gave them a call.  On the part where it lists 'available credit' I was seeing $170.  $170 freaking dollars!?!  Now wait a second, I have a $11,000 credit limit on this card.  Frantically I looked at the statement...nothing odd, nothing to indicate any fraudulent charges.

The man I spoke with was very polite...and apologetic.  He said - and I know they record these calls - "I work for these guys and they've lowered my credit too.  In fact, I've had people calling in with $50,000 credit limits that have been reduced to $500."  He went on to say that it was due to the economy and that they've cut many accounts across the board.

I stammered something about how come I hadn't received a letter and he said that I should've received one already, but he'd have another sent out.  He apologized at least 5 times.  He asked if I wanted to speak with his supervisor, but I just said goodbye.

I know things are bad, but to be a customer for 20 years and always be in good-standing, then suddenly, pfft, cut my credit to practically nothing...  On top of that, by lowering my limit, it now appears that my credit card is maxed out.  Thanks a lot.

My credit is excellent.  It'll probably take a hit because of being 'maxed out' now on my Optima card, but it'll remain excellent.

I'll pay the remaining balance off after Christmas or transfer the balance to another card, I haven't decided.  Depends on how expensive Christmas ends up, I guess.

I know better than to 'deactivate' or turn off credit cards - that produces a bad hit - but I'll never do business with them again.  Even if they raise my limit.