American Express CEO Kenneth I. Chenault Sells 48,000 Shares

May 29, 2007 Full story: Canadian Business Magazine 106

The chief executive of credit card issuer American Express Co. sold 48,000 shares of common stock, according to a Securities and Exchange Commission filing. via Canadian Business Magazine

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Mark

New Albany, OH

#45 Nov 12, 2008
Hello to all of you. Please allow me to tell you a short story and then you decide whether AMEX sucks. Here is the story: AMEX decides to offer a card called the "Delta Skypoints Card" for which you receive points that you can redeem for air travel when you use their card. I applied for and received this card about five years ago. I used the card for business travel and paid the card off IN FULL every month (actually several times a month) without fail and I thus never had to pay any interest on this card and was obviously never late for any payments. I amassed thousands of Delta Sky Points which I have yet to use. Last month I was shocked to discover American Express abruptly cancelled my card for no apparent reason. But I have other cards and good credit so it was not that big a deal--at least until I decided to redeem my Delta SkyMiles points. When I tried to redeem these points I discovered you can redeem them ONLY by using the AMEX card (that was just cancelled) to purchase my air travel and then AMEX would credit the appropriate dollar amount back to me based on my SkyPoints. Obviously you don't have to be a Harvard MBA to understand what AMEX did. They simply decided to steal all of my SkyPoints since this reflected a liability on their balance sheets they did not want to disclose to their shareholders. Furthermore, based on an article I read in the Wall Street Journal about two weeks after my card was "cancelled", AMEX did this to literally thousands of other Delta SkyPoints card holders. Make not mistake. This was not a computer glitch. This was not a "faceless corporate decision". This ultimately can be traced to human beings who decided to steal from their customers in order to improve their balance sheets. So let me ask you this, if you were a Delta SkyPoints credit card holder and this happened to you how would you answer the question "Does AMEX/Ken Chenault suck?
Mark

New Albany, OH

#46 Nov 12, 2008
Hello to all of you. Please allow me to tell you a short story and then you decide whether AMEX sucks. Here is the story: AMEX decides to offer a card called the "Delta Skypoints Card" for which you receive points that you can redeem for air travel when you use their card. I applied for and received this card about five years ago. I used the card for business travel and paid the card off IN FULL every month (actually several times a month) without fail and I thus never had to pay any interest on this card and was obviously never late for any payments. I amassed thousands of Delta Sky Points which I have yet to use. Last month I was shocked to discover American Express abruptly cancelled my card for no apparent reason. But I have other cards and good credit so it was not that big a deal--at least until I decided to redeem my Delta SkyMiles points. When I tried to redeem these points I discovered you can redeem them ONLY by using the AMEX card (that was just cancelled) to purchase my air travel and then AMEX would credit the appropriate dollar amount back to me based on my SkyPoints. Obviously you don't have to be a Harvard MBA to understand what AMEX did. They simply decided to steal all of my SkyPoints since this reflected a liability on their balance sheets they did not want to disclose to their shareholders. Furthermore, based on an article I read in the Wall Street Journal about two weeks after my card was "cancelled", AMEX did this to literally thousands of other Delta SkyPoints card holders. Make not mistake. This was not a computer glitch. This was not a "faceless corporate decision". This ultimately can be traced to human beings who decided to steal from their customers in order to improve their balance sheets. So let me ask you this, if you were a Delta SkyPoints credit card holder and this happened to you how would you answer the question "Does AMEX/Ken Chenault suck?
Super Dave wrote:
does a single person here ragging on amex ever stop to think about the main point of having a credit card? YOU'RE BORROWING MONEY!
i'm pretty sure they're not legally obligated to lend you whatever you think is fair. i think they lend what they feel comfortable with.
as for you and your flex pay complaint, what are you upset about? if you need to revolve a balance, why do it on a charge card when you're getting drilled with interest? and don't run around saying you're a 'cash cow' for american express. you carry a flex balance as opposed to putting it on a card with a line of credit for one of two reasons....either you're foolish, or you're not able to get a credit card with amex.
the economy is in a bad way right now, of course companies are gonna tighten the reins. don't depend on credit, and don't think of yourself as a customer -- you're a borrower. that's all.
chicken farmer

Gainesville, TX

#47 Nov 12, 2008
well folks I quit useing credit cards years ago. best move I ever made. Saved myself a ton of money on interest and don't have to worry about card theft. it find lots of bargaings for cash on the barrel head. ought to try it sometime instead of paying inerest on the use of your money. you can also save money at stores using their cards temporily on the stores no interest plans of 12 to 24 months no interest payments.ido it then cut the card up. no sense using credit cards, they are out to screw their customers with fees and interest. I also use a post hole for a band deposit vault. they don't go broke. guess i will go out to the and do chores and then take my jackass ,1 eyed rooster and his wife the hen for a ride. byby HELL YOU PEOPLE ARE FOOLS TO PAY TO USE CARDS AND GIVE ALL THAT MONEY AWAY IN INTEREST. BYBYBY
chicken farmer

Gainesville, TX

#48 Nov 12, 2008
HECK FOLKS I FORGOT TO TELL ABOUT MY 3 EYED GUIENEA I HAVE he likes to go riding to. so i guess I will let him go riding to . be kinda crowded on the back of that jackass of mine byby
LSM

United States

#49 Nov 17, 2008
I know what you mean...I've been paying Amex Gold in full almost every month. Then I decided to spend more than usual for special reasons. Because I was informed that Amex offers flex pay just like Visa and M/C...I was informed that Amex was asked by the government to cancel this feature and I now have to pay amount in full. Then I received letter in the mail stating that my flex pay was denied due to credit incquiries and other factors. I checked my credit report and Amex did not make any inquiries to my credit report. What is the truth?
19 Year AMEXer wrote:
I got a letter last night informing me that after almost two decades, they were suspending my flex-pay portion of my green card. No warning, no hearing, no appeals. I carry a rather hefty flex balance but I pay every month, on time, and have for years and years. I'm a cash cow for them, you would think. Reliable fee and interest payments. But nope. Apparently, I haven't paid well enough. They want to see a balance go up and down, not up for consecutive months. So now I have to come up with 15,000 or they may take away my whole card. I know cards are bad news with interest and all, but I was playing by the rules and they changed the game, midway through. Glad Congress is passing a credit card reform act.
Wade

United States

#50 Nov 18, 2008
I just got the same crap from AMEX concerning flex pay and the letter blaming it on me. 25 years, green, gold, platinum, optima, blue for business during various times. All fine over the years, never a problem, only gold open now, FICO of 799.
I don't care if they need to do this across the board because of the economy (which they said on the phone) but the BS letter they sent with 9 different reasons about my personal credit that could have caused this was just insulting and stupid. They should just own up to the fact that they're in trouble instead of trying to foist it off on their customers. I'm dumping them for stupidity; doesn't do for me anything that another card won't do since it's just my expense account card.
But really a disappointment the way they handled this; I've always been appreciative of how they handled my accounts over the years. Again, a really stupid marketing plan.
Yooper

Oconomowoc, WI

#51 Nov 21, 2008
Wow... what a travesty.. and blatant abuse of power. Thank you all, for your research.
Clueless Morgan

Cleveland, OH

#52 Dec 2, 2008
Same thing as with other posters.....my credit score in June was 722, in September AMEX upped my credit limit to 14,800, November 15th they locked my credit account, and after 40 minutes on hold I had no explanation. On Monday I called back to inquire and was informed that my credit limit would be cut to $150 over my balance of 1,578. AMEX of course cited "negative public recording information" "too high balances" and other vague factors about my personal credit score to justify the cut. I pulled my credit report, discovered no such negative reporting and also discovered that since June my credit score has moved UP to 729 using the same reporting agency. Called AMEX back and am still waiting for an explanation - none of their reps can even come close. I am also still awaiting written confirmation of the credit limit change that took effect more than two weeks ago. I know they have no obligation to provide credit, but this is atrocious customer service and I'm sorry but folks in financial service industries should not be allowed to blatantly lie to you the way that AMEX is clearly doing. I'm paying off this card next month and filing complaints with every reporting and tracking agency I can find. Please, those of you with similar complaints do the same. A previous posted hit the nail on the head: they are trying to transfer liabilities off their books in anticipation of becoming a BHC and to reduce possible liability exposure by cutting credit lines and limits. This crap that they are pulling now needs to go on record, particularly since they are seeking so much in federal funds. What are they planning to use it on? Obviously not to continue issuing credit to consumers and small businesses.....No funding for AMEX!
Yooper

Oconomowoc, WI

#53 Dec 2, 2008
Greetings, as a follow-up, I am shocked to report that I just received a phone call from AMEX Chief Credit Officer, and they have addressed my issue (to the positive). Thanks to all of you for the correct email address to Mr Chanault (CEO)... they got the message. If anyone is needing this information, do not hesitate to conatact me at komega19@yahoo.com

Have a great evening!
Aria Mashburn

Phoenix, AZ

#54 Dec 3, 2008
AS NYC wrote:
I have found Amex to do some "creative billing" on their statements when you have a dispute, they say they suspend the charges while in dispute but in fact they simply spin them to another portion of the balance due. And then decline the dispute because their stock is sliding!
Misleading and sneaky...use CASH...merchants will usually give you a nice discount for it if you ask!
FIGHT BACK...USE CASH...TAKE THE PLASTIC OUT OF YOUR WALLET!


I have had a TERRIBLE experience with AM EX and plan to write to Kenneth Chenault also........I have been a member for 26 YEARS - and about a year ago they offered me the "flexible payment" feature where I didn't have to pay off a purchase over $100 at one time, but could do it in installments. One weekend my computer went out, so I put $600 in charges on my "flexible payment" card, only to get a letter from them about 4-5 days later saying they were discontinuing this feature! No grace period whatsoever....so I called them immediately explaining the situation. They made a promise to me (since I had been such a loyal and paying-on-time-customer) that they would put these items back on the flexible plan. NOT!!! When I got my bill, there it was in plain English....due and payable NOW,$600.00. When I called them, they had the audacity to tell me that in the year's time I had been using the flexible billing plan that, although I had never missed a payment or been late - I had never paid the balance off. Well....1)that was the first time I had ever heard that I needed to do that, and 2) I happen to sell real estate for a living and - guess what???!!! We've been in a recession for the past (almost) two years! I guess 25 years of loyalty to a company makes no difference to them whatsoever........plus paying on time doesn't either! What dirt bags!!!! After I get this paid off - and I will - I WILL CANCEL MY MEMBERSHIP with them immediately!!!
John

Draper, UT

#55 Dec 4, 2008
This is all disappointing to read, although I think several of the examples here are leaving quite a bit unsaid that probably mitigates things in AMEX's favor. As for my issue with them, it's really just their "bill pay" service. It should be called "AMEX 3rd Party Auto-Pay Enrollment System". I setup my DirecTV and 2 Sprint accounts on there. The bad features are:

- You don't actually get a bill like many bank bill pay systems.
- Since you don't see any bill, it just automatically pays whatever the company deems is your balance (which is normally fine, I just like the control in case Sprint screws something up).
- You cannot cancel the bill pay's through AMEX. You have to request each Payee to cancel the bill pay (it essentially logs into the Payee's site and sets up their own auto-pay feature to use your AMEX info).
- Even after deactivating (won't let me actually delete the Payees), the charges will still go (see point above).
- I have been unable to delete Payee's from the system.

It's gotten me so frustrated since I had deactivated those payees and ended up paying twice (once on the AMEX, once through my bank) since I figured "deactivating" (again, since it wouldn't let me delete) would stop the payments through it.

I hope they work through these issues but my wife and I have already discussed dropping the AMEX (spend an average of $20,000/year on it) after Dec. 31 and cancelling it after we get our Costco rewards in Feb.

I still don't get why anyone would carry a balance on am AMEX card. That seems insane.
ms goodluck

Jacksonville, FL

#56 Dec 5, 2008
eveything you guys say about american express is true and for the amex employees with your comments on amex don't suck lets see what you say when you fired" because you only protecting them because you work for them when they let you go lets see you give us people the info we asking for like kenneth chenault e-mail address don't worry people amex employees crack" when they fired.
agent1

Concord, CA

#57 Dec 7, 2008
Amexrocks wrote:
Let's set the record straight. American Express DOESN'T SUCK! First off we don't lower your credit or cancel your cards for no reason. There is always a reason why. <TRUE: you do it to, among other reasons, lessen your liability; see the lucky member on this page who had about 394,000 points "deleted" because he had the tumerity to ask to use them.>
How about you people <Don't you love service providers, vendors as it were, referring to the very reason they have a job as "you people"?>
take into fact your credit scores. <Actually AMEX help lower mine by making repeateded inquiries; thank you AMEX, you rock.>
Just because you have paid us on time for years. Doesn't mean your external credit won't effect it. <Just because you've been total suckers and paid us on time don't think for one minute we will respect that one bit. Who needs good customers, right?> Also how much debit you have to other creditors ? So before you say we did this for no reason try getting a copy of your credit report. <Actually check your credit report if you're one of the upcoming 7,000 ex-AMEX people. I'm sure there's lots of openings for flinty eyed money changers like yourself out there. Oh yeah, it's a freakin' recession, gosh , shucks, sorry but they are promising extended benefits. Maybe a few months of looking for your unemployment check in the mail will soften your coal nugget of a heart and you'll understand what loyalty or rather a lack thereof really means. And remember it's just business nothing personal, sorry for any inconvenience and have a really super AMEX day.>
See the <comments> above.
BS they wont they did

Berkeley, CA

#58 Dec 11, 2008
ChickenFriedChrist wrote:
"I am very unhappy with AMX after over 10 years of using american express and using their merchant card in our business. They out of the blue cancelled without explination all 3 of my AMX card."
I'm wondering what part of that story you left out. Credit card companies won't cancel accounts out of the blue for no reason at all. Regardless of being on time all the time (which is basically the main term of the agreement when a credit card company LENDS YOU MONEY), there may have been other factors. Overall creditworthiness is looked at, or you may have violated your cardmember agreement.
Either way, I sincerely doubt it was a random act. Give the full story, or keep it to yourself.
Excuse me are you a complete fool! I had exceelnt credit until 4 days ago, when yes,(no pun intended) out of the BLUE I received a letter rahter an email from American Express, who has always considered me a valued cuomer since 1988 and I have never, ever missed or was late with a payment on both Blue & Gold cards I cary, and I have spent a lifetime building my credit so that I could keep my exceelent credit worthy status to insure I would be able to finace a home if need be, or a car, or whatever I may need... Since the "Bail Out" and they got "big bucks" to enable those with less than stellar credit, and get things moving, they attacked those that did have exemplary credit for absolutley no reason at all... I am a victim now and my vreedit score will be nothing by next months when the credit reporting agencies display that I am now maxe out b/c they dropped my limit to what I owed and then advised me that the Gold card benifits were supended and I never asked for those benefits nor asked for a credit increase... They offered those things to me for being a valued customer.. Now I feel since they pretty much ruined my credit rating in one fell swoop for no reson, they can shove it! I will just not pay them one more dime... Why should I care about my cridit now that they made it worthless! Good point don' ya think? And I am not leaving anything out PERIOD! Just stating the facts, and they can just go down the drain for what they are doing to good people who are on this forum and others will be next maybe even you.. Mr. Ken Chenault is one of the top high paid CEO's according to Forbes, and gets 50 Mil+ to be so ruthless! Take that to your self rightous bank... You probaly are his employee or a good freind or maybe even Ken himself trying to make others look bad for what he has done, and it is criminal as far as I am concerned!
Max Wax

Charlotte, NC

#59 Dec 12, 2008
Yooper, What did they tell you? I sent that bozo a letter also and he had his asst. send me a letter. She worded it like she was a politician. It more or less said nothing worth reading. Then yesterday they told me the "flexible payment" was a privilege. It is no privilege to pay them 18% interest.
I will be paying them off next week, in full, and will no longer use their so called "services".
I wish them to go broke like thousands of other companies.
AMEX Printer

Bronx, NY

#60 Dec 15, 2008
Vince

United States

#61 Dec 15, 2008
I haven't had a reduction yet, but it seems that they are full of s***. I applied for a limit increase (maybe not the smartest thing to do, I don't know) and was denied because my credit score was to low. I know my credit score. I subscribe to score watch. When I called to question them about it, the only thing they could say was, "It's based on your credit report". I contacted Ken Chenault a few days ago and got a call from a lady I assume was his "secretary". She tried to smooth things over with me and offered many apologies (there have been many issue with this card during the time I've had it) but kept insisting my score was to low for an increase. Meanwhile, my discover card increased my limit by the same amount as the limit in my amex and my mastercard increased my limit by half as much as the limit in my amex. No negative effects other than p*ssing me off, but it does convince me more that they are trying to get out of the credit card business.
James of PV Az

Scottsdale, AZ

#62 Jan 3, 2009
After 30+ years with AMEX I was slighted by customer service, lied to, was given absolutely false information and was treated very rudely by an AMEX agent, my account generates high monthly volume in the 10 to 20K per month for travel and related items and they have lost both my personal and corporate business as a result. I have written to K.I. Chenault and will wait to see who runs interference for him at corporate, these people could care less about customers even in these troubled times for AMEX financially. It is time to get someone to to correct customer relations.
the 411

El Mirage, AZ

#63 Jan 3, 2009
Guys I hate to tell you all this but AMEX is not the only company lowering credit limits, cancelling programs, readjusting apr, etc etc etc. So let me point out a little information for you.
1. those of you who had your credit lines lowered becuase of "public negatives on your credit" what the analyst can't tell you is that "due to the rate of forclosures in your area you pose a risk to us so we are lowering your credit"

2. do you really think Ken Chenault gives 2 shakes about your complaints when he does give a rats ass about the US employees he canned to send they jobs overseas, he still got his 2 million dollar bonus this year.

3. Whether you like it or not the economy is the main reason why you are getting letters and your "perfect" credit is affected

4. The flex pay option, business line of credit and skymiles card all were crap products with useless points.

5. the letters you all recieved are called FORM LETTER, you push a little button on the computer and it does the research and poof a letter is sent.

6. The CS rep you are talking to on the line is more worried about keeping his or her job (if in the US) and meeting the stupid stats placed on them than trying to help.

7. let's be honest those of you who say you have great credit may be missing something, because credit companies just do not look at the score anymore. you could have a 750 credit score however if you have too many inquiries on the report that is a ding, too many credit lines (regardless of standings) that's a ding. oh here one the demographic of where you live, could be a ding.

9. if your are going to write to Ken or Al Kelley why don't you tell them that thery are stupid for cutting US jobs and that INDIA should be closed cause guess what this in lies the main issue.

8. last but not least use cash or debit it will save you in the long run. Small business owners I understand that cash is not alway on hand and floating is neccessary but in these economic times don't think CItibank, Discover, or Capital one are not doing that same thing as AMEX. Hell everyone is trying to save fave.
the 411

El Mirage, AZ

#64 Jan 3, 2009
sorry meant to put 9 after 8

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