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Free $300 Bonus For Closing Your American Express Credit Card

February 25th, 2009
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Free $300 Bonus For Closing Your American Express Credit CardBelieve it or not, American Express is offering some of its customers $300 to close their accounts. That’s right, I said close. I’ve heard of sign up bonuses, but I’ve never heard of a credit card company offering money for customers to leave.

According to American Express spokesperson Molly Faust letters have gone out to members with large account balances or little account activity. Basically Amex is giving the bonus to those that are in danger of defaulting on their credit card debt. Customers who have received the letter have the end of February to accept the offer and until the end of April to pay off their credit card balance. Once their balance is paid off American Express will then send them a $300 prepaid gift card.

You would think that American Express would use some sort of loophole rule to throw out the members it doesn’t like, but I guess not. This must be one of the most bizarre tactics I’ve heard a credit card company utilize.

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Money News

  • http://reason.com/archives/2010/12/01/congress-forces-millions-to-cu Congress Forces Millions to Cut Up Their Credit Cards – Reason Magazine

    [...] poor people and other risky borrowers), and hiking interest rates for others. American Express even offered $300 bonuses to customers willing to pay off their cards and close their accounts—a deal designed [...]

  • http://www.jjraymond.com jjray

    My how the worm has turned. Banks paying credit card customers to close their account. Who would have thunk it?

  • http://www.desertconservative.com/2010/12/10/political-digest-12112010-conservative/ POLITICAL DIGEST 12/11/2010 CONSERVATIVE at Desert Conservative

    [...] poor people and other risky borrowers), and hiking interest rates for others. American Express even offered $300 bonuses to customers willing to pay off their cards and close their accounts—a deal designed [...]

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