Cardholders Get Rude Surprise at the Register
Reassessing Risk, Issuers Quietly Cancel Accounts, And It's Perfectly Legal
By MARY PILON
WSJ
In March, Mary Horowitz was trying to pay for a birthday spa treatment when she learned that American Express had canceled her card.
The Durham, N.C., lawyer spent the afternoon on the phone with AmEx customer service. Representatives told her that her card was canceled and that a letter was on its way that would tell her more. Ms. Horowitz had received no advanced notification of the cancellation and had successfully used the card two weeks before.
"The spa was great," she says, "but it was a pitiful day."
A few days after the spa incident, she received a letter confirming that the issuer had cut her off because of information contained in her credit report. She checked her credit report, and it was clean except for a late car payment in December 2005, she says.
(Continued here.)
By MARY PILON
WSJ
In March, Mary Horowitz was trying to pay for a birthday spa treatment when she learned that American Express had canceled her card.
The Durham, N.C., lawyer spent the afternoon on the phone with AmEx customer service. Representatives told her that her card was canceled and that a letter was on its way that would tell her more. Ms. Horowitz had received no advanced notification of the cancellation and had successfully used the card two weeks before.
"The spa was great," she says, "but it was a pitiful day."
A few days after the spa incident, she received a letter confirming that the issuer had cut her off because of information contained in her credit report. She checked her credit report, and it was clean except for a late car payment in December 2005, she says.
(Continued here.)
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