"Important changes" to my American Express cardmember agreement.

[TNDemo]

The last page of my last statement says this: "You agree that we will obtain credit reports about you, investigate your ability to pay, and obtain information about you from other sources. And you agree that we will use such information for any purposes, subject to applicable law. You agree that we will give information about the account to credit reporting agencies. We will tell a credit reporting agency if you fail to comply with any term of this agreement. This may have a negative impact on your credit report."

What is this code for? I am wondering how different this is from what has been standard to this point. It makes my want to close the account but maybe they are all this evil.

[graham4anything]

1. Every company does that. They are lending you money under their terms

and do wish to be paid as agreed upon.

If I were lending money, I would want to know that stuff.
Especially as one using a c/c puts up zero collateral as in every other type of loan.

Normally these days you have to have collateral before a card is given.
Amex used to be the easiest one to get.
Probably they have been getting ripped off the most

[Egalitarian Thug]

2. In short, "You take our money, we own your ass" n/t

[L0oniX]

3. Nothing to see here ...normal operations. n/t

[TNDemo]

4. I have had this card for years.

I was just wondering what changed with the agreement.

[dixiegrrrrl]

5. Can you compare it to your previous card agreements?

[winter is coming]

6. My guess (and it is a guess).

If you miss a payment (or repeatedly pay late), they want to check your credit to see if you're in financial trouble. If they decide you're a bad risk, they'll jack your APR.

[1StrongBlackMan]

7. I frequently fantasize that ...

I will submit a $1.00 payment to my C/C company ... the one I still haven't closed and have an outstanding balance on ... with a note on the memo line, stating:

Subject to the attached conditions."

Then I attach the following:

By accepting, cashing, depositing and/or negotiating this payment, you agree to, and are bound to the following conditions:

1) The payment serves as full satisfaction of any and all amounts owed to you, currently and anytime in the future;
2) Should you contest this agreement, you agree to pay 1StrongBlackMan the sum certain of $100,000,000 plus any and all fees incurred by 1StrongBlackMan in defense of this agreement;
3) Should you opt to cancel the instant credit account, you agree to pay to 1StrongBlackMan the sum certain of $10,000,000.

I think it fair, since C/C companies routinely, and uni-laterally, change the terms of the contract, with the borrowers only recourse being the borrower stop using the account, that the/a borrower attempt the same thing.

Oh ... and I would rint out the conditions in the smallest font possible.

[AndyA]

8. Just leave home without it

Why pay for the "privilege" of having an AMEX card? Really, it's ridiculous.

The benefits of membership are questionable at best, as most people don't use them. For some, it may be worth it but I cancelled my membership years ago. They keep bumping you up from the regular card to the gold card, then to the platinum card, then to the black card or whatever, each with an increase in annual fees, just to have the card.

Ridiculous. It's a rip-off. You don't get better service paying for things with an AMEX card, and that money could be better spent elsewhere.

[woofless]

9. One word answer.

Costco.

[AndyA]

10. Costco isn't everywhere.

Helpful to some, but not all. Other cards offer cash back on purchases that can be spent anywhere, with no membership fees.

[TNDemo]

11. I love 1strongblackman's idea.

I don't pay an annual fee for the Amex. When that happens it will be closed. I do get the blue cash rewards and today called and told them to add that $225 to my account. It's paid off every month. I just thought that new policy sounded more ominous than usual, especially how it will ding your credit if you refuse any of their terms. But thanks for your thoughts.