They can shutdown your account at anytime they like. I would never consider banking with them.
We loath American Express. I've been a card member since 1987. When we opened a business Amex in 2009, we relied on using our business American Express card to buy inventory for our new business. Without notice and arbitrarily, AMEX called numerous times to inform us we no longer could charge on our biz card... the reason given was "we weren't an established business". We closed the account and have been running our successful business with a chase visa going on 8 years now. With my personal AMEX, the same thing has happened time and time again, without notice, AMEX calls and says I can no longer use my gold card despite that my credit report says I've always paid as agreed~ in other words, I always timely pay my AMEX card! In July of this year, I also noticed on my credit report AMEX stalks me and checks my report up to 6 times a month! That is unacceptable business practices, especially since I am a good, consistent, timely paying customer. I stopped using my card except for very small amounts. I will NEVER use it for more than just small amounts again. You lost my trust forever.
If you try to spend the entire balance you are rejected. They charge you a dollar for that. In fact they charge a dollar to check the balance so if you have a 100 dollar card you have to keep your purchase below 99 in order for it to be accepted. They can't be up front about taking that dollar from you, they have to cheat to get it. If they just stated they will not let you spend the last dollar and they planned to keep it I might just ignore that but they are dishonest.
I currently have this card and I have had to get it replaced 5 times. There are only one thing I like about this card. I get my paycheck early. That is it. In the begining using it at a tm was free but now I am being charged at every atm I use.
I am currently waiting on my 5th replacement card due to the fact that someone used it in Amsterdam which is weird because I had the card on my person as I tried to purchase groceries for my son and I. Long story short, as soon as I get it I will make sure my money is removed and I will close the card.
It's not worth the headache.
I applied for the American Express Green Card today.
With a new bonus of 20,000 points for $1,000 spent during the first three months and the added benefit of being apart of the AMEX Family made this card my must have! Super excited to get it! I was approved with a 649 EQ!!