American Express sucks ass in my opinion. The following reasons are based on a true story, I won’t go into details, but suffice it to say that American Express is being run by dumb asses.
1. When someone requests a business account be opened online – Visa calls the requester to verify their information, American Express doesn’t.
2. When it’s found out that the requester didn’t really request a business account – Visa closes the request and life goes on, American Express doesn’t — they just mail off the card (to a vacant house).
3. Fast forward 2 years. Innocent identity theft victim finds out that she now owes $20,000 for a card she never requested when American Express collections finally contacts her about the “unpaid bill”
4. Innocent identity theft victim, very confused, explains that she never opened an account with American Express and she has no idea what they’re talking about, then files police report.
5. Victim finds out who stole her identity (a man) and brings it to the attention of American Express. She also gets a lawyer to fight the lawsuit American Express brings against her for the $20,000
6. Lawyer requests proof that victim requested this card and ran up a $20,000 tab on things like hotel stays at the Holiday Inn two blocks from her own home, video rentals, and other high end doodads.
7. American Express cannot come up with any proof because the account was requested online and they sent the credit card to a vacant house (classic signs of identity theft…) and had they done a little research, they would have known victim didn’t request any line of credit from them.
8. American Exress’ case is dropped by 3 (yes, three) lawyers because they essentially had no case and judge dismisses case (without prejudice — I’m thinking the judge was bought off, but that’s just my opinion). So if American Express can somehow manifest some proof in the next 5 years, they can refile. Update: at least some other judge somewhere out there had a little more sense and dismissed it with prejudice three months later, so American Express cannot refile or try to claim any of the money, and as such – they are even bigger asses for reason 9 & 10.
9. American Express is keeping this item open on victim’s credit so it will not drop off in a reasonable amount of time. Sure, this item would only stay on her credit for 5 years under normal circumstances, however, it’s 5 years from date of last activity – if American Express keeps reporting it as “open” then the activity never really stops.
10. American Express still has collectors harassing the innocent victim and her otherwise spotless credit has a huge $20,000 blemish on it because American Express was a dumb ass.
Like I said, my opinion of why I would go with Visa over American Express any day…