I shared some information about the Amex shutdowns. No one seemed to know what was happening. People that had never done anything outside of their regular spending were caught up in it. More data points have come in and we have figured out the reason behind the Amex shutdowns.
The reader that first alert me to these issues reached out with good news. They were able to get their business accounts reopened after a lot of persistence. It took a lot of calls but they finally called in every few days. Some have been able to do it easily while others are still struggling. There are no personal accounts that have been restored yet. They have talked to people. Some had to pay a fee to get their accounts back.
There are details.
There was a Amex employee named Adam that had access to a 150K no lifetime language offer. It is my guess that he was a business banker. Everyone except Adam has a link. It's strange right?
He would give an offer you couldn't get anywhere else and people would come back to him.
It appears that people were selling access to Adam. Hopefully anyone that did that is called out for it.
Even people that had never had a Amex Business Platinum card before, and only signed up for one with Adam, got shutdown too. It seems over the top for people to try to get a better offer than the public one. It was offered by an Amex employee. They usually use a wide net when these things go down.
Final thoughts.
Relief will come from this. If you didn't apply for a credit card over the phone with Adam, you should be fine. I don't think it gets that far but it can often spread.
I'm not sure what to think of this. People applying through an Amex employee should not be punished for what the employee did. People that went back for more help probably knew the risks involved but they didn't use him to get a better offer.
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