Why have they stopped issuing credit cards? Even Foo Kas! (a right bunch a foo kahs they are IMHO)
No cards at all. I mean I can’t even get a supplementary card for my missus. The official AMEX line is that “Everything is OK we’ve just decided to stop issuing cards, even supplementary cards to existing cardholders.”
Everything is clearly not OK. Anyone know anyone at Amex or have any insight into this shockingly poor treatment of Taiwanese AMEX cardholders?
You wouldn’t get away with this malarky anywhere else. I wouldn’t blame AMEX cardholders if they all turned in their cards and told AMEX to get stuffed.
But I want an Amex card for various reasons. But not a Taiwanese one. Because Taiwanese Amex cards are pretty much worthless now given the way Amex treats its cardholders.
Anyway. Not a rant but a request for info. Am I being lied to? I got this from the “Head of Customer Service”.
Everything is not okay. My friend works at Amex in Taipei. They are laying-off people from their credit card department. Other departments like travelers checks and banking is okay. I hear the reason for this is because of the governments policy to prohibit foreign and even domestic credit issuers the right to foreclose or take legal action against people in debt to credit card companies. This situation has caused Amex to have enormous losses. Another reason is that the credit card business is too competitive. Amex just cannot offer some of the benefits that the local credit card issuers can.
To answer your question: Yes, you are being lied to. They are not okay. My friend says that Amex will probably pull out of the credit card field for good.
That’s gotta be good news right there Hexuan, it being Friday night and all. But don’t go too ballistic just yet, I hope to be heading back for a weekend soon, let’s share your spoils.
I became very suspicious when they wouldn’t let me get a card on my account for my wife. That is bonkers. Talk about alarm bells. Well, you know it just goes to show you… er… something.
Thanks for your response Motorcyclerider. Exactly as I suspected. I feel kind of guilty now for ranting down the phone at the credit card dept who are all in danger of losing their jobs. Poor bastards.
I suspect after they’ve provided for their bad debts (they’re running 390% loan coverage on about NT$6bn loans as of Sept 05, the last period I have data for, so I guess they’re preparing a bit write-off) they’ll service the existing accounts and perhaps I can continue to hold my card. If not then I’ll be cardless again. Oh well. Perhaps all for the better. But I did kind of want to be in good standing with at least one foreign financial institution before I left Taiwan, but anyway. Whatever.
Well, I got a letter today telling me that my credit limit has been reduced to NT$36,100 from NT$100k, making the card effectively worthless. The number happens to be 10% above my current balance, and I was wondering if everyone’s getting a letter like this prior to the business being run down. Amex tell me all card holders are getting a letter like this, but seeing as Amex Taiwan would tell you a black crow was white, has anyone else received a letter like this in the post? :loco:
Not so good on the old Interweb either. I tried to buy something the other day with what’s left of my American Express card. No chance. They all want MasterCard or VISA. So I have just had a huge lunch of humble pie asking Chinatrust to ressurect my VISA and MasterCard after I told them basically to stick their poxy credit cards up their collective arsehole because I was going to use my AMEX card exclusively. Ha! :nyah:
My AMEX is from a US based bank. I have received no notices. I use it solely for business expenses. Interesting to see what happens.
Date on card is “member since 11/71.” They hate me…heh heh heh.
Love the Platinum catalogue though.
The United Daily News has the title “Amex stops issuing new cards” on its frontpage.
The report says Amex is promising that existing cardholders can renew their card without problem, but that many holders complained that a week ago they received a letter cutting their limit from 500,000 NT to 25,000. Amex’s reply to those complaints is that the company has the right to do so under existing rules, but the financial regulatory authority says cardholders should get two months advance notice of such a change.
Amex says the US hq has sent people over to investigate the situation, and in the future they might decide to issue cards again. The report says the problems lie with about 100,000 credit cards for which customers don’t have a pay an annual fee for the first year.
Maybe the press reads Forumosa? Jeepers they are slow! :loco: The Economic Daily News only printed the story today! I knew I should have sold that story when I was first told they had stopped issuing cards. In December last year!!! :s
Amex is however, screwing its good customers to pay for its inability to identify the bad ones. The good customers will say “bugger this” and stop doing business with Amex. Amex’s brand image will dive. They have squandered an excellent snob-value card in the Amex Gold Card and the nigh net worth customers won’t come back, and will think twice about opening corporate accounts. This is from a company with over 50 years’ experience of issuing cards. HSBC, Citibank, and Chartered must be laughing their socks off.
I wonder if this action is in regard to the “new” type Amex card that came on the scene a few years ago?
It was a more comon “credit card” type card. I know in the USA it was brought out to increase the demographic reach of AMEX cards.
Originally AMEX cards were designed for business person and businesses who woud pay the balance each month and not carry a balance forward. This was the business model of the American Express Card. Their new card was quite a new venture for them.
Maybe they just over-extended their distribution, acepted too many bad risks and are trying to cut their losses here.
I got my letter a couple of days back and my credit limit was reduced from NT$140K to NT$45K. However, another friend of mine have yet to receive this notification. According to AMEX the reduction in the credit limit was already implemented on Feb 1. Takes the company 20+ days to notify their customers AFTER the fact. It’s a mess, total total mess.
I sent a “What the hell is going on?” fax to HQ in New York, and Amex Taiwan rang me up apologising and put my credit limit back to normal, and agreed to allow my wife to apply for a seconary card on my account. I suspect therefore Amex Taiwan is run by muppets, and after they’ve all been fired, things will go back to normal. I mean I was always quite happy with Amex before this. I wonder how many high net-worth Taiwanese customers they’ve lost?
Moral of story? The meek gets trampled and those who bitch, complain, whine gets their way. At least you guys care enough to bitch about it. Imagine all the 99% of their customers who couldn’t care less and just let the card expire a natural death. Probably this is also a exercise by AMEX to get rid of customers they didn’t want. I’ll just use my other credit cards, I don’t appreciate being treated this way and will simply bring my business elsewehere.
Moral of story? The meek gets trampled and those who bitch, complain, whine gets their way. At least you guys care enough to bitch about it. Imagine all the 99% of their customers who couldn’t care less and just let the card expire a natural death. Probably this is also a exercise by AMEX to get rid of customers they didn’t want. I’ll just use my other credit cards, I don’t appreciate being treated this way and will simply bring my business elsewehere.[/quote]
Yeah, that’s what I figure most people did. However, as a foreigner, I had the (probably mad) idea that I could build up some good credit history with Amex and take it to HK (for example) if I go to China/HK and apply for a card there. This is because I know I won’t be able to keep a bank account and cards in Taiwan after my ARC expires. But looking at the way AMEX operates I’d rather just open an offshore or HK bank account if necessary and work that way.
On reflection, I wouldn’t pay NT$3,000 for an Amex gold card. Not worth it. The only thing you get is 90 day purchase protection. No lounge access or nuffing. I’m applying for a Fubon Asia Miles card which has Priority Pass and gives you Asia Miles. I have worked out that if I buy twelve Mercedes SL500s with this I can get a free one-way economy class ticket to Manila. Now that’s what I call a deal.
I had a very bad experience with Amex. I knew they were in trouble, but didn’t realize they were reducing everyone’s credit limits as well. I found that out the hard way when I tried to pay for medical services while at a hospital in Bangkok. They sent the letter out while I was on vacation there.
The card wouldn’t go through and I had to call them from the BKK hospital and they REFUSED to clear it so I could pay my US$150 bill. I did not have enough cash on me. I even called Amex before I went to Thailand and told I would be using the card. I reiterated to the rep that I was at the hospital and would pay everything in full and be good and never use the credit card or exceed the paltry reduced limit, and they still refused to let it go through. Needless to say, I was livid.
When I got back, I called Amex to ask what the hell they thought they were doing. They said they would have never blocked the card if I was at the hospital–thanks, assholes, that’s exactly what you did. They paid for my call to TPE and apologized. Bye, bye AMEX.
[quote=“Flicka”]I had a very bad experience with Amex. I knew they were in trouble, but didn’t realize they were reducing everyone’s credit limits as well. I found that out the hard way when I tried to pay for medical services while at a hospital in Bangkok. They sent the letter out while I was on vacation there.
The card wouldn’t go through and I had to call them from the BKK hospital and they REFUSED to clear it so I could pay my US$150 bill. I did not have enough cash on me. I even called Amex before I went to Thailand and told I would be using the card. I reiterated to the rep that I was at the hospital and would pay everything in full and be good and never use the credit card or exceed the paltry reduced limit, and they still refused to let it go through. Needless to say, I was livid.
When I got back, I called Amex to ask what the hell they thought they were doing. They said they would have never blocked the card if I was at the hospital–thanks, assholes, that’s exactly what you did. They paid for my call to TPE and apologized. Bye, bye AMEX.[/quote]
You want to write a steaming letter to Amex New York. And the Apple Daily.
[quote=“hexuan”][quote=“Flicka”]I had a very bad experience with Amex. I knew they were in trouble, but didn’t realize they were reducing everyone’s credit limits as well. I found that out the hard way when I tried to pay for medical services while at a hospital in Bangkok. They sent the letter out while I was on vacation there.
The card wouldn’t go through and I had to call them from the BKK hospital and they REFUSED to clear it so I could pay my US$150 bill. I did not have enough cash on me. I even called Amex before I went to Thailand and told I would be using the card. I reiterated to the rep that I was at the hospital and would pay everything in full and be good and never use the credit card or exceed the paltry reduced limit, and they still refused to let it go through. Needless to say, I was livid.
When I got back, I called Amex to ask what the hell they thought they were doing. They said they would have never blocked the card if I was at the hospital–thanks, assholes, that’s exactly what you did. They paid for my call to TPE and apologized. Bye, bye AMEX.[/quote]
You want to write a steaming letter to Amex New York. And the Apple Daily.[/quote]
I just might do that. I am taking your cue, BTW, and applying the the A-Miles card. I already have another Fubon visa and have been pretty happy with their service. They’ve also got English hotline support, for those who need it.
I just got a letter from AMEX today to say that my credit limit has been revised upwards to NT$133,00 after it was reduced to NT$45,000. So, AMEX not yet quite gonna go bust yet here…
