Do you remember how frustrating he was? He was the cause of problems, putting the Robinson family in danger because of his greed, stupidity or fear. After the crisis passed, he would deflect blame and grab credit.
That is exactly the feeling I got last night when I saw an American Express ad forecasting a light at the end of the economic recession and the rebirth of a new and better small business economy. Clearly, their Dr Smith moment.
Reality is that American Express cut credit limits to small business owners in their moment of need. This not only limited available credit, it cause credit scores for many to drop and their cost of capital jump. In other words, Amex was part of small business’ problem, not a solution. When times were tough and the recession was scaring many business owners, Amex cut their risk and ran for cover. Owners were looking for small business loans and working capital while Amex was taking them away.
Now that things are looking brighter, they want to be a resource and a friend. Until when…?
I understand weakness and fear, we’ve all experienced that at one time or another. I understand Amex wanting to protect their balance sheet. What I do not tolerate well is Amex boldly proclaiming they are part of the solution now that the future looks brighter. I did not like it when I was a kid watching Lost in Space and I do not like it now when my business is on the line.
{ 1 comment… read it below or add one }
I had 2 of my Ames business accounts. 16K down to $3700. Ihave been in great standing for 15 years never late, then boom. I’m very angry with Amex. and will never use them again