Usually when its too good to be true, it is generally not true. But in this case, it is very much true. American Express is so sick of customers who belong to the high risk category that it is paying them money to close their accounts and go away. And the amount it is giving each customer? $300. Not bad.
Why not just close the account and re-open it sometime later. This way you end up making money on arbitrage.
Basically the company is really battered with the credit crisis and just like the housing bubble and mortgage crisis, many think that credit crisis to be the next to go belly up. To cut its losses and get away from that scenario, American Express came up with that idea.
Even I am using an American Express card and will I try to use this approach to benefit myself with 300 dollars? I don’t think so, I don’t have the time to run after the company and close it and then open it again.
AMEX Paying Customers $300 To Cancel