American Express Gives you $300 to Cancel Your Account

Just think of all you can do with $300.  American Express is probably thinking you will pay off your balance faster with the extra $300 if you decide to take them up on their latest offer to certain cardholders.  The credit card company under attack from the bad economy and customers with job loses could be getting desperate to get some of its money back.

The offer from American Express is that they will give you $300 to pay off your entire balance between now and March 31st.  AMEX is calling this a promotional offer instead of a more blunt "account closure."  if you are like me you may have more than one cards with this card issuer and canceling one account may not be too bad of a thing.

The catch is that you have to pay off your balance or you will not get the $300 gift card.  I call this offer marketing at it’s best when it talks you into the gift card for pharmacy purchases, grocery, or virtually anywhere.  Do people need to be informed where to use a gift card?

Another catch may be that most of these prepaid cards have charges monthly and may expire.  Most likely, you probably won’t get an offer..  I am sure I won’t either.  I have three American Express cards.. one for Hilton, one for business purchases, and another for Starwood hotels for airline rewards.  If they want to pay me $300 – I’ll cancel one of them.