UNDATED (KTRE) - American Express has a new plan to rein in surging delinquencies. The credit card company is offering 300 dollars to a limited number of customers who pay off their balances and close their accounts. The company is contacting eligible members.
American Express said its annual net credit default rate is up more than a percent. It hit about 8.3 percent in January, up from 7.2 percent in December. Some rules do apply, though. The offer is only good for customers who've paid off their entire balances between March 1 and April 30.