American Express is considered one of the more elite credit and charge card issuers, with plenty of perks and benefits to draw member in (and not leave home without it). However, those who have defaulted on their AmEx cards also know that the bank doesn't always treat its members so well.
Dealing with American Express in bankruptcy can be difficult for many cardholders who want to keep their cards and benefits while discharging the debt.
American Express is known for canceling cards of members who file bankruptcy with lots of credit card debt, even if the card is not included in the discharge. Likewise, many cardholders are unable to receive a new AmEx account for many years after filing bankruptcy.
The average cardholder carriers more than $10,000 on their credit card accounts each month. With American Express accounting for nearly one-fourth of all credit card transactions in America each year, the company takes a lot of liability for its debtors.
In addition to interest on revolving debt, American Express regularly charges its cardholders fees, including monthly, annual and initiation fees. The high-end, invitation-only Centurion Card, also called the "black card", famously has a $5,000 joining fee, as well as a minimum annual usage of $250,000.
American Express typically requires a higher credit score for its new card members. However, even those with a great credit history can fall victim to unemployment, medical emergencies and other uncontrollable situations, leading to overspending and bankruptcy.
If you’re one of the millions of Americans who has accrued debt because of an American Express or other credit card, know there is help available.
You may feel buried under your debts, but the powerful force of bankruptcy may provide AmEx debt relief and help you get back on your feet.
By filing Chapter 7 "debt discharge" bankruptcy, you can work towards putting an end to unmanageable debts, calls from collection agencies, and endless stress.
If you are have defaulted on your American Express card considering filing for bankruptcy to discharge your debts, and are worried about losing your AmEx account, you can discuss your financial situation with a bankruptcy lawyer in your area.
Speak with a local bankruptcy attorney today. Simply fill out our free bankruptcy evaluation form or call toll-free 877-349-1309 to connect with a lawyer near you.