American Express (AmEx) Pauses All New Card Applications 🚨🚨

[coolguy1]

Seems like AmEx wants to pause and look back into what they've been doing.
They're pausing all new applications for the time being, probably for the next few months under the reason 'strategic business transformations'.



This does not affect current users but only the new applications.

They've been getting dragged for a decline in their quality of customer support, lack of new offers and the overall card value going down.
Do you think they will introspect all of it and come back even better and stronger?

 

[praful47]

I

I hope they launch banking, it would sure be a breath of fresh air.

With metal debit card

 

[JAM]

I

I hope they launch banking, it would sure be a breath of fresh air.

Our governments have worked very hard to push the foreign banks out.
Citi,RBS,HSBC, StanC used to be the go to in the 90s look at them now.

 

[VasukiVasuki is verified member.]

Our governments have worked very hard to push the foreign banks out.
Citi,RBS,HSBC, StanC used to be the go to in the 90s look at them now.

Its the compliance

We aren't Switzerland

 

[Bionick]

Banks like Citi, RBS, Barclays, SCB aren't doing well in consumer banking services anywhere. Most of them shrunk their global footprint after 2008 financial doom.

 

[DarthBrooks]

Our governments have worked very hard to push the foreign banks out.
Citi,RBS,HSBC, StanC used to be the go to in the 90s look at them now

That's true but they turned corporate providers in India, since IT boom they tied up with MNCs and milking that, since customers have different priorities in India.

 

[BestBankerBestBanker is verified member.]

Couple of "Ye nahi kiya to kya kiya" expected features for this long gap -

1. 0 forex for all cards
2. Acceptance of new customers pan india.

no . .

 

[praful47]

no . .

Akhir amex kar kya rahe hai ..
Kuch to hint batao ?

 

[kunal05]

Akhir amex kar kya rahe hai ..
Kuch to hint batao ?

In some threads here / reddit / Youtube, I read that AMEX were violating lot of financial compliances required by RBI.

If they had not stopped issuing cards on their own, they would have anyways be banned by RBI (like Kotak).

So stopping it by self prevents some of the reputational damage.

 

[praful47]

In some threads here / reddit / Youtube, I read that AMEX were violating lot of financial compliances required by RBI.

If they had not stopped issuing cards on their own, they would have anyways be banned by RBI (like Kotak).

So stopping it by self prevents some of the reputational damage.

Limited locations pe available hai usme bhi compliance ki dikkat ..

Acceptability badha de aur mdr kam karde to customers badh jayenge

 

[Bionick]

I guess the issuance of the cards without income documents based on existing relationship and reputation or credit report is going away for good. Also, we might see a limitation on number of times one can apply for a particular card or a cooling period between 2 cards of the same category in order to avail welcome benefits. Rumours are they have started hiring third party agencies for card sourcing operations and chat based customer support has been outsourced to Concentrix (although I am not sure whether it was always like that or its a new development). Do not expect US like overhaul to Plat and Gold Charge cards.

 

[BVCBVC is verified member.]

I guess the issuance of the cards without income documents based on existing relationship and reputation or credit report is going away for good. Also, we might see a limitation on number of times one can apply for a particular card and a cooling period between 2 cards of the same category in order to avail welcome benefits. Rumours are they have started hiring third party agencies for card sourcing operations and chat based customer support has been outsourced to Concentrix (although I am not sure whether it was always like that or its a new development). Do not expect US like overhaul to Plat and Gold Charge cards.

I always wanted to see Gold Charge shining bright, but it's always sidelined.

 

[LHR]

I guess the issuance of the cards without income documents based on existing relationship and reputation or credit report is going away for good. Also, we might see a limitation on number of times one can apply for a particular card and a cooling period between 2 cards of the same category in order to avail welcome benefits. Rumours are they have started hiring third party agencies for card sourcing operations and chat based customer support has been outsourced to Concentrix (although I am not sure whether it was always like that or its a new development). Do not expect US like overhaul to Plat and Gold Charge cards.

so essentially it just looks like they're making things all round worse