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

 

[vaa07]

I

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

Actually they were bank in India in early 2000s. My father held relationship with them. It was AEBL (American Express Bank Ltd). However in 2008, Standard Chartered Bank acquired American Express Bank globally, including its Indian operations.

 

[DarthBrooks]

Actually they were bank in India in early 2000s. My father held relationship with them. It was AEBL (American Express Bank Ltd). However in 2008, Standard Chartered Bank acquired American Express Bank globally, including its Indian operations.

Oh, I never knew this.

 

[BestBankerBestBanker is verified member.]

Amazing stories ..

 

[Bionick]

Another amazing story is RBS (Royal Bank of Scotland) becoming RBL (Ratnakar Bank Limited) 😂

Also, in spite of being british in origin, SCB doesn't provide consumer banking services in UK.

 

[Pandu]

On 29 February 2008, Standard Chartered PLC announced it had received all the required approvals leading to the completion of its acquisition of American Express Bank Ltd (AEB) from the American Express Company (AXP). The total cash consideration for the acquisition is US$823 million.

The deal will give Standard Chartered access to 10,000 private banking clients with assets of $22.5bn under management. It will give the group branch licences in India and Taiwan and take it into new territories such as Kazakhstan and Egypt.


American Express Bank (AEB) dates back to 1919 and predates the introduction of American Express credit cards. But the American financial group has decided that its future lies in payments, processing and cards.


During the year ended 31 March 2008, an application was made to the Reserve Bank of India (‘RBI’) for the amalgamation of American Express Bank Ltd, India (‘AEBL’) with the Bank under Section 44A of the Banking Regulation Act, 1949. The amalgamation was approved by the Reserve Bank of India vide its Order No DBOD. IBD.No/12027/23.13.018/2007-08 dated 4 March 2008 and the scheme of amalgamation (‘Scheme’) became effective from 5 March 2008 (‘Appointed Date’).

The Scheme provides that from the Appointed Date, the entire banking business and operations of AEBL through all of its branches
in India (including, its branch licenses/authorizations, administrative offices licenses, ATM licenses and other licenses), all of it’s properties, employees, assets, and liabilities vest and become the property, assets, liabilities and obligations of the Bank.