Line of Credit

No More AMEX Line of Credit?

I received a letter from American Express recently that stated that they are phasing out their line of credit product. I was disappointed to learn this, but after thinking about it, it doesn’t really affect me that much.

I’ve had an American Express business line-of-credit for a few years and only used it a handful of times. Within the past year, they drastically reduced the size of the line, so after that I used it even less.

Nevertheless, it doesn’t make much sense to me why they are phasing it out. It seemed like a smart product to me, especially for a company like American Express.