Now here’s a twist on credit card promotions: American Express is offering to pay certain cardmembers $300 (on a prepaid debit card) if they pay off their balance before April 30, 2009 and close their credit card account. To take advantage, you must enroll online by Feb. 28, 2009.
It looks like this only applies to AMEX credit cards like Blue cards and Optima cards, not charge cards. By enrolling, you agree to close your credit card account after the balance is paid off. Also, you must redeem any rewards prior to closing your account—otherwise they will be forfeited.
Last fall I saw a similar offer from Citi offering to pay up to $500 in statement credits for paying down your balance.
I find these offers incredibly ironic: If credit card companies had encouraged people to charge responsibility and repay balances quickly in the first place, I doubt we’d be in half of the economic mess we are today!
Have you received an incentive to pay down a credit card balance or close an account? What was it?