American Express Paying Customers $300 To Cancel Accounts

American Express Credit Card Company has announced that they have offered a limited number of customers $300 to pay off their balances and close their accounts. The company says that in reviewing credit histories of certain customers they think that it is a better move than waiting for the customers to go belly up.

In light of the high number of people defaulting on their credit cards and home mortgages, American Express is probably doing the right thing. At least they are giving their customers an incentive to pay off their credit card debt, instead of their usually tactics of charging them higher interest rates until they break them.