I don't have American Express, but my boss does and he just got a call yesterday from them and they did lower his credit limit. He was not very happy because this is the credit card used for the business and it is always paid off every month.

They are doing it to a lot of customers, even their good ones. My girlfriend just got her limit slashed from $9000 to $1000. Luckily, she has no balance and owns other cards with much higher limits, so it didn't hit her hard, unlike the reports I've heard of people getting their limits slashed down to their present balance. She called up and said, matter-of-factly and in a pleasant tone of voice, "What's going on?" The Amex employee was giving the usual string of lies and excuses: something about her credit report, better protection for her, it's for her best interests, etc. etc. She just laughed them all away and said "let's be serious. You're doing this because of the whole economic problems that are going on right now. If you looked at my history, you'll see I have an excellent score. I understand that your company is trying to cut down it's risk, but come on. If you don't readjust my limit back to where it was, just cancel the card because, quite frankly, I don't need the $1000 limit you're offering. That's a joke to me." She continued in a calm, pleasant voice, "If you're not interested in my business, just cancel my card. And I don't want you call me up 2 years later when the economy starts doing better to offer me a card with a great rate or some high limit. I'm not interested in playing that game hypocritical game." A search on the net shows that this is going on all over the Continent, so you're not alone, and not singled out.

Ya I think they are running out of money. Uh-oh.