In an attempt to reduce the risk of defaults on payments, American Express is trying to entice some of their cardholders to close their accounts. They are offering to pay certain targeted customers $300 if they agree to close their accounts and pay off their balances by April 30th.
The credit card company is declining to reveal the criteria that they used to select the customers who received this offer. However, American Express' spokesperson did admit that the offer is a strategy to encourage card members to pay off their debt quicker. This may help the company's bottom line during the economic downturn.