American Express (AXP) Paying $300 To Close Certain Card Member Accounts

American Express Company (NYSE: AXP) is paying some cardholders $300 to close out their accounts, according to an offer posted at the company's website.

To enroll in the plan, American Express card members must pay off their entire balance between March 1, 2009 and April 30, 2009.

Enrolling in the promotion will automatically cancel the members account and they will be sent a $300 value prepaid card as a thank you.

American Express has been hit with rising delinquencies as the credit crisis plays out and lay-offs mount. This is clearly an effort to stem future losses.

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