American Express Cuts Credit Limits, Sparking Recession Fears

American Express has been reducing credit limits on some of its business card holders without warning, sparking claims that the company is predicting a recession.

Kevin Kunze, an entrepreneur and influencer, has nine American Express business credit cards for his various ventures. He claimed to have spent between $6 million and $15 million per year on those cards, always paying off the full balance every month.

The bank reduced his limits without warning, causing a cash flow crisis for his businesses, Kunze said. Some of his cards had previously had no preset spending limit.

American Express rejected the claim that it's broadly cutting credit limits due to recession concerns, saying that the company 'regularly reviews Card Member accounts and may adjust credit limits based on a variety of factors as part of our normal course of business.'