Viral TikTok Trend Spreads False Claim of 'Amex Recession'

On August 14th, entrepreneur and influencer Kevin Kunze posted a video on TikTok stating that American Express had suddenly reduced his credit limits from nearly unlimited to $250,000 per month. Kunze has nine business credit cards with Amex, using them for various ventures including Section 8 housing renovations and Amazon sales.

With little warning, the bank dramatically reduced his limits, creating a cash flow crisis for his businesses. Previously, some of Kunze's cards had no preset spending limit.

Kunze claims he corresponded with American Express Chairman and CEO Steve Squeri about the situation and received a response in 12 minutes. However, it wasn't until Saturday evening that Kunze first mentioned the idea of a 'recession.'

By that point, users commenting on his TikTok were calling what happened to him a 'recession indicator,' and the theory that American Express is tightening limits in response to economic concerns was appearing on other platforms.

Amex has rejected this claim, stating that they regularly review Card Member accounts and may adjust credit limits based on various factors as part of their normal course of business. The company also says card members are notified when limits are adjusted.