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American Express Paying Customers $300

By: NBC News
Updated: February 24, 2009
 American Express plans to pay some customers off.  The credit card company is trimming its customer base by paying some cardholders $300 to close their accounts.

American Express is looking to reduce its exposure to defaults as the recession continues.

Those customers getting the opportunity to "simplify" their finances must pay off their entire credit card balance by April 30.

This follows a rise in the number of charge off, or uncollectable, debts at American Express in January.

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