American Express Pays Some Cardholders $300 to Close Accounts

American Express , which is the largest U.S. credit-card company by purchases, is paying some cardholders $300 each to close accounts so the lender can reduce the risk of defaults as the recession deepens.

Check out the deal below:

"Pay off your entire balance between March 1, 2009 and April 30, 2009, and we will send you a $300 value prepaid card1 to thank you2. Enrolling in this promotion will automatically cancel your account3.
Enter your 14-digit RSVP code from your mailing, or if you are registered to manage your account online, enter your user ID and password.
The prepaid card will arrive within 4 weeks of the end of the promotion. The prepaid card can be used to help you with your day-to-day expenses including purchases at your pharmacy, grocery store, or virtually anywhereAmerican Express® Cards are accepted.
If you are a Blue from American Express® or Optima®Card Cardmember and enrolled in theMembership Rewards Express® program be sure to use any points before enrolling."

Not all cardholders are going to receive the $300 if they pay off their balances early however.

Check out the AmEx promo page from this link.