Quoting https://www.carlsonattorneys.com/truth-in-lending-act/ ,

URGENT NOTICE: The Carlson Law Firm is currently investigating a Truth in Lending Act violation on behalf of American Express credit card holders. The Annual Percentage Rate information disclosed in billing statements was incomplete, in violation of the Truth in Lending Act. The statutory award on individual claims for violations ranges from $500 to $5,000, plus attorneys’ fees.

Were you an AMEX cardholder in May, June and/or July 2016? You may be eligible for compensation. Please contact our law firm ASAP.

My question is... if this were pursued could it result in the cancellation of the American Express credit card?

The reason that's a concern is because I feel like such a cancellation could hurt my credit score and I'm not sure $500 - $5,000 USD is money to risk harm to my credit.

  • 5
    A company can close your account for whatever reason they want, whenever they want.
    – RonJohn
    Oct 11 '19 at 3:34
  • Cancellation of any card doesn't affect your credit score. In fact, credit score doesn't work that way. Otherwise, all lenders can simply pollute the credit score to "herd" their favourable clientele to prevent them from moving to the competitors. Then the system will collapse.
    – mootmoot
    Oct 11 '19 at 9:23
  • 1
    "Cancellation of any card doesn't affect your credit score." - unsubstantiated statement. Please read any number of the Q&A on this topic. As is often the case, 'it depends' and varies by the individual. Oct 11 '19 at 11:17
  • This sounds like a class action lawsuit. Generally, the only people that make a significant amount of money are the Lawyers. The law firm will want you to join the "class". They will likely settle with AMEX for a fraction of $500 per person.
    – Mattman944
    Oct 11 '19 at 13:55
  • 1
    @mootmoot - That's not true. Having a credit card account closed will absolutely impact your credit score, unless some very unlikely conditions are true. It may raise or lower your score, depending on what other accounts you have open at the time, and what their balances are. As an obvious starting point, your credit utilization will change. Your credit mix may also get worse (if it was your only credit card, for instance). And so on.
    – dwizum
    Oct 11 '19 at 17:08

Possible award of $500.
I wouldn't count on getting any money BUT if there was I would rather bet it would be on the lower side.

Yes - if you pursed this, AMEX could cancel your card on the ground that such involvment is equal to you not agreeing on Table of Payments, regulations etc.

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