If you have an American Express account, you might be offered $300 to close your account. American Express is offering $300 to some customers to close their accounts, in essence so that Amex can be at the front of the line to get their money back. Those given the offer must pay off their balance by April 30 and will forfeit bonuses such as Membership Rewards points.

“It’s a tool that has been used in the past to motivate borrowers to close off balances,” says Scott Valentin, an analyst at FBR Capital Markets. Valentin cited an instance some years ago where National City offered $200 to borrowers who would close their home equity lines of credit.

“It’s not necessarily cheap, but it is effective,” says Valentin. “The key is to identify the high-risk borrowers.”

If only a certain number of people are getting the offer,  those who are considered high risk borrowers, then if they were such high risk borrowers, why were they loaned money?

This move is an effort to stem the tide of future credit card delinquencies. Maybe people weren’t high risk borrowers initially, but then they had some problems paying off their debt. Credit cards are not evil but it is how you use them. If there is an individual with a large balance on their card who is given the offer, who says that the person would be able to pay off the bill?